Start with how the operation works
Technology businesses can create both cyber and professional liability exposure. A useful program connects services, contracts, client systems, data access, security controls, vendors, intellectual property, and the financial impact of an error or outage. For cyber liability, cyber insurance planning connects an operation's data, systems, vendors, money movement, and interruption exposure to incident-response and liability protection.
Operating details to document
- Description of technology & it services operations, locations, revenue, payroll, and recent changes
- Current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate
- Contracts, certificates, current policies, and currently valued loss history
Coverage details to review
- Breach response, privacy notification, forensics, legal, and recovery expenses
- Network interruption, data restoration, ransomware, and dependent-system considerations
- Privacy, network security, regulatory, media, and contractual liability where covered
- Social engineering, fraudulent instruction, funds transfer, and crime-coverage coordination
Prepare for a More Productive Renewal
A useful review goes beyond selecting a policy name. It connects current information to eligibility, policy structure, and the consequences of a significant loss.
- Begin before the market needs the final submission
- Update values, payroll, sales, fleets, locations, and operations
- Explain losses and improvements with supporting documentation
Alleged technology errors, failed implementations, missed deliverables, and client financial loss
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Data breach, ransomware, social engineering, privacy liability, and dependent-system interruption
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Contractual commitments, intellectual-property allegations, employee risk, and business interruption
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Breach response, privacy notification, forensics, legal, and recovery expenses
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Network interruption, data restoration, ransomware, and dependent-system considerations
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Privacy, network security, regulatory, media, and contractual liability where covered
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Social engineering, fraudulent instruction, funds transfer, and crime-coverage coordination
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Information to have ready
- Description of technology & it services operations, locations, revenue, payroll, and recent changes
- Current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate
- Contracts, certificates, current policies, and currently valued loss history
- Data types, record counts, payment activity, and online services
- Multifactor authentication, backups, endpoint protection, training, and response procedures
- Critical technology vendors, cloud services, and maximum tolerable downtime
- Prior incidents, security assessments, and currently valued loss history
Questions for the coverage review
Which technology & it services risks could create the most severe loss?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Do current values, classifications, limits, and deductibles reflect the operation?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
What operational changes, contracts, or dependencies should the insurance review address?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Which systems, data, vendors, or transactions are essential to the operation?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
How would the business detect, contain, and recover from an incident?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Frequently asked questions
Who should use this technology & it services cyber liability guide?
Business owners and insurance buyers can use it to prepare for a focused review of renewal planning. It is educational guidance, not a quote or a substitute for policy terms.
What information should a technology & it services account gather first?
Start with description of technology & it services operations, locations, revenue, payroll, and recent changes, current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate, contracts, certificates, current policies, and currently valued loss history, plus currently valued loss information when available.
Coverage descriptions are general. Eligibility, availability, limits, deductibles, exclusions, and policy terms vary by risk and market. Review actual policy documents with an appropriate insurance professional.