Get the Cyber Liability Insurance Q&A session handouts here:
+ Slides
Below are some of the insightful questions from attendees during our session.
Q: What limits are available?
A: We currently offer Cyber Liability limits up to $5M.
Q: Who is the carrier?
A: Beazley is our carrier partner, a leader in Cyber coverage. We offer a proprietary rating structure offered exclusively for Distinguished clients.
Q: How do I submit business?
A: Get an instant quote through the Broker Connect Portal. Please note, you must be registered with Distinguished to submit business with us. If you have any questions along the way, feel free to reach out.
Q: What limit of insurance do you recommend for the average insured? Is a $1M limit still sufficient?
A: Recommended coverage limits depend on the insured’s specific risk profile and exposures. We offer Cyber Liability limits up to $5M to help support a range of client needs.
Q: What are the best practices for managing cyber risks associated with third-party vendors that may not maintain strong cybersecurity protocols?
A: Third-party vendors can create major cyber exposure if they don’t have strong security practices in place. The best approach is for insureds to carefully vet vendors, require cybersecurity standards in contracts, and make sure vendors carry their own Cyber Liability coverage.
Q: Do small businesses need Cyber Liability coverage?
A: Yes, they do. Cybercriminals typically don’t distinguish between large corporations and small businesses. In many cases, small businesses are actually seen as easier targets because they may have fewer cybersecurity resources or less formal protections in place. It is also more difficult for a small business to absorb the costs associated with responding to a cyber attack.
Expert Panel
Heidi Strommen, President, Distinguished Primary Hospitality
Heidi, President of Primary Hospitality Programs, well known in the industry. Heidi oversees the overall strategy and management of Distinguished Primary programs for restaurants, hotels and cyber. Heidi joined Distinguished in April 2019 with our acquisition of Pro-host USA, program administrators specializing in restaurants, which she served as President. She has an extensive background in building programs for restaurants and related risks She’s a Past President of Target Markets Program Administrators Association and is currently on their Advisory Board. She’s authored numerous articles about insuring restaurant exposures for various industry magazines, including risk and insurance, insurance journal, agent and broker, and rough notes. Heidi earned a BA in government from Cornell and an MBA from Metropolitan State University.
Haley Cagle, Cyber Liability Product Manager, Distinguished Primary Hospitality
Haley joined Distinguished in January 2022 as the new Cyber Product Manager. She previously worked under a program administrator for Lloyds of London and has been in the professional liability insurance industry as a wholesale surplus line broker and underwriter for 14 years. She specialized in cyber, tech, and miscellaneous E&O and now focuses solely on cyber. She also earned the Cyber Professional Liability Practitioner (CPLP) designation, which she adds to her RPLU and ASLI designations.
