Cyber Liability Insurance

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What is Cyber Liability Insurance?

Cyber Liability Insurance generally covers your business' liability for a data breach involving sensitive customer information, such as credit card numbers, account numbers, driver's license numbers, social security numbers and health records. 

Doesn’t my General Business Liability policy cover Cyber liability?

General Business Liability Insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber Liability Insurance is often excluded from a general liability policy.

Companies That We Can Cover

We offer Cyber & Privacy liability insurance coverage for companies of all sizes, from small businesses to large corporations.

Our Cyber Liability product offers us the ability to provide broad liability coverage from multiple top markets. Put specifically, this allows us to keep small start-ups to middle market companies cyber security insurance costs low by keeping from paying for more coverage than they need. It also keeps them appropriately covered relative to their risk. 

What does Cyber Liability Insurance cover?

IT Forensic Costs

The costs to determine what information may have been breached or accessed improperly. We know you are likely more concerned about data loss, the loss of customers, reputational harm, or legal defense costs. However, tracking down the cause of the computer systems breach is also an important (and costly) endeavor.

Crisis Management Costs

This covers media liability costs, including the cost to hire a public relations firm. How your clients internally publicly respond to a breach is crucial. The first several hours plays a pivotal role in how they come out on the other side of the incident.

Crime and Social Engineering

This is coverage applies when a stolen username and password is used to direct funds out of your account. It’s also referred to as involuntary parting of funds coverage. Social Engineering is when a business is tricked into sending their funds out of their account. Often this “voluntary parting of funds” is perpetrated via a phishing campaign.

Notification Costs

Most states require companies to notify customers of a data breach involving personally identifiable information– a process that can be very expensive. The costs to notify individuals, businesses, regulators and to run a call center related to the notification.

Credit Protection Costs

These are the costs to provide credit monitoring services to the affected parties. This is often offered as a part of the notification. 

Additional Elements

Multi-Media Coverage

This can cover:

  • Online Advertising
  • Intellectual Property
  • Copyright and Trademark Infringement
  • Libel or Defamation Claims

This is typically a good addition to any privacy and cyber policy.

Cyber Extortion

  Hackers are getting more and more aggressive in their online tactics, specifically with Ransomware. They may destroy, damage, or otherwise incapacitate your network or data if you don’t meet their ransom demands. Coverage is available that includes ransom payments during extortion.

Cyber Business Interruption

Coverage is available for companies that rely heavily on the internet or their network for their revenue. General Liability policies typically do not cover this. If you have this exposure, you need to specifically address it with your cyber policy.

This may also include dependent business interruption. This is when a third party that you rely on goes down, like a mission critical software hosted service. It may also extend to System Failure. This is when a power outage causes your digital computer systems to go offline.

Hacker Damage or Digital Asset Damage

This covers the cost to rebuild your:

  • Website
  • Intranet
  • Network
  • Electronically-Held Data

IT is a large investment for most companies, even minimal network damage at the wrong time could cripple a business.

Learn more about Cyber Liability Insurance for your Business

  Thank you for your interest in Baldwin Insurance Agency. We make the quote process quick and easy, begin your quote today! If you would like to speak to a cyber liability insurance professional please call our office at 816-628-0092 or you can email your questions and an agent will reply promptly.

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