Cyber Liability Insurance
Cyber Insurance is a policy that protects your business from cyberattacks and data breaches.
What is Cyber Liability Insurance?
Cyber Insurance is a policy that protects your business from cybercrimes that involve extortion attempts, DDoS attacks, data breaches, identity theft, funds transfer fraud, and much more.
Why You Need It
1
To Satisfy Vendor Requirements
Many vendors require that their business partners purchase cyber liability insurance as a condition of entering a relationship with them.
2
To Satisfy Customer Requirements
Many large companies require that their vendors have adequate cyber liability insurance to protect the data that gets exchanged while doing business.
3
To Protect The Business Against A Cyberattack
Cyberattacks are extremely costly and time consuming to battle, not to mention the potential fallout from a successful attack. Additionally, your team might have limited expertise dealing with cyber attackers. A cyber insurance policy can help provide you with the team and expertise to overcome these situations.
Protect Your Business From Cyber Attacks
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What Cyber Liability Insurance Covers
Cyber Incident Response Team
A team of experts to help investigate, contain, and remediate cyberattacks as they happen.
Forensic Investigation
A specialized forensic team to determine what happened and what systems attackers accessed.
Ransomware Payments
Helps negotiate with ransomware attackers, determines if ransom needs to be paid, and arranges for ransom payments.
Notification, Credit Monitoring, And ID Theft
Notifications of all people affected in your data breach, as well as tools to help those affected monitor their credit and deal with any identity theft arising from the data breach.
Liability From Leaked Sensitive Data
Legal defense fees and monetary judgments arising from the liability arising from a data breach.
Business Interruption
Lost income while recovering from a data breach.
Non-Digital Data Breaches
Liability arising from a data breach that isn’t digital, such as the theft of sensitive paper files.
Wire Transfer Fraud & Social Engineering
Financial loss if a scammer tricks you or an employee to fraudulently transfer money to them.
Hardware Replacement Costs
Equipment like computers that are nonrecoverable after a cyberattack.
Theft of Personal Funds
Compromised personal bank accounts of senior executive officers due to a business-related cyberattack.
Telephone Hacking
Compromised phone systems where all available phone lines dial a pay-per-minute number that the attacker controls.
What Cyber Liability Insurance Doesn't Cover
Not Covered
Disruptions To Computer Systems Not Caused By A Cyberattack
Server outages and computer issues that aren’t caused by a cyberattack (e.g. AWS experiences an outage).
Not Covered
Internet Disruptions
Internet or phone outages.
Not Covered
Costs Related To Loss Of Virtual Currency
Fluctuations in price or loss to cryptocurrency.
Not Covered
Contracts Or Agreements That Assume Additional Liability
Additional risks that you assume in a contract. Cyber insurance only covers what you are legally liable for in the absence of a contract.
Reasons To Have Cyber Liability Insurance Coverage
Cyber Liability Insurance is a must have for businesses that need:
To Satisfy Vendor Requirements
Many vendors require that their business partners purchase cyber liability insurance as a condition of entering a relationship with them.
To Satisfy Customer Requirements
Many large companies require that their vendors have adequate cyber liability insurance to protect the data that gets exchanged while doing business.
To Protect The Business Against A Cyberattack
Cyberattacks are extremely costly and time consuming to battle, not to mention the potential fallout from a successful attack. Additionally, your team might have limited expertise dealing with cyber attackers. A cyber insurance policy can help provide you with the team and expertise to overcome these situations.
What Does Cyber Liability Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of smaller or low hazard cyber liability quotes:
| Housing Authority | Investment Portfolio Management | Totalizing Fluid Meter Manufacturer | |
|---|---|---|---|
| State | IL | ID | CO |
| Revenue | $39,233,857 | $8,710,000 | $46,537,000 |
| Policy Limit | $1,000,000 | $1,000,000 | $2,000,000 |
| Social Engineering Coverage | Yes | Yes | Yes |
| First Party Coverage | Yes | Yes | Yes |
| Deductible | $15,000 | $2,500 | $10,000 |
| Cost | $8,150 | $2,151 | $9,915 |
Running a larger company or a company with more exposure to data breaches comes with increased premiums. Here are some quote examples for more complex businesses:
| Marketing/Retail Sales | Commercial Construction | Assisted Living Facility | |
|---|---|---|---|
| State | UT | TX | WI |
| Revenue | $860,000,000 | $100,000,000 | $60,000,000 |
| Policy Limit | $5,000,000 | $2,000,000 | $3,000,000 |
| Social Engineering Coverage | Yes | Yes | Yes |
| First Party Coverage | Yes | Yes | Yes |
| Deductible | $150,000 | $25,000 | $25,000 |
| Cost | $124,000 | $28,238 | $47,000 |
Frequently Asked Questions
What Our Customers Are Saying
I’ve worked with Austin at LandesBlosch. He is upfront and honest, active in the community, and helpful even beyond basic insurance. I’d recommend LB to anyone.
Colton J.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
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