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Cyber Liability Insurance

Data breaches and cyber-crimes are not only a major nuisance for the affected business, but also a financial burden owing to the associated fines and legal fees. It's unfortunate that these cyber-crimes mostly affect small businesses, either because they’re ignorant of the risks and assume that hackers won’t target them, or because they lack the resources to implement a solid security plan.

Being hacked, getting malicious software, and generally being a target for cyber-crime not only puts your computer systems at risk, but also exposes your employees and customers to other crimes, and risks ruining your business reputation.

Cyber liability insurance covers you and your business against internet-based liability and risks involving sensitive customer information, such as credit card numbers, Social Security numbers, driver’s license numbers, account numbers, and health records.

Cyber Liability Coverage

Ideally, cyber liability should be covered by your general liability insurance. However, it is usually excluded from your general liability policy, which in its basic form, only covers bodily injuries (BI) and property damage (PD) caused by your operations, products, or services.

You can add cyber insurance to your general insurance to provide two levels of coverage: first-party coverage, for direct losses to your business; or third-party coverage, for claims and lawsuits by your clients or partners.

The coverage you obtain depends on your provider, though you can expect cyber insurance to assist with legal fees, fines, and costs associated with:

  • Notifying customers about the data breach, personal data theft, or identity theft
  • Repairing compromised systems
  • Recovering affected data
  • Restoring the identities of affected customers
  • Forensic investigation - uncovering the cause/impact of the attack
  • Business interruption and extortion

Generally, cyber insurance liability is intended to help you recover following the cyber-attack by mitigating all the subsequent costs.

As you conduct more and more of your business online, cyber liability insurance can give you the peace of mind knowing that you’re protected from cyber-attacks; not just from the coverage, but also because of the preparations required by the insurer to agree to insure you. Often time, the latter step is sufficient to prevent most cyber-attacks.

Contact Capital Providers Insurance Services today to assess your cyber security threats.

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Having a small business is tough enough as it is without property owners breathing down your neck to make sure you have proper insurance. I was worried that it would cost to much or be too much of a hassle but within a couple days after speaking with CPIS, I felt so much more at east. I couldn’t be happier with their service.

- Jason A.
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The agents here are amazing - they go above and beyond to form personal relationships with their clients so that they can really assess their needs. My agent was so approachable and easy to access, even after business hours. I’m glad I am working with a company that really listens to my concerns as a business owner.

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They really listens to my concerns as a business owner... Our company uses Capital Providers for all of our business insurance needs. They provide excellent service and take the time to review and provide updates if there are recommended changes.

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