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Cyber Liability

​​​Can Your Agency Afford to Weather a Data Security Breach? 
 
A full 80 percent of businesses that experience a data breach do not recover.  One can hardly turn on the television or pick up a newspaper without seeing another major story about the latest data breach. While headlines are grabbed by large corporate brand names, it is reported that almost half of all data breaches involve companies with less than 500 employees.
 
Cyber-attacks have increased significantly since 2009.  Data breaches are extremely common among smaller businesses. Data held by small business is considered low hanging fruit for hackers because they know small businesses lack security resources.
 
As part of our continuing effort to provide our members with cutting edge coverage, we are offering a slot-rated Data Breach Program for MEMBERS ONLY with a short form application for stand-alone coverage through Beazley.
As a Beazley Breach Response policyholder, you will have access to risk management policies and procedures, training and other tools.  In addition, when you have a covered breach, they are ready to deliver a well-coordinated response.  If you would like more information feel free to call IIAI, 800-272-9312 and ask for information on agency data breach coverage.
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Marilyn Paul, CPCU, AIT, AAM, CPIW
(800) 272-9312 x11

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Brenda Kluger, CRM, CIC, CISR, CIIP
(800) 272-9312 x14

newmeganstaffphoto.jpg Megan Kincy, AINS, AIS 
(800) 272-9312 x16
​​​Your Independent Insurance Agents of Iowa are pleased to offer a Cyber Liability product exclusively designed for its members.  This product is endorsed by the IIABA and was developed in conjunction with Arlington/Roe & Co. and Beazley specifically for agencies and their unique data breach risks.  The Beazley Breach Response policy is a competitively priced product available only to members.
 
The Beazley PE Data Breach attachment below offers six reasons to consider why you might need coverage.  Perhaps you are still unclear if your agency might need a Breach Response policy.  Take the quick Information Risk Management Assessment to assist you in determining your agency’s technology exposure risk.
 
Some highlights of the Beazley Breach Response policy are: Available only to IIAI members; No encryption requirement; Security & Privacy limit; Pre-qualified enrollment for Association members and Notification Costs Outside the Limit.  Refer to the Slot-Rated Revenue Pricing for additional benefit information.
 
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The Beazley Breach Response product utilizes a slot-rated pricing system. It is based on an agency’s Gross Annual REVENUE as reported on the most recent taxes. The Rating pages are listed below by revenue. Four limits are available: $250,000, $500,000, $1,000,000 and $2,000,000.
 
 

 

 

 

For agency’s UP TO 10 million IN REVENUE you would refer to the revenue rating sheet below for the premium.  Four limits are available: $250,000, $500,000, $1,000,000 and $2,000,000.  Follow the Binding Coverage instructions for submission.
 
1.    Select option number and premium
2.    Complete the application
3.    Make Check Payable: Independent Agents Service Corporation
4.    Mail Application, Supplement & Check to: Independent Insurance Agents of Iowa, 4000 Westown Parkway Suite 200, West Des Moines, IA 50266.
 
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Please refer to the SAMPLE policy below to review what this policy covers.  You may wish to compare it to your current coverage.
 
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Beazley Breach Response policyholders will have access to NoDataBreach.com, a website to help prevent a breach of confidential date.  There is unlimited access to:
 
     On-Line Compliance Materials
     Quarterly Newsletters & “Instant Alerts”
     Expert On-Line Support
     Procedures & Forms to help Lower Risk
     Training Modules
     Guidance to Handle Data Breaches
 
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