Cyber Liability Insurance for Small Businesses

Save Your Digital Assets with Cyber Liability Insurance Solutions

Many businesses maintain digital records of their clients, customers, and employees. Using technology is a common practice for all businesses. When a company participates in activities like online sales or internal data collection, it can be vulnerable to infiltration.

Every day, data breaches occur regularly in today’s environment. Your business must be ready for the expenses related to a data breach.

Handling a data breach can come with a high price tag. The time and money spent on resolving a breach can accumulate. Penalties or fines may be imposed as personal information data is regulated by most states. Your company may also need to provide credit monitoring and alerts to notify all individuals in the data network about a breach. It is necessary to have a strategy in place to safeguard personal information data from breaches, as legal fees and damages can accumulate quickly.

Secure your business

What is Cyber Liability Insurance?

Cyber liability insurance protects businesses from liabilities associated with data breaches and other
risks related to electronic information.

Types of Cyber Liability Policies

First Party Coverage: Protect your company from cyber incidents.

Third Party Coverage: Helps in protecting against cyber claims made against you, such as those by a client

Common Coverages Included

Data Breach : Covers expenses related to incident management, investigation, remediation, data subject notification, legal expenses, and regulatory penalties.

Multimedia/Media Liability: Covers third-party damages for website defacement and violation of intellectual property rights.

Extortion Liability Coverage : Covers losses due to extortion threats or professional fees related to dealing with extortion.

Network Security Liability : >Includes expenses for third-party damages due to access denial, costs for information on third-party vendors, and expenses for data theft on third-party platforms.

Customizing Your Plan

Understanding the unique cyber risks your business encounters is essential for customizing your cyber policy to effectively address those risks.

Who Needs Cyber Liability Insurance?

Cyber Liability insurance is suitable for all kinds of businesses. It is frequently confused for technology errors and omissions. Tech E&O is designed for companies that provide technology products like computer software, website designers, and programmers. Certain E&O policies may contain protection for cyber liability, although it could be restricted to third-party
coverage or have limitations. If you are unsure about the coverage of your policy, please get in touch with us for clarification.

What Does Cyber Liability Insurance Cover?

Businesses are becoming more exposed to cyber threats as time goes on. Cyber liability insurance is created to shield them
from such risks.

Coverage Areas

Data Breach Costs: Covers expenses such as forensic investigations, data restoration, notification to affected individuals, credit monitoring services, and legal expenses associated with a data breach.

Cyber Fraud: Some policies might offer coverage for cyber fraud incidents, granting monetary security against misleading activities.Third-Party Claims: Protect against liability claims by third parties resulting from the theft or loss of personally identifiable information. This coverage is essential because mishandling customer information can result in fines, penalties, and legal action.

Importance of Cyber Liability Insurance

Cyber liability insurance serves as a crucial protection for companies, safeguarding their financial well-being and image in the
face of ever-changing cyber risks.

Why Cyber Liability Insurance is Necessary for Cyber Insurance?

Small businesses are at high risk of cybercrime. Cyber insurance provides protection for financial losses and liabilities caused by a cyber-incident. It aids businesses in bouncing back from the financial impact of the incident, covering expenses such as data recovery, legal fees, and costs for public relations and customer notification. Moreover, cyber insurance can also provide assistance to businesses facing cyber extortion, which is a rising danger involving criminals demanding ransom to return stolen data or fix computer systems. Due to the rise of technology and more advanced cyber threats, it is essential for small businesses to focus on cyber security. Having cyber insurance not only secures their interests but also provides assurance to their customers and partners about their commitment to taking digital asset security seriously.