We had the opportunity to interview Evan Derr, VP of Sales for Commercial Lines at AssuredPartners, the 11th largest insurance broker in the United States. He shared his insights on cyber insurance from an industry expert's perspective.
Professional Background
Evan graduated from Otterbein University in 2005 and has worked in commercial underwriting and insurance, specializing in construction industry coverage.
Business Philosophy
"I believe it's vital to be open and honest, both with yourself and others," he emphasizes, stressing the importance of following through on commitments.
Cybersecurity's Impact on Insurance
The industry has shifted significantly. Insurance carriers now require clients to demonstrate solid cybersecurity practices, including Multi-Factor Authentication and qualified IT providers, rather than issuing policies without scrutiny.
Common Misconceptions
Two main misunderstandings plague businesses:
- Assuming cyber insurance is not necessary
- Believing that basic "cyber liability" clauses in standard policies provide adequate protection
Coverage varies substantially between carriers.
Professional Recommendation
He advises against relying on limited cyber coverage bundled into general liability policies, recommending instead specialized policies from dedicated cyber insurance carriers.
Want to learn more about protecting your business? Contact WolfTech today.
