Preparing for renewal

The cyberinsurance industry continues to rapidly change, with applications changing on a monthly basis. This uncertainty means that a last minute renewal results in surprise security controls, bad rates, or worse - no coverage! The following tips will help position you for the best in renewal no matter which agent you’re working with.

• Start at least 90 days in advance of your expiration. Your agent will be be able to advise you what changes you should expect for security requirements, so you have sufficient time to implement them. The traditional 30 days is not enough time to implement most IT changes, and cyber carriers may be slow to respond, resulting in a policy and price you have no choice to accept because of insufficient time.

  • Leverage our Cyberinsurance 101 content to start preparing a high baseline of security well in advance.

• Get multiple carrier quotes. Things change so fast that the carrier you used last year may not be your best option for this year, and certain carriers may be more interested in insuring you than others. If you are just getting one quote or renewing your current carrier, chances are you will not get the best policy or price.

• Involve your IT team day 1. One of the biggest mistakes we see is a CFO or business owner working on the renewal process with no IT help. Cyberinsurance revolves entirely around robust IT security, and the experts should be assisting from the start.