Three Things About Insurance That Will Save You Time

If you’re in charge of reviewing insurance from an IT perspective, here are three helpful hints…

A Jolley | Hadaway Short.

• Tell your critical vendors you want to have an “endorsement” on  their cyber insurance policies.  Note:  this does not put you ahead of anybody in the “lawsuit line,”  That is a myth.  But what it does do is cause the insurance company to notify you any time the insurance is updated, meaning you don’t have to request a new Certificate of Insurance. Most insurance companies will automatically mail the renewal certificate to endorsements.
• Ask your IT Auditor to review your insurance from a disaster recovery and incident response perspective.  We add one hour of time to our audits to do this, and I believe our Clients feel it’s totally worth the couple hundred dollars.  I am often able to bring several things to my Clients’ attention during these reviews.
• The next time you are doing a big update of your insurance policies, while your agent is happy and motivated, ask him or her to summarize appropriate policies from an “incident response perspective” and “disaster recovery perspective.”  Send them the insurance review boilerplate we have made available to you (FOR FREE) here, and see how close they get to completely filling it out.

We hope these three tricks, and the accompanying boilerplate, will make your CFO smile when he or she hears the name, “infotex.”

Original article by Dan Hadaway and Matt Jolley.

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