Cyber Liability Insurance

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Data breach insurance

Takes the flak when you’ve been hacked

Business is booming for cybercriminals. Cyberspace is swarming with them. Breaches are getting bigger and everything’s at risk.

Sure, you can step up your firm’s cyber defense. But until bullet-proof, security software’s invented, you’re just dodging malicious missiles.

One, wrong click and your clients’ confidential data could be kidnapped. Or, your system struck down, forcing business to a standstill.

  • What is cyber insurance?

    Survival, basically.

    Because it’s not the cyber-attack itself that will shut your business down. It’s the time and money you’ll spend fixing the damage.

    Cyber liability insurance can take care of these costs and get you expert help.

    It means you won’t stress about breaking the bad news to clients and regulators. Or, legal fees and compensation, if you’re sued.

    And, along with your systems and data, your reputation will be restored – plus any profits lost if the attack stopped you doing business.

    Think of it as your firm’s flak jacket. You can’t stop a hack-attack. But with cyber coverage in place, at least you, and your company, will survive one.

  • Who needs cyber liability insurance?

    Do you store clients’ data electronically? Use email? Have a website? Accept credit or debit cards?

    If you answered ‘yes’ to any of those questions, you’re a target for cybercriminals.

    And if you’re a small business owner, you’re even more at risk. Why? Because you’re less likely to have tough defenses in place. Which makes you easier to hack.

    But don’t take our word for it. The stats speak for themselves:

    • 85% of data breaches strike small businesses – that’s about 4,000 a day
    • 60% of small businesses that suffer a cyber-attack shut down within six months.

    WIt’s not all about the money, though. Dealing with a cyber-attack takes up your time. Just resolving one, single identity theft takes around 400 hours. That’s time better spent on your company.

    And did you know that as a business owner, if your personal credit is ruined by identity theft, you may lose access to business loans.

    Scary, huh?

    Cyber liability insurance can’t protect you from a cyber-attack. But it can give you the expert and financial help to recover from one.

  • What does cyber insurance cover?

    Cyber liability insurance doesn’t just cover the time and money you’ll spend coping with a cyber-attack. It also helps get your business back on its feet again.

    In detail, a cyber policy can cover:

    • the costs of investigating a data breach
    • the costs of telling your customers
    • legal fees and compensation costs if you’re sued for losing someone’s data
    • defense costs if you face legal action by local or federal authorities
    • payment of regulatory penalties and fines
    • the costs of restoring data, systems and your website
    • income lost and extra expenses if a cyber-attack stopped you doing business
    • credit monitoring for victims of identity theft
    • the costs of managing your reputation and customer relationships

    We can build an insurance package to suit your particular business needs. And it’ll just take a few minutes.

  • What other insurance do I need?

    • General liability insurance – is for when you’re out and about on business or have visitors to your office. It protects your company from the cost of claims of physical damage to property and people, plus personal injury (slander/libel).
    • Errors and omissions insurance – if you offer a professional service, this is a must-have. It protects your firm from the cost of negligence claims. And your reputation from the damage they can do.
    • Business personal property insurance – covers the moveable things in your office - from your furniture to your potted plants. It also provides protection for your mobile devices (like your cell and laptop) when you’re out and about on business.
    • Workers’ compensation insurance – even if you only have one employee, most states require you to have this. But it’s good to have anyway. It protects your business from the cost of workplace injury claims. Which can financially crippling.
    • Employment practices liability insurance – protects you from the cost of claims brought for unfair dismissal, sexual harassment, discrimination and more.
    • Fiduciary liability insurance –protects your firm and the personal assets of individuals looking after your employee benefit plans, from the cost of mismanagement claims.
    • Cyber liability insurance – protects your personal assets. Because being on the board shouldn’t mean putting your savings and home at risk.

    We can build an insurance package to suit your particular business needs. And it’ll just take a few minutes.

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