Agents Service Corporation (ASC) has partnered with Evolve to bring TCCO/ASC members industry leading cyber liability coverage. TCCO/ASC members will receive preferred pricing through Evolve.
Why Do Insurance Agencies Need Cyber Insurance?
1) Wire Transfer Fraud "Social Enginerring" - Modern day hackers are looking to trick CFO's, CEO's and insureds into wiring money into fraudulent bank accounts. These attacks usually originate through phishing emails or stolen login credentials.
- As an insurance agency, you rely on computers to operate as a business. Ransomware is malware intended to lock up an agecny's data and hold it for ransom. As a result, an agency can experience high forensic costs to retore data and business interruption.
3) Reputational Harm - An agent's failure to protect their insured's confidential information will not only lead to loss of current clients, it can lead to loss of future clients. A smart agency has adequate reputation harm coverage in the event of a security breach.
4) Personal Funds Protection - Evolve's policy provices protection for the personal bank accounts of Senior Executive Officers in the event money is wired out of their personal bank accounts. Hackers are increasingly targeting businesses and stealing Senior Executive Officers's credentials, resulting in compromised bank accounts.
5) Management Liability - D&O Insurance does not adequately contemplate coverage for a cyber triggered management liability claim. Evolve's cyber policy will protect Senior Executive Officers in the event a hacking attack has lasting impact on an agency, leading to a cyber triggered management liability claim.
- $5,000-$10,000 of Risk Management Services (Free)
- Each and Every Claim: No Aggregate on 1st Part Limits
- Funds Transfer Fraud: Limit Options $250k+
- No Risk Management Conditions
- Theft of Senior Executive Officers' Personal Assests