What Is Cyber Liability Insurance Coverage
Cyber liability policy covers losses that come from cyber attacks. Typically, policies will include coverage for first party and third party coverage.
First Party Cyber Coverage
A First party coverage helps protect the company from losses that it directly sustains. These losses may be damages to electronic data stored on the companies database or computers.
It also helps to protect your business from a loss of income or extra expenses due to losses cause by a computer system interruption
One of the most valuable coverage benefits is that cyber insurance can help cover the cost for marketing and public relations to protect your company’s reputation should a cyber attack occur.
This type of coverage is also known as Crisis Management.
Third Party Cyber Insurance
Third party coverage protects your business from individual claims from people who have been injured as a byproduct of your business experiencing a cyber attack.
Some of the things that third party covers include
Some policies may also allow you to cover cyber terrorism and funds transfer fraud.
Who needs cyber liability insurance?
Often many people struggle to know when they need to get cyber insurance coverage for their business. One of the best ways to know when you need to consider getting a cyber liability insurance policy is to take our short cyber insurance questionnaire
Cyber Insurance Questionnaire
If you answered yes to either of those questions you need to consider cyber liability insurance.
What many people don’t know is that these days just owning a homeowners insurance policy means that you most likely have a very small amount of cyber insurance to help cover a limited amount of risk.
Getting the best coverage boils down to making sure you and an Insurance pro go over your potential risks.
How To Get The Right Cyber Insurance For Your Small Businesses
Did you know that 62% of data breach victims are small to mid sized businesses?
That is a massive problem, especially when you consider that 75% of U.S businesses are underinsured.
No wonder the average small-business that experiences a cyber security attack ends up paying over $20,000.
Each small business is unique and faces many different types of risk and also different levels of risk as well.
For example, a local clothing retailer with 3 employees that has a closed network is exposed to a much lower risk than a regional gym that has 2000 employees and 50 locations.
The difference isn’t just the exposure that your company faces, it also is your employees, your customers and more.
To protect your business from cyber attacks you have to know what to cover and how to react to a data breach.
Find Out Your Cyber Insurance Rates
By now it should be apparent that you need cyber liability insurance for yourself and your business…
And you need it today.
Like most people though, I’m sure that you also want to make sure that you don’t overpay for cyber insurance.
The fact is that we all have budgets that we want to stay within.
Although there are many factors to the policy rate prices, the average ranges from as low a $750 up to $8,000 for small businesses.
Find out how much coverage you need
Call us and get a quote to cover your business today or get an online quote
1 (888) 258-8808