Cyber Liability

What is cyber insurance?

Cyber insurance covers your business’ liability for a data breach that includes sensitive customer information. This could include things like Social Security numbers, credit card numbers, account numbers, driver’s license numbers and medical records.

Why doesn’t my general liability insurance cover cyber liability?

GL covers bodily injury and damage to property which is a result of your products, services or operations. Be sure to check your policy because cyber insurance is usually not included in your general liability policy.

What can cyber insurance cover?

  • Legal fees and expenses
  • Cost to Restore personal identities of affected customers
  • Notifying customers about a data breach
  • Repairing damaged computer systems
  • Recovering compromised data

Many well-known insurance companies offer cyber insurance policies. We work with the top carriers in the country to be sure your needs are met. Like any business insurance, cyber insurance coverage varies by insurer and policy.

When comparing policies among insurers, here are some things to look for:

  • What are the deductibles? Be sure to compare deductibles closely among insurers, just like you do with health, vehicle and building policies.
  • Does the insurance company offer one or more types of cyber insurance policies or is the coverage simply an extension to an existing policy? In most cases, a stand-alone policy is best and more comprehensive. Also find out if the policy is customizable to an organization.
  • How do coverage and limits apply to both first and third parties? For example, does the policy cover third-party service providers? It’s also important to confirm if your service providers have cyber insurance and how it affects your agreement.
  • Does the policy cover any attack to which an organization falls victim or only targeted attacks against that organization?
  • Does the policy cover social engineering as well as network attacks? Social engineering plays a role in all kinds of attacks, including phishing, spear phishing and advanced persistent threats (APTs).
  • Because APTs take place over time, which can be months to years, does the policy include time frames within which coverage applies?

If you’re interested in cyber insurance coverage for your business, please give our office a call or visit our quotes page today.

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