4 Things To Do Right Now To Prevent Cyber Insurance Claim Denials

4 Things To Do Right Now To Prevent Cyber Insurance Claim Denials

At IntelliSystems, we understand that cybersecurity isn't just a buzzword – it's a necessity for businesses today. Just like the manufacturing company ICS from Illinois, many businesses are recognizing the importance of cyber insurance. Yet, even with rising premiums, one question remains: Will your claim be paid when you need it most?

Why Claims Get Denied

Rusty Goodwin, the Organized Efficiency Consultant at Mid-State Group, explains that most denied claims are self-inflicted wounds, not malicious money-grubbing by insurers. It's often a result of a misrepresentation or omission. That's where IntelliSystems can help you take steps to safeguard your business.

4 Ways to Ensure Your Claim Doesn't Get Denied

  • Find a Knowledgeable Broker: Navigating insurance policies can be complex. IntelliSystems recommends working with a knowledgeable broker who understands the ins and outs of cybersecurity coverage. Our experts can help you grasp the conditions of your policy and ensure your business adheres to them.
  • Understand the Policy Conditions: Insurance companies expect certain security promises. These conditions typically include using Multi-Factor Authentication (MFA), password managers, regular data backups, and employee cybersecurity training. IntelliSystems can guide you through these requirements.
  • Follow Through on Promises: Promising to enhance your cybersecurity is essential, but it's equally important to put those promises into practice. Forgetting to implement these cybersecurity measures can lead to denied claims.
  • Maintain Open Communication: Don't assume that your Managed Service Provider (MSP) knows about your insurance policy and its requirements. Regularly review your policy, communicate openly with your IT department or MSP, and work together to keep your promises.

IntelliSystems is committed to making your business's cybersecurity journey as smooth as possible. By understanding your insurance policy and maintaining proper cybersecurity practices, you can protect your business from self-inflicted wounds and potential claim denials.

Trust IntelliSystems to help you navigate the complex world of cybersecurity and ensure your insurance claims are never denied due to overlooked requirements. Your business's security is our priority.