The Expert Podcast

…So how much the cyber liability insurance costs Well there's a variation from company to company but we're going to walk you through an example quote, For a. Hypothetical company just to give you an idea of what it might cost And obviously if you want to get an exact amount you can contact us through our website and put the same information in and find out what your. company might be quoted. So here's an example Again this isn't specific to any one company It just gives you an idea because people want to get even some basic idea of how much this type of coverage costs. So first let's put in a company name and we'll put in. our company for insurance. which is risk coverage. And…we're going to put in the website for the company because the way that the…insurance companies check some of this is they'll look at your website to see what kind of security. you have or lack of security. On your website…The next question is going to ask what industry you're in So you put in let's say in this case we're in insurance…insurance brokers, number of employees let's pick out a medium sized company. just so you can get an idea and what's your revenue let's put in a $2 million company. Right So that way it gives a rough idea of what that might be. we'll put in our address…. Within the last three years, has your company Suffered any cyber incident resulting in insurance claim No…Are you aware of any circumstances that give rise to a claim No…Do you have encryption on your computers and other devices Yes…Do you store transmit ? credit card information…Other than employees. Yes. Do you have…Phi This is health information. none. What is the inner volume of payment card transactions So let's say you take credit cards. Let's put in 500,000 to a million…An effective date Let's put today's date. And it's preparing some quotes Let's see what they are…There you go. You have a couple options essential which is basic most popular, which is. more comprehensive coverage. So it's about a hundred dollars a month. For a million dollar limit and a $2,500 deductible. Again this may not represent your exact. Company. But at least gives you a rough idea. Of what coverages might cost it's relatively inexpensive especially compared to other types of products. Keep in mind. That you'll have to abide by certain rules of the company This is just one company there's many different carriers and, you know we can sometimes shop different carriers…But. The requirements are going to be that you have to undertake best practices You can't just hand out passwords to people. If they have patches for certain software you have to install them. But prevention is the best way to avoid first of all your $2,500 deductible. And second of all having increases in claims. In the future. Remember, this video is not designed to, place coverage for your company or change coverage It's designed just to give you a rough idea as a potential insured. What your cost might be for cyber insurance ? You may find that it's a lot less for your company because of your risk factors are lower. Some companies that are larger manufacturing firms might be higher. But if, as you can see it took less than three minutes. To get a quote…for a specific company based on the information enter. So if you want to get an exact quote go to our website risk coverage.com. If you prefer to talk to somebody you can call us up We even have a voice enabled system where you can enter all this information verbally, even through the website. To get a quote for your business.