524210

Insurance Agencies and Brokerages

Cyber Liability Insurance for NAICS 524210

CYB

Ranked reasons a business in NAICS 524210, Insurance Agencies and Brokerages, needs Cyber Liability coverage. Each reason is specific to how this industry actually loses money, and ends with the question to ask before the objection comes up.

  1. 01

    You hold complete client files across every line.

    • Applications carry identity, financial, property, medical, and business information.
    • Clients disclose everything because underwriting requires it.
    • Every affected client must be notified.
    ASK
    How many client files with personal and financial data do you hold?
  2. 02

    Premium funds pass through your accounts.

    • Premiums are collected from clients and remitted to carriers.
    • Those funds are held in fiduciary capacity under state law.
    • A shortfall must be restored and affects your licence.
    ASK
    How are premium funds handled and reconciled?
  3. 03

    A policy not bound is a client with no coverage.

    • Applications, binders, and endorsements are submitted to carriers electronically.
    • Coverage exists only when it is actually bound.
    • A client who suffers a loss uncovered will pursue you.
    ASK
    How are your applications and binders submitted to carriers?

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