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How to cross-sell cyber liability coverage to your business clients

August 28, 2023 by ClientCircle

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Do you sell cyber insurance to your commercial clients? If not, consider offering it to all your business customers, not just ones that work in technology. Here’s why.

Cyber threats are increasing

Pretty much everything we do is done digitally now, and that means the frequency of cyber threats continues to grow. According to this Harvard Business Review, the latest IBM Data Breach Report revealed that an alarming 83% of organizations experienced more than one data breach during 2022.

Nearly every business, large or small, is at risk of cyberattacks, data breaches and all other cyber incidents. It doesn’t matter if your clients are technology business owners—anyone is prone to cyber risk. Many business owners think they are not going to be affected by cybercrimes especially if they don’t do a lot of business online, but that’s just not the case. Knowing the risks of cyber threats and helping your clients protect their businesses should be an important part of what you do.

Educate your clients

As an agent, you know everything that can go wrong when a cyberattack happens. And having a policy in place would mean protecting your clients from severe financial losses.

Your clients might not understand that cyber insurance is designed to reimburse them for financial losses incurred as a direct result of a cyber incident along with legal costs from third-party claims. Without cyber insurance protection, these costs can threaten the survival of their business altogether. As an agent, keeping your clients educated and protected is your number one priority.

Here are a few ways in which you can do that:

  • Next time you’re doing your annual review with a customer without an existing cyber liability policy, educate them on how a cyber incident can affect their specific business. Share examples of how a similar business may have been affected and why it’s important to have the right coverage.
  • Build a targeted email campaign outlining various cyber incident scenarios and how a cyber liability policy can protect a business. To do this, segment your book of business and identify clients who don’t have a cyber policy. Then, schedule a series of educational emails with links to stories and podcasts on the importance of cyber liability coverage.
  • If you participate in local networking and business groups, offer to host an educational session for business owners to learn about cyber liability. During this event, focus on education and not selling. Showcase your expertise and answer questions. Educate first, sell later.

Cross-sell when the time is right

Once you have educated your clients on the importance of cyber liability, it’s time to cross-sell. You know which of your clients are missing this coverage, and you can now effectively offer the right policy to them.

The best way to do this is to create a journey that will automatically educate and cross-sell the right customers through a series of emails, texts, calls or meetings, and, in some cases, a handwritten card or two.

Need help getting it done? You’ve come to the right place. With ClientCircle, you can choose from one of our cross-selling journey templates or build campaigns from scratch. Just set your goal and we will help you do the rest.

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