Cyber Liability Insurance

What is Cyber Insurance?

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

Why doesn’t my General Liability Insurance Cover Cyber Liability?

General Liability Insurance (GLI) covers bodily injuries and damage to property that 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 Does Cyber Insurance Cover?

Depending on the coverage form, typical items can include:

  • Legal fees and expenses
  • Restoring personal identities of affected clients
  • Notifying clients about a data breach
  • Repairing damaged computer systems
  • Recovering compromised data

When Comparing Policies, Ask The Following Questions:

  • What are the deductibles? Be sure to compare deductibles closely among insurers, just like you do with health, vehicle, and facility 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.
  • How do coverage and limits apply to both first and third parties? For example, does the policy cover third-party service providers? On that note, find out if your service providers have Cyber Insurance and how it affects your agreement.
  • Does the policy cover any attack on which an organization falls victim or only targeted attacks against that organization in particular?
  • Does the policy cover non-malicious actions taken by an employee? This is part of the E&O coverage that applies to Cyber Insurance as well.
  • 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 call our office or visit our proposals page today. You can also fill out the form below and one of our awesome agents will be in touch with you!

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