Cyber crime and data breaches can occur due to hacking, malware, or even accidental disclosure of information. In a digital age protecting data is increasingly important. We offer comprehensive policies with admitted carriers designed to mitigate a breach of data and recover your loss of business income.
A good cyber liability insurance policy will include coverage for both first-party and third-party claims. First-party liability pays for losses your business directly incurs. This includes losses of data and business income, as well as extra expenses, costs to notify customers of a data breach, and business reputation and crisis management. There is even coverage available to pay ransom or extortion money, as necessary, to regain control of your computer system and/or stop the publication of private information. Others knowing your cost of goods, sales forecasts or tax records could be devastating to your business.
Third-party liability protects your business against claims of negligence by other persons or companies. Personal information might be exposed and a company’s private information could easily be detrimental to their business. You could face claims for copyright infringement, libel or defamation. You may also be responsible for fines or other penalties from regulatory agencies. Cyber liability insurance protects you not only by reimbursing the cost of defense but also with good claims management to help navigate legal responsibilities. This allows you to be proactive with your customers, vendors and business partners without fear of making a mistake.