E&O Tips

Great! You've taken the step of protecting your agency in the event of a cyber incident.

Cyber insurance coverage is a line with frequent changes to the coverages offered and underwriting guidelines.

When your policy is up for renewal:

• Are you checking to see if any new coverages are available through your current carrier or broader coverage through a different insurer?
• Are you reviewing your limits to ensure they still meet your needs?
• Does your renewal include any new limitations? Watch for changes to the limits and sub-limits offered, deductibles, and time requirements.

Great! You've taken the step of protecting your agency in the event of a cyber incident.

• Have you reviewed your limits lately to ensure they are high enough to meet your needs? Cybersurance has limit options of $50,000, $100,000, $250,000, $500,000, $1,000,000, and $2,000,000.
  
• Do you carry the Online Banking Endorsement that can respond to online banking theft, funds transfer fraud, and social engineering fraud? Available at limits of $25,000 and $50,000.
• Are you taking advantage of the additional free resources available through CyberScout that you receive as a Cybersurance policyholder? Resources include guidance on developing an incident response plan, risk calculators, cyber risk management training courses, breach regulation database, and cyber news.

Your second largest agency exposure after E&O is cyber – so whether you get Cybersurance through Utica National or coverage through another source, your agency should carry cyber insurance.

• No agency is too small to experience a cyber incident – such as a data breach, ransomware demand, or social engineering fraud. Can you afford to self-insure these exposures?
• Does your agency...Have a website? Correspond by email? Process payments electronically?
• Can you guarantee...Your computer system can’t be hacked and is 100% virus proof? You or your employees won’t lose customer information?
• Do you know what to do...If your agency is sued for cyber breach by a customer? If a government or municipality contacts you about a cyber breach? To protect your operation from irreparable reputation damage?
• Contact us at 1-800-598-8422 to get a quote to add Cybersurance to your Utica National Agents’ E&O policy.