Contact Us if you are looking for cyber security insurance brokers. We make brokers compete for your business and sign up to our terms and not those of the insurer, providing you the best value for cyber insurance. Our team rewords cyber insurance to your needs, which is then distributed by the broker to the insurer.
Top Cyber Security Insurance Brokers
It is important to note that every insurance broker is different and that every broker has a preferred insurer they want to deal with. It is therefore important to organize an RFP or make several brokers compete against each other based on certain criteria in order to produce the best outcome of finding the most effective cyber security insurance brokers. There are local, regional, and international cyber security insurance brokers who can effectively distribute cyber insurance and provide administrative functions accordingly. Some brokers such as Marsh or other global brokers have internal dedicated staff whose sole focus is the brokering and distribution of cyber insurance, which makes them more knowledgable about the cyber insurance marketplace vis a vis other brokers. That said, you can find certain local brokers who make up their lack of resources with effort by going above and beyond what other brokers would do in terms of administrative functions and negotiations with insurers. At the end of the day, it comes back to the individual broker who is assigned your account and how dedicated and knowledgeable they are. Moreover, brokers have compensation schemes with specific insurers, so many brokers are constrained to distributing cyber insurance from specific insurers who compensate them. This problem can be fixed by having multiple brokers service you and ultimately binding the best quote presented.
This content is independent of any content coming from insurance brokers, insurers, or any insurance lobbyists. Commercial insurance is rarely taught in schools, and when it is, it’s mostly done through the lens of brokers or insurers. There are many misconceptions around cyber security insurance brokers, like many other topics in commercial insurance, due to bad habits acquired through the over reliance on insurance brokers or insurers or information providers who are lobbied by them. It is also important to note that cyber insurance has both an operational aspect and a legal aspect, on which we put weights of 95% and 5% respectively in terms of importance to protecting a business and investors (the point is that going to court to enforce coverage defeats the purpose of buying insurance, so you want to make sure that whatever insurance you buy protects your business right, based on operational data, and pays out fast on large losses).