Cyber Liability Insurance

What is Cyber Liability Insurance?

If your business uses computers or electronic devices to send and store ANY data, then a cyber liability policy is vital to your insurance package. Our research has shown that people assume they only need this policy if their business is storing sensitive information (such as financial information), but that’s not the case. Put simply, a cyber liability policy protects your business from losses that occur from data breaches or other cyber-related events.

What does a cyber liability policy cover?

Most cyber liability policies provide a package of coverages, but at its core, a cyber policy covers the following:

• First-Party Claims: out of pocket expenses that your business incurs due to the claim.

  • For example, a hacker intercepts a wire transfer of $100,000.

• Third-Party Claims: damages or settlements your business is obligated to pay due to your negligence.

  • For example, your client sues you after a hacker steals your client’s data and releases it online.

How much does a cyber liability policy cost?

There are multiple factors that establish the price for an annual cyber liability policy. The type of operation, projected sales, safeguards in place to prevent attacks, and information stored (financial, health, personal) will determine the price.

Apply for Cyber Liability Insurance

Our philosophy is straightforward — how do we make the process easier for you and provide the best coverage and pricing? We work around your communication styles and go the extra mile to collect the data needed to get quotes.

Fill out the quick for below, call a risk specialist, or send us an email today.