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How cyber crime is NOT covered by your existing coverages with Warren Fischi · Budget Your Business

0:00
Scott: Hello, and welcome to Budget Your Business, the podcast for small business owners who want to learn how to financially plan for every aspect of their business.
0:10
Scott: I'm your host, Scott Geller.
0:12
Scott: Today I joined by Warren Fiskey of McGriff Insurance to talk about cyber insurance.
0:18
Scott: Welcome, Warren.
0:20
SPEAKER_00: Good afternoon, Scott.
0:23
Scott: For folks who are just meeting you for the first time, can you tell us a little bit about yourself?
0:29
SPEAKER_00: Sure.
0:30
SPEAKER_00: My background is in commercial insurance and working with businesses to help them transfer their risk.
0:35
SPEAKER_00: And one area of focus that businesses have shared recently is they they want a better understanding of what their cyber exposure to loss is and then how they transfer that risk to an insurance company.
0:46
SPEAKER_00: And so that's where I help businesses.
0:48
Scott: Okay, great.
0:51
Scott: So, Warren, there's about a million different kinds of insurances out there.
0:55
Scott: Uh there's ENO, there's professional, there, there's bonding, uh, commercial auto, workers' comp, uh, property insurance, executive risk, on and on and on and on.
1:08
Scott: So tell me how is a cyber policy different and not different than all these other policies that I have with my business?
1:19
SPEAKER_00: The first thing is the cyber policies, every every other policy you described has been around for a hundred years.
1:26
SPEAKER_00: Cyber policies have the cyber policies that we're talking about today have been around for 10 or 15 years at the absolute most.
1:32
SPEAKER_00: And most of these carriers are brand new to the industry.
1:35
SPEAKER_00: These policies have been around for a few years.
1:38
SPEAKER_00: So they're new, they're untested, they haven't even been tested against catastrophic claims, they haven't been tested with case law in a court of law.
1:49
SPEAKER_00: So that leaves in addition, a second thing is cyber policies traditionally, well, generally, cyber policy is not regulated by a Bureau of Insurance.
1:59
SPEAKER_00: You talked about an auto policy, a general liability policy, a workers' count policy.
2:04
SPEAKER_00: Those policies literally, those policies, the wording has to be submitted to the Bureau of Insurance in the state in question.
2:11
SPEAKER_00: So we're currently in Virginia.
2:13
SPEAKER_00: So an auto policy, a work count policy, a jail policy is submitted to the Bureau of Insurance.
2:18
SPEAKER_00: They look through it from the consumer's perspective and make sure there's nothing that's overly burdensome against the uh policy holder, which is the insured or the business in question.
2:27
SPEAKER_00: A cyber policy, not so much.
2:29
SPEAKER_00: Cyber policy is not regulated by the Bureau of Insurance, the wording isn't reviewed by the Bureau of Insurance.
2:36
SPEAKER_00: When that claim gets litigated, there's a serious claim, and maybe there's a denial of coverage.
2:41
SPEAKER_00: You go straight to court.
2:44
SPEAKER_00: And that policy was never reviewed in the best interest of the insured.
2:47
SPEAKER_00: So it's really different from that perspective.
2:51
Scott: Okay.
2:51
Scott: So how does that impact the business owner?
2:53
Scott: Being that it's it's it's newer and completely different than some of these others that have been for around to your point hundreds of years.
3:02
SPEAKER_00: What traditionally happens is a policy holder or an insured buys a cyber policy, and they have this assumption, we call it an unverified assumption, that this cyber policy is going to cover me for what I think it's going to cover me, or for what the industry standard is.
3:20
SPEAKER_00: And then oftentimes businesses get an unpleasant surprise, and business owners, you and I both deal with business owners, the one thing that they don't like is unpleasant business surprises, particularly financial ones.
3:33
SPEAKER_00: So they typically are they get an unpleasant financial surprise when that$250,000 or that million or that$5 million cyber claim is denied because there's policy language in there that denies that denies that claim and the insured never knew about it.
3:52
SPEAKER_00: Unfortunately, the most time the first time the businesses pull open and review their cyber policy is after a claim occurs.
4:01
SPEAKER_00: And unfortunately, that's a time when you can't make changes.
4:03
SPEAKER_00: So that's that is how this uncertainty manifests itself in a negative way for businesses after a claim occurs.
4:12
Scott: Interesting.
4:12
Scott: And you're right, that that's typically the first time people actually read an insurance policy, is when they go in because an occurrence, right?
4:20
SPEAKER_00: Correct.
4:21
Scott: Now, do some of these other types of insurance do they do they carry certain aspects of cyber coverage, or is like a cyber policy a standalone?
4:33
Scott: How does that work with existing policies?
4:37
SPEAKER_00: There are two ways that cyber insurance typically is sold in the marketplace.
4:42
SPEAKER_00: One, it's sold as a bolt-on to an existing policy.
4:48
SPEAKER_00: And the second area is, and I'll go through the pros and cons briefly on each, and the second is what we call a standalone cyber policy, where there's this dedicated policy on its own.
5:00
SPEAKER_00: Generally speaking, bolt-on policies provide inferior coverage and inferior and inadequate coverages.
5:09
SPEAKER_00: Because it is that.
5:19
SPEAKER_00: Oh, we bought cyber policy, we bought a cyber policy.
5:22
SPEAKER_00: Well, upon further review, if you read the policy, it provides$50,000 worth of coverage with very limited coverage.
5:29
SPEAKER_00: Whereas a standalone cyber policy generally would start at a million dollar limit and would have more robust coverages.
5:38
Scott: Basically, what you're saying is if it's a it's a bolt on to an existing policy, it probably isn't really going to cover as much.
5:45
Scott: So kind of go down the the um the the um size the excuse me the standalone, the the standalone policy there.
5:56
SPEAKER_00: Yes.
5:57
Scott: With with that then, um size of business then needs to be thinking about this type of standalone policy.
6:08
SPEAKER_00: Yeah.
6:09
SPEAKER_00: So there are two there are two areas where I tell businesses is this is what I would take into account if I were a business.
6:17
SPEAKER_00: Two things I would take into account.
6:19
SPEAKER_00: Do I have something to lose?
6:21
SPEAKER_00: And am I vulnerable?
6:23
SPEAKER_00: All right.
6:24
SPEAKER_00: Now I think people think sometimes, oh, I think sometimes if we take a half a step back, I think businesses sometimes fall into the trap of, oh, I only need to buy a cyber policy if I have third-party data in my care custody control.
6:37
SPEAKER_00: In other words, credit card information or sensitive personal information, such as health records, social security, date of birth, and things like that.
6:46
SPEAKER_00: What I would point out is a significant portion of the claims directly impact a business's first party data, their ability to operate, their accounting information, their operating data, the things that they the jobs that they bid, the jobs that they have on hand, et cetera, et cetera, their financial information, anything like that, any first party data that they need to operate.
7:13
SPEAKER_00: That's the first thing that these cyber hackers are going for.
7:16
SPEAKER_00: They're looking to lock you up, and we call that cyber extortion or ransomware.
7:20
SPEAKER_00: It's the same term.
7:21
SPEAKER_00: They lock you up and they demand a ransom.
7:23
SPEAKER_00: Even if you don't pay the ransom, you have a significant computer and data forensics and data restoration costs associated with that event, starting generally at tens or hundreds of thousands of dollars for even a small business if they get impacted by one of those.
7:42
SPEAKER_00: So, really, when we're thinking about it, we're thinking, what do we have to lose?
7:47
SPEAKER_00: Well, certainly our operating data, and our subsequent business interruption or income loss associated from that event.
7:54
SPEAKER_00: And by the way, some properly designed cyber policies do provide business income coverage from a related cyber event to protect that business, and that is a very important consideration.
8:07
SPEAKER_00: So, again, if I'm a business listener, do I have something to lose?
8:11
SPEAKER_00: Everybody has something to lose.
8:13
SPEAKER_00: You have your own operating data, and your business income could be interrupted.
8:18
SPEAKER_00: And then how vulnerable are you?
8:19
SPEAKER_00: I would point out to you if you're a small business or a middle market business, you don't have the resources of Fortune 500 company.
8:26
SPEAKER_00: You have some you have something to lose, but you don't have the resources of Fortune 500 company.
8:31
SPEAKER_00: So from a hacker's perspective, you're actually a prime, prime candidate.
8:37
Scott: So going back on some of the one one point there was you mentioned it's going to cost you know 10 to 10s to maybe even$100,000.
8:45
Scott: Now, that's not that's just bringing somebody in to help clean it up, is that right?
8:52
SPEAKER_00: That's correct.
8:53
SPEAKER_00: And then you have your business interruption related costs, which again can be tens to hundreds of thousands of dollars.
8:59
SPEAKER_00: Wow.
9:00
Scott: Okay.
9:00
Scott: With these ransom, the ransom path, which somebody comes in, steals data, and then and then um rans tries to ransom it back.
9:10
Scott: How how does that play out with the cyber policy?
9:13
Scott: I mean, they still have the data though, right?
9:15
Scott: I mean, how does that how does that help?
9:18
SPEAKER_00: Yeah, so there are two paths that you can pick.
9:20
SPEAKER_00: And before we get to that, one of the most important things that you can do on your cyber policy is before a claim occurs, interview, vet, and hire a breach coach.
9:33
SPEAKER_00: So if something happens, you'll be prepared to deal with this type of event.
9:38
SPEAKER_00: And by the way, a properly designed cyber policy will pay for that breach coach on your behalf.
9:45
SPEAKER_00: You could simp you could simply ask them for recommendations, have a brief call with that breach coach, which is a fancy term for a lawyer, hire them, that retainer agreement would be paid by your cyber insurance company.
9:57
SPEAKER_00: In the event of a claim, your first call is to that breach coach.
10:01
SPEAKER_00: And by the way, if you're a business, you want all of your information and all of your specialists to be hired by that breach coach so that you establish privilege.
10:11
SPEAKER_00: The mistake that many businesses make in the event of a claim is they start managing themselves, they start hiring the specialists, and all of a sudden that information isn't privileged.
10:20
SPEAKER_00: It's on the internet, it's on the news, it's on social media, and their dirty laundry is being aired.
10:26
SPEAKER_00: So the proper path, you hire a breach coach, they can hire a negotiator, a ransomware negotiator on your behalf, and they'll negotiate with these people, and they'll either be able to come to a settlement or not.
10:38
SPEAKER_00: And if they can't come to a reasonable agreement, you'll have to pay the data restoration cost to restore that information with specialists.
10:47
SPEAKER_00: So those are the two paths at that point.
10:49
SPEAKER_00: Both would be guided by a breach coach.
10:54
Scott: So find yourself a breach coach, in other words, it sounds like that's a lawyer.
10:57
Scott: Is that fair?
10:58
Scott: So that's accurate privilege, and find a lawyer that's experienced in this area.
11:05
Scott: That's the whole breach coach side of it, right?
11:07
SPEAKER_00: That is that is correct.
11:09
SPEAKER_00: That breach coach, the overwhelming majority of the time, um as I deal a lot with cyber, I get called into other people's claims, not necessarily my claims.
11:17
SPEAKER_00: And one of the largest mistakes that I see is the two biggest mistakes that I see is a failure to properly vet and proactively hire a breach coach before a claim occurs, and you lose the opportunity to establish privilege.
11:29
SPEAKER_00: And the second mistake that I see people make is they don't vet their policy before a claim occurs.
11:34
SPEAKER_00: They just cross their fingers and hope that their policy covers it, and frankly, they have an unverified assumption that their cyber insurance is doing what they think it can do.
11:45
SPEAKER_00: So those are the two areas, the two biggest mistakes that I see businesses make.
11:49
Scott: Okay.
11:51
Scott: Given it's it's not the easiest.
11:53
Scott: Well, there's a lot of lawyers out there, right?
11:54
Scott: It's not always easy to find a lawyer that that's going to fit for you.
11:59
Scott: How do I, as a business owner, how do I go about finding a breach coach?
12:05
SPEAKER_00: Yeah.
12:06
SPEAKER_00: So your cyber insurance company that has a business, you have a cyber policy.
12:11
SPEAKER_00: If you contact your cyber insurance company, they will have what's called a panel of at least three cyber breach coaches or lawyers that they have contracts with.
12:19
SPEAKER_00: They'll give you the name and contact information.
12:22
SPEAKER_00: You would then contact that cyber breach coach, do a brief interview, and hire that breach coach before a claim occurs.
12:30
Scott: And when you say hire hire somebody, does that mean you're paying them before something happens?
12:35
Scott: Or you're just kind of lining them up.
12:37
SPEAKER_00: You're lining up, you're signing a retainer agreement.
12:40
SPEAKER_00: Any any and all fees would be paid now or in the future, would be paid by your cyber insurance company, not by the business.
12:48
SPEAKER_00: So this this cyber this cyber breach coach process requires no financial outlay by a business.
12:57
Scott: All right.
12:57
Scott: So it's a little bit, if I think about my health insurance, and I can go get a physical for free.
13:03
Scott: It is kind of along those same lines, or is that preventative Exactly care that that the insurance company wants you to do, so they're going to help you out to get that lined up.
13:14
SPEAKER_00: I'm going to take your idea when I talk to businesses in the future and footnote you.
13:18
SPEAKER_00: That's a good way of saying it.
13:20
Scott: Great.
13:21
Scott: Glad I glad I could help you with that too.
13:23
Scott: So what is the process to go through to get covered or to get an actual policy?
13:29
SPEAKER_00: The first step is all businesses today are required to do an application.
13:35
SPEAKER_00: That's the first step.
13:36
SPEAKER_00: So there are figuratively 20 questions that you're going to have to go through and provide that answers.
13:42
SPEAKER_00: Typically, businesses rely on their IT providers and their cybersecurity providers for most of the answers.
13:48
SPEAKER_00: So that's the first process.
13:49
SPEAKER_00: It's not an overly burdensome process.
13:52
SPEAKER_00: Then the second step is either your current insurance agent or an insurance agent that understands the cyber area would then go out and uh solicit prospective quotes on your behalf.
14:05
SPEAKER_00: And then those proposals would be brought back to you and you would select uh which of those options that works best for you.
14:14
Scott: Okay.
14:15
Scott: And you mentioned there's not that many insurance companies out there that provide this.
14:20
SPEAKER_00: So it's interesting.
14:22
SPEAKER_00: Um it's not like it's not like if I go buy an auto or a general liability policy, there are literally hundreds to thousands of insurance companies that will provide that coverage.
14:31
SPEAKER_00: Yeah.
14:31
SPEAKER_00: There is a smaller amount of carriers that provide cyber coverage.
14:36
SPEAKER_00: And more importantly, inside that smaller space, there's even a smaller percentage that provide the adequate coverages that a business needs.
14:45
SPEAKER_00: I would point out to all the businesses listening today is there's a false sense of security that I have a cyber policy.
14:52
SPEAKER_00: I'm good.
14:54
SPEAKER_00: That is a false sense of security.
14:56
SPEAKER_00: Um, a significant portion of the cyber carriers design their policies at their benefit, at the detriment of the policy holder, and the policyholder and their agent broker don't properly go through the process of vetting that policy to make sure that it's providing the maximum benefits available in the marketplace.
15:18
SPEAKER_00: One big takeaway I'd like businesses to take from this is hey, I traditionally have been, and this applies to all their insurance, traditionally have this unverified assumption that my insurance does what I want it to do, and I'm testing it in the event of a claim.
15:32
SPEAKER_00: There's a better way.
15:33
SPEAKER_00: Be proactive and test about that before a claim occurs.
15:37
SPEAKER_00: And we can talk about that a little bit later on.
15:39
Scott: Yeah, I'm curious, and since you bring that up, Warren, like how do I how do I go through that process?
15:46
SPEAKER_00: So I tell I tell business owners all the time that our the insurance the insurance industry as a whole has done a terrible job of helping businesses understand and research their policies before a claim occurs.
16:03
SPEAKER_00: Frankly, the model that our insurance industry has developed is here are your six quotes.
16:11
SPEAKER_00: This one's the cheapest.
16:12
SPEAKER_00: Yeah, yeah, all the coverages are about the same.
16:16
SPEAKER_00: Buy the first or second cheapest one.
16:19
SPEAKER_00: There's this weird phenomenon where we feel better if we buy the one that's maybe a little bit more expensive than the bottom one.
16:25
SPEAKER_00: Oh, because it provides better coverage.
16:27
SPEAKER_00: But no one's gone through the process of reading that policy, vetting it against an industry standard, and sharing with that business owner in a consultative, collaborative manner how that policy protects that business owner, what the mistakes are, and the solution is to go through that process and read the policy, and then develop for that business owner.
16:51
SPEAKER_00: And we've we we did this at the business owner's request, developing a cost-benefit analysis for that owner to say, hey, here are the pro here's the best policy that here's the here's your policy, here are the problems inside your policy, here are the 50 problems, here's how much it costs to solve each problem.
17:11
SPEAKER_00: You as the business owner are now empowered before a claim occurs to make an educated decision of whether or not you want to pay for that coverage.
17:19
SPEAKER_00: And our experience has shown that a third to half of those problems cost little to nothing to solve.
17:28
SPEAKER_00: But again, nobody's taken the time to point that out to the business owner.
17:31
SPEAKER_00: Um, the business owners, it's interesting.
17:34
SPEAKER_00: If you talk to business owners, the themes that I hear from business owners, we do not like unpleasant financial surprises, and we're big boys and big girls, we're willing to make tough decisions, we sure would like to know before a claim occurs.
17:48
SPEAKER_00: So don't tell me after the fact I could have bought coverage for$420 or$42 and I could have transferred a million dollars of risk.
17:55
SPEAKER_00: I want to know that before a claim occurs.
17:57
SPEAKER_00: So the solution is to vet together.
18:00
SPEAKER_00: I don't expect I don't think businesses can vet, read, and interview their policy.
18:03
SPEAKER_00: They don't have the experience, they don't have the knowledge.
18:06
SPEAKER_00: Okay.
18:07
SPEAKER_00: Find a qualified insurance professional to vet, read, and provide you the results of how your policy stacks up to an industry standard, have them provide you a cost-benefit analysis and proactively make decisions that are best for your business.
18:22
Scott: Ward, I thanks for adding that last piece because I was about to make the comment that I've read insurance policies as for myself or for businesses as a as a CFO, as another set of eyes.
18:34
Scott: And these insurance policies, in my opinion, are written for insurance companies.
18:39
SPEAKER_00: Yeah.
18:40
Scott: Not a small business owner to read it, or or even mid-tier business owner to read it.
18:45
Scott: So that in order to help the business owner, they really need to rely on the broker, then, right?
18:52
SPEAKER_00: That's correct.
18:53
SPEAKER_00: And and the the problem for a business owner in this model is that insurance is sold.
19:00
SPEAKER_00: It's not it's not a collaborative, interactive process.
19:05
SPEAKER_00: There's three there are, there should be three parts to the insurance placement process.
19:10
SPEAKER_00: So when I say that placement means hey, when a business places their insurance for insurance, there should be three components to it.
19:16
SPEAKER_00: Okay, one, do I trust and like my partner?
19:21
SPEAKER_00: That is an important part of the consideration.
19:24
SPEAKER_00: Two, what is the premium consideration?
19:27
SPEAKER_00: And then three, the policy language itself, which is frankly the most important thing.
19:34
SPEAKER_00: Because you could like and trust your agent, that's great.
19:37
SPEAKER_00: If the policy says it's excluded, it doesn't matter.
19:41
SPEAKER_00: Okay, and you could pay a bunch or you could pay a little for your policy.
19:45
SPEAKER_00: If it's excluded and it's not covered, it doesn't matter.
19:49
SPEAKER_00: So our experience has been that businesses, because and I understand why, because the insurance, I I say all the time, I don't blame business owners.
19:59
SPEAKER_00: I say all the time, our insurance industry has done a lousy job helping businesses.
20:04
SPEAKER_00: We as an industry say, Hey, I'm a great guy or gal, you like and trust me.
20:10
SPEAKER_00: Check box number tip one.
20:12
SPEAKER_00: Box two, I provide you a spreadsheet of three to six coverages.
20:17
SPEAKER_00: You pick the one that you think is best, and then we all close our eyes and we don't talk about the policy language, and the only time we test it is in the event of a claim.
20:27
Scott: Right.
20:28
Scott: So find a find a broker that's willing to go through that work, and and if not, probably having a second look, you're talking to two or maybe three to to find somebody that's a little more experienced, possibly, or able to answer some of those questions.
20:43
SPEAKER_00: If I were a business owner, I would find a trusted partner that I I would I would start with step three.
20:50
SPEAKER_00: I would start with somebody that understands the policy language, and we start there.
20:54
SPEAKER_00: So I always tell I I share with businesses I like to start with the coverages and the policy language first, then let's get to the premiums.
21:03
SPEAKER_00: Okay.
21:03
SPEAKER_00: And if you can if you can get policy language, then you can get premiums.
21:09
SPEAKER_00: You're gonna really like and trust the person you're dealing with.
21:13
SPEAKER_00: I see businesses oftentimes start the other way.
21:16
SPEAKER_00: I like and trust my galer guy.
21:19
SPEAKER_00: We belong to the country club, we're in the rotary club together.
21:24
SPEAKER_00: He's always done a great job with the premiums.
21:27
SPEAKER_00: They have no idea what coverages they have.
21:30
SPEAKER_00: And frankly, as it relates to the cyber, another phenomenon I see is I can't tell you the number of times I see businesses that should have cyber insurance that don't have it, because they're their agent started their relationship based on saving them money and minimizing their premiums.
21:45
SPEAKER_00: They're afraid to look them in the eye and say, I str I don't dictate to my clients the coverages that they have.
21:51
SPEAKER_00: I look them in the eye and hey, I say, I strongly recommend that you consider cyber coverage, and here are the reasons why, and here's the policy I would recommend.
22:00
SPEAKER_00: Because together we went through the policy and read it, and this is the appropriate policy for you.
22:05
Scott: Right.
22:07
Scott: Speaking of premiums, I'm sure folks listening to this are thinking, all right, I'm spent X amount on all these other insurance.
22:16
Scott: How much more is this going to cost me?
22:18
Scott: And and I know insurance can cost as much as you want to pay, and you can get the uh the uh you know, the Dodge Dart, the old version, you know, the really cheap version or the Pinto version of uh of insurance as well.
22:32
Scott: But what's something that reasonably a business should expect to pay for a policy?
22:40
SPEAKER_00: You know, so let's let's let's look at it this way.
22:43
SPEAKER_00: I tell people all the time, take your artificial insurance budget that you have right now, and I use the word artificial because it's not really been vetted against any policy alignment.
22:52
SPEAKER_00: So if you're our if your budget's$50,000, I would say, okay, that's a starting point.
22:59
SPEAKER_00: Go read your policies with the appropriate person, see how it stacks up.
23:05
SPEAKER_00: By the way, there might be inefficiencies in your program that you once you read the policies, you realize we're being charged for this, this, and this.
23:14
SPEAKER_00: We don't need this.
23:15
SPEAKER_00: We can take it out.
23:16
SPEAKER_00: On the other hand, I'm sure there are some things that you should add to your policies.
23:20
SPEAKER_00: And again, don't worry, a third to half the problems that you identify in your policies will cost little to nothing to solve.
23:27
SPEAKER_00: After businesses go through this process that we've discussed a little bit where you audit your policies, if they're paying$50,000 for a premium when they're done, their premium might go down.
23:40
SPEAKER_00: It might be$45,000 because there are inefficiencies in their program.
23:44
SPEAKER_00: It might be$55,000 because they didn't have a cyber policy and they needed to add one.
23:49
SPEAKER_00: So, with regards to a cyber policy, I would tell you this traditionally for small businesses, cyber policies are thousands, not tens of thousands of dollars.
23:59
Scott: Okay.
23:59
Scott: All right, that that helps, Warren.
24:01
Scott: I think that's a lot people would worry about is you hear about these ransoms of these massive amounts and then the coverages, and thinking, well, I can't afford that, so I'm not even going to try, right?
24:12
SPEAKER_00: I mean, if we're a small business, it could be as few as a few thousand dollars or a small business.
24:17
Scott: And and the risk that it's that it's mitigating is well beyond that cost.
24:22
Scott: Even if you're paying for it for several years, and obviously insurance, you never want to use it, but you want to have it.
24:28
Scott: The the the financial risk that it mitigates is well beyond.
24:33
SPEAKER_00: A properly designed cyber policy for a very small business would be thousands of dollars, and it would transfer a million dollars worth of risk.
24:40
SPEAKER_00: And I point out all the time, it's not a million dollars, it's like$25 million because it covers 25 types of different events.
24:48
SPEAKER_00: So it's not a million dollar policy.
24:50
SPEAKER_00: It only pays a million, that's the most it would pay, but it covers like 25 different types of events, so it's really a$25 million policy.
24:57
SPEAKER_00: So that's what I point out to businesses when we go through this process.
25:00
SPEAKER_00: If you got 10 problems, you got a$10 million problem.
25:04
Scott: Yeah.
25:06
Scott: Well, Warren, this has been uh you you've already laid out several immediate to-dos, uh, but I like to wrap up all my shows with one to three immediate takeaways that our listeners could literally put into action as soon as they turn off the podcast.
25:22
Scott: This might be something that you've already mentioned and and you feel like it's it's worth just bringing it up again to make sure people are aware.
25:30
Scott: But what can you share with today of one to three immediate takeaways to help their budgeting or planning?
25:38
SPEAKER_00: So, specifically with regards to cyber, I would find a qualified insurance partner to provide me three proposals with a focus on the policy language and the limits that are appropriate for my business.
25:54
SPEAKER_00: So I'll say it one more time.
25:55
SPEAKER_00: I find an appropriate partner, I'd get three two to three proposals with a heavy focus on the policy language and the limits, and then make a decision that's best for my business.
26:06
SPEAKER_00: Those are the three steps that I would take.
26:08
Scott: Okay.
26:09
Scott: Great.
26:11
Scott: Uh one other ask here, Warren, before we wrap it up here today, is I I always enjoy a good podcast or book recommendation.
26:19
Scott: What do you have do you have one for us?
26:22
SPEAKER_00: I do.
26:22
SPEAKER_00: I I've I enjoy a podcast called American Scandal.
26:28
SPEAKER_00: It's it's interesting because it's a study of uh of American scandals, and and it's it's it's a history process.
26:36
SPEAKER_00: And as you go through these different channels, whether it's Robert Hansen, uh the opiate crisis, the Houston Astros, those are all three recent ones that I've listened to.
26:45
SPEAKER_00: You see the history of our country and the mistakes that we've made.
26:50
SPEAKER_00: And yes, we learn from them, but you also see that there's a certain repeatability of the mistakes we make.
26:57
SPEAKER_00: And so I think it's something we can learn from, that as an individual, try to learn from the mistakes that others have made so that we don't repeat them.
27:05
SPEAKER_00: And I think we can apply that to business too, because so often in business we get so busy, and we you know, sometimes we miss the forest amongst the trees sometimes.
27:14
SPEAKER_00: So it's something that's really been helpful for me to kind of understand the mistakes that that we've all made and try not to repeat them.
27:22
Scott: That's that's an interesting one.
27:23
Scott: I'm not uh that a little bit different than you know your standard business podcast.
27:27
Scott: So I like it.
27:29
Scott: I'm definitely gonna check that one out as I'm uh running or taking the dog for a walk here.
27:34
SPEAKER_00: Thank you.
27:35
SPEAKER_00: You got it.
27:36
Scott: Well, Warren, this has been great.
27:38
Scott: Where can people find out more about you?
27:41
SPEAKER_00: Yeah, if anybody wants to contact me to talk about any of this, first of all, I'm happy to help people from either perspective.
27:46
SPEAKER_00: If they want to work with me from a professional perspective, great.
27:49
SPEAKER_00: If they just need some recommendations, I'm happy to, you know, no charge, anything like that.
27:53
SPEAKER_00: Happy to help people out.
27:55
SPEAKER_00: Um if you want to contact me, my email is W F is in Frank, I S is in Sam, C H I at McGriff, M C G R I F F dot com.
28:06
SPEAKER_00: So wfisky at mcriff.com.
28:10
Scott: Okay.
28:11
Scott: Thank you.
28:11
Scott: Thank you, Warren.
28:12
Scott: All right, folks, that's it for today.
28:15
Scott: If you like the show, check out more on your favorite podcast locations Apple Podcasts, Spotify, Amazon, or others.
28:23
Scott: If you found something useful, please share the show with other business owners that might also find it helpful.
28:30
Scott: Follow and rate this show and listen to more episodes.
28:34
Scott: I'm Scott Keller, and I hope you join me next time for budget your business.