When considering cyber insurance options for your small business, navigating all of the technology and insurance jargon can be confusing. There are several different types of coverage available, and unless you’re a cybersecurity expert you might not know which coverage you need.
And once you have insurance coverage, there’s always a risk of not receiving a payout in the event of an incident if you haven’t met your policy’s requirements.
Partnering with an IT service provider like SOL-I.S. can help make qualifying for and maintaining cyber insurance coverage easier in so many ways. Keep reading to find out how.
How Can an IT Service Provider Help You With Cyber Insurance?
An expert IT service provider brings a lot to the table in matters regarding security, backup, and compliance to help you stay protected. But they can also help with cybersecurity insurance in a number of ways, including:
Improving Your Cybersecurity Posture
Insurance companies are wary of taking on too much risk due to the skyrocketing rate of cybercrime. Although this makes obtaining insurance coverage challenging, it’s not impossible.
If you have a strong cybersecurity posture, your chances of getting coverage will be higher. An IT service provider can help you assess your cybersecurity risks and recommend ways to improve your overall cybersecurity posture. They can also help you implement security controls and monitor your network for threats.
And if you do suffer a data breach, an IT service provider can help you navigate the incident response process.
Picking the Right Coverage for Your Business
Without an in-depth understanding of cybersecurity, it can be difficult to know which type of insurance is best for your company among the available options (theft, liability, and extortion). The drawback of not having the right insurance coverage is that even if you’re consistently making your premium payments, you run the risk of getting nothing in return when you really need it.
An IT service provider can evaluate your company and direct you toward the coverage that best meets your needs.
Auditing and Complying With Insurance Policies
While meeting your insurance policy requirements is ultimately up to you, you can improve your chances of receiving a payout following an incident by partnering with a specialized IT service provider.
The majority of insurance policies require you to take specific actions to reduce your risk of a cyberattack. These actions may involve maintaining strict security protocols and procedures, regularly backing up data, and more.
An IT service provider can help you handle all of these things and ensure that the appropriate security measures are followed to protect your data and comply with policy requirements. They can also help make documenting your security measures easier.
Lean on Trusted Partners To Keep Your Business Safe
If your business is in need of a trusted advisor to help you navigate the waters of cyber insurance, we’d highly recommend reaching out to Chelsea Poirier at Bell Insurance, a top-notch business and cyber security insurance broker who consults with SOL-I.S. clients.
Chelsea has five years of cyber security insurance experience and works with the nation’s top cyber insurers. Her main goal is to secure the most favorable rates for SOL-I.S. clients by painting a vivid picture of the level of cyber security Troy and his team provide. Troy and Chelsea work together to complete our clients’ cyber security insurance applications to make the process as easy as possible.
You can reach out to Chelsea at:
Chelsea Poirier, Commercial Insurance Advisor
Bell Insurance
3800 American Blvd West Suite 1450
Bloomington, MN 55431
Cell: 612.709.5098 | Fax: 701.239.0009
cpoirier@bell.insurance | www.bell.insurance
If you’re hoping to qualify for a cyber insurance policy, a specialized IT service provider like SOL-I.S. can help you get there. We’ll use our expertise and experience to help you choose the right policy for your needs and meet the necessary requirements to ensure your business is protected.
Reach out to schedule a no-obligation consultation where you can learn more about how SOL-I.S. can help your business qualify for cybersecurity insurance.
Bonus: To help you learn more about cybersecurity insurance, we’ve created a comprehensive checklist for you! Download our “Cyber Insurance 101 for Small Businesses” checklist here.