If you’re selling property and casualty insurance, you’ve most likely had the opportunity to sell Cyber Liability coverage to your clients. This is not a new coverage, but with the rise in technology use in the industry within the last decade, it is being purchased on a more frequent basis.

If you know the top objections for buying Cyber Liability coverage, you will have a greater opportunity to counter their decline and make the sale. Here are the top 5 objections that keep your clients from buying cyber liability insurance:

• “We are Secure” – This objection usually comes from an in-house Information Security (IT) specialist. Try to make the sale less threatening to them by pitching that cyber policies now cover privacy exposures as well such as paper files and other vulnerabilities outside the IT realm.
• “Don’t I already have this coverage?” – Common property, casualty and professional liability policy wording has evolved to make the policies’ intent clear that security breaches are not covered.
• “A breach won’t happen to us.” – Security breaches happen on a daily basis, no one is immune to them. Even huge corporations like Target, LinkedIn and Niemen Marcus have recently been breached. Most information security specialists often say that it isn’t a question of ‘If’ a breach will occur, but ‘when’.
• “There’s too much information required on the application” – Fortunately, with cyber liability coverage becoming more common, insurance carrier applications are becoming more streamlined which comes with experience and the familiarity with the risks. Inform your clients that the application process is not as cumbersome as it once was.
• “I don’t understand the Tech Talk” – The majority of insurance buyers are CFO’s, COO’s, Finance Professionals, etc. and may be reluctant to engage in conversations regarding IT (information technology) simply because they don’t understand it.

Knowing these objections for buying cyber liability insurance can give you a better chance of explaining and convincing your client to reconsider the necessity of purchasing cyber liability coverage.

Sources: https://www.staysafeonline.org/; www.NetworkWorld.com