Cyber security is one of the fundamental issues of business in the digital age and there are a host of widely differing offerings from the risk management and insurance industry.
Policy wordings are constantly evolving requiring an insurance professional to compare one with another, and to additionally confuse matters many mainstream policies, like Professional Indemnity carry cyber extensions of greater or lesser value.
Rather than buying a policy “sold” by a broker, the place to start is assessing the risk and then finding the right cover to address this.
Information
Data Breach
Regulatory Action
Regulation Submission Costs
Rectification Costs
Loss of Trade
Liability for “Injury”
USA Exposures
Brand Damage
Peer Practice
Risk Mitigation
Risk solutions are not all about insurance or loss control – indeed the vital “DNA” of the business may be acceptance of an unmitigated and uninsured risk.
Other risks can be easily controlled with a little work and assistance – thus reducing insurance cost, or avoiding the need for insurance at all.
Insurance is just a means of transferring unmitigated risk to another party. To keep insurance cost controlled mitigation opportunities should always be examined first.
Howard Pearson
There are a host of mitigation experts out there from cyber risk to fire engineering and we have created a network of these to bring the best to bear on your behalf. The more generic – like Health and Safety – can often be provided at a “no or low” cost due to insurers buying power.
Considerations:
- Health and Safety
- Fire Engineering
- Physical Security
- Cyber Risk Assessment
- Contract Reviews
- Continuity Plans
- Disaster Plans
- Supply Chain audits
- Pandemic Recovery plans
Claims Management
An insurance policy is only as good as the claim payment. Some claims however can be complex and protracted particularly liability claims.
Early notifications using the excellent claims notification services provided by insurers can often hugely reduce cost and disruption. On occasions however you will require guidance both from us as brokers, and from other professionals such as loss adjusters or lawyers.- and Innovation Broking have an arrangement with some tried and tested specialists to act on your behalf. For more information visit our claims page.
Unfortunately insurers have less expertise on the street to deal with complex claims than ever before – and this makes the role of the broker in delivering the correct expertise to you even more relevant.
Howard Pearson
It is possible to “pre book” the services of your own specialist loss adjuster working for you rather than for the insurers on larger property and interruption losses for a small additional charge. The current pressures many insurers are under to control claims costs makes this a very prudent purchase.
Contract Reviews
It is important to understand the extent to which liabilities entered into in commercial contracts are protected by insurance.
A key part of an insurance broker’s service is looking at insurance and indemnity clauses in contracts and providing informed comment.
Any commercially aware insurance broker will work with you to look at your contractual exposures
Paul Dickson
Innovation use a template approach to examine contract clauses, enabling the insured and uninsured exposures to be understood. This approach works just as well in both simple contracts like leases and more complex agreements like software supply or construction work
Considerations
- Leases
- Software contracts
- Service supply contracts
- Construction contracts
