I hope that everyone has received and reviewed their complimentary copy of the ABA’s Cyber guide provided by Lawyers Mutual. I plan to read my copy soon! All kidding aside, I found it to be a great resource, breaking down a complicated coverage and process into a condensed and easy to understand guide.
There were several good takeaways from this guide. However, there is one that I wanted to address – the application. When we first started offering cyber insurance, the application was extremely lengthy and involved – typically a minimum of 5-7 pages in length. Now that the cyber insurance market has evolved, the application process has too. There are now several programs out there that offer a streamlined application process. For example, one of the cyber products we offer has an 11 question application (not counting basic info such as name and address), and most people say it takes them just a few minutes to complete and they don’t need to consult their IT professional. If you are a larger firm (let’s say 50+ employees), you may need to complete a somewhat longer application, however they are much shorter than they were 5 years ago.
My point is – don’t fear the application!