Choosing the right carrier for network security and privacy liability
Choosing the right carrier for network security and privacy liability
As targeted network attacks continue to rise and governmental agencies increasingly regulate the privacy and data security environment, an increasing number of organizations are transferring their risk to insurance products.
In many cases, organizations find they have little choice. It has become common for written contracts to require service providers to obtain coverage for network security and privacy liability, in addition to coverage for professional and/or technology errors & omissions.
In response to this trend, more than thirty carriers today offer network and privacy insurance products. This number compares with only five carriers ten years ago.
Of course, quantity does not guarantee quality. Your trusted insurance broker will chose from these carriers to determine which ones offer the best product for your organization’s needs.
At KMRD Partners, we work closely with our carriers to design insurance solutions with the right coverages for our insureds. For each insured, we follow this four-point process:
- Assess your operational risk.
- Invest time and resources to visit and inspect operations and gain a first-hand perspective.
- Identify & address areas of weakness that could lead to a loss. Before transferring risk to an insurance product, we seek to eliminate the risk.
- Review the insurance program to determine whether the appropriate risks are transferred and make sure the best possible value is achieved.
Contact your KMRD Partners relationship manager to review your organization’s risk management and insurance solution needs before one minute from normal.
At KMRD Partners, we realize expertise in assessing and transferring risk through proper insurance coverage is only part of what it takes to properly service our insureds. We also support them with experienced, knowledgeable claims management professionals who act as their advocates following one minute from normal.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To review your organization’s insurance coverage please contact your KMRD Partners relationship manager or e-mail us at contactus@kmrdpartners.com before one minute from normal strikes.
