What questions should I be asking my insurance broker when considering Cyber Insurance?

When considering Cyber Insurance, it's important to ask a range of questions to ensure the policy will meet your needs and provide adequate coverage.  Here are some key questions to consider:

1. Does the policy cover incidents caused by third-party vendors? 
What happens if a breach occurs due to a vendor or contractor?

2. Is there coverage for reputational damage?
Will the policy help mitigate the impact on your company’s reputation?

3. What happens if the insurer denies a claim?
What recourse do you have if a claim is denied? 

4. Are there any sub-limits within the policy?
Are there different limits for different types of coverage (e.g., ransomware, business interruption)?

By asking these questions, you can better understand the scope and limitations of a Cyber Insurance policy and make a more informed decision.

If you've got further questions, Westralian Insurance can help!  Our local, friendly team are here to assist with all of your business insurance queries, to ensure you and your most precious assets, are fully protected. 

Call the team today on (08) 9302 1388, or visit www.westralianinsurance.com.au

What questions should I be asking my insurance broker when considering Cyber Insurance?

When considering Cyber Insurance, it's important to ask a range of questions to ensure the policy will meet your needs and provide adequate coverage.  Here are some key questions to consider:

1. Can the policy be customised? 
Are there options to tailor the policy to specific needs or risks of your business?

2.  What is the renewal process?  
How are renewals handled, and are there any provisions for premium increases?

3.  What is the total cost of the policy?  
What are the premiums, and are there any additional fees?  

4.  Are there any discounts available?  
Are there discounts for implementing certain security measures or for a claims-free history?

By asking these questions, you can better understand the scope and limitations of a Cyber Insurance policy and make a more informed decision.

Westralian Insurance is here to help.  Give our fully qualified, friendly team a call today on (08) 9302 1388, or visit www.westralianinsurance.com.au

What questions should I be asking my insurance broker when considering Cyber Insurance?

When considering cyber insurance, it's important to ask a range of questions to ensure the policy will meet your needs and provide adequate coverage. Here are some key questions to consider:

1. What incidents are covered?
• Does the policy cover data breaches, cyber extortion, business interruption, and legal fees?
2. What is excluded from the coverage?
• Are there specific types of cyber incidents that are not covered, such as acts of war, pre-existing breaches, or employee negligence?
3. What is the coverage limit?
• What is the maximum amount the insurer will pay out per incident and per policy term?
4. What is the excess?
• How much will you need to pay out-of-pocket before the insurance coverage kicks in?

By asking these questions, you can better understand the scope and limitations of a cyber insurance policy and make a more informed decision.

For more advice, give the team at Westralian Insurance a call today!  Call (08) 9302 1388 or visit www.westralianinsurance.com.au