Any business that stores, sends and receives information through electronic data needs Cyber Liability! Especially if your company keeps sensitive information like payment information, social security numbers, dates of birth and drivers license numbers. Information like that puts your clients or customers personal identity at risk!
Cyber Liability insurance policies will typically cover loss or damage to electronic data, loss of income and or extra expenses, cyber extortion losses, notification costs and damages to your reputation. This coverage is called First Party Liability coverage. First-Party Liability coverages are subject to a deductible and they protect you.
Another part of Cyber Liability Insurance coverage is Third-Party coverage. This coverage is applied to damages or settlements that result from a covered claim. This coverage usually includes network security liability, electronic media liability, network privacy liability and errors and omissions liability.
Other coverage that may be available for your Cyber Liability Policy would include computer fraud, website media content coverage, fund transfer fraud, cyber terrorism and cyber extortion.
As a business owner, you have a responsibility to keep your clients personal and private information safe. It’s more important now that ever before that you secure proper insurance coverage for Cyber risk exposures. With everyday use of computers, smart phones and an ever increasing dependence on electronic data and media we are all exposed to the costly results of a Data Breach claim.
Be sure to reach out to one of our commercial team members, local offices or just give me a call to discuss how we can help identify and provide proper coverage for you and your business from Data Breach and other Cyber Liability claims!