What does cyber liability insurance cover?

As more companies continue to transition to digital storage for client information, the chances of a data breach resulting in the compromise of that data continues to increase. In the past, it was easy to say that only big companies were targets for these type of attacks. Today, even small businesses need to understand their exposures when it comes to keeping data safe.

Cyber liability insurance may pay for the following in the event of a breach of your system

• Repair of damaged computer systems
• Ransom for the return of data
• Legal fees and expenses
• Restoration of personal identities by affected clients
• Credit monitoring for affected clients
• Recovery of compromised data

As an independent agency, our carriers all have unique offerings when it comes to cyber liability, We can help make sure you understand specifically what your policy covers and excludes based on your exposures.

Why you need cyber liability now more than ever

First, cyber risks are more often than not explicitly excluded under your general liability policy. Second, depending on which studies you look at and the industry you’re in, the average cost for response to a data breach ranges between $300 – $900 per compromised client. As a smaller business, it would be incredibly difficult to cover those costs out of pocket for a small client list. With relatively inexpensive premiums and a lot of competition amongst carriers, you can get a lot of coverage for an affordable cost. Call us today to discuss how a cyber liability insurance policy can add an extra layer of protection for your business.

What does cyber liability insurance cover?

As more companies continue to transition to digital storage for client information, the chances of a data breach resulting in the compromise of that data continues to increase. In the past, it was easy to say that only big companies were targets for these type of attacks. Today, even small businesses need to understand their exposures when it comes to keeping data safe.

Cyber liability insurance may pay for the following in the event of a breach of your system

• Repair of damaged computer systems
• Ransom for the return of data
• Legal fees and expenses
• Restoration of personal identities by affected clients
• Credit monitoring for affected clients
• Recovery of compromised data

As an independent agency, our carriers all have unique offerings when it comes to cyber liability, We can help make sure you understand specifically what your policy covers and excludes based on your exposures.

Why you need cyber liability now more than ever

First, cyber risks are more often than not explicitly excluded under your general liability policy. Second, depending on which studies you look at and the industry you’re in, the average cost for response to a data breach ranges between $300 – $900 per compromised client. As a smaller business, it would be incredibly difficult to cover those costs out of pocket for a small client list. With relatively inexpensive premiums and a lot of competition amongst carriers, you can get a lot of coverage for an affordable cost. Call us today to discuss how a cyber liability insurance policy can add an extra layer of protection for your business.