Cyber Liability Insurance: Tips for Selecting a Strong Insurance Broker, Carrier, and Policy

Summary

This practice note provides some tips to help a business find the best cyber liability insurance policy for its risk transfer needs. It discusses the steps to follow when choosing a broker and outlines the factors to consider when choosing an insurer, different coverage grants available from most cyber carriers, and explains the importance of negotiating key exclusions. Guidance is also provided on how important it is for all a company's various kinds of insurance policies to work together, how defense arrangements (including panel counsel requirements) interact with the unique characteristics of cyber policies, and a bonus tip about expanded policy coverage and limiting corresponding policy costs.