Cyber liability insurance, also called cyber security insurance, protects small businesses from the high costs of a data breach or malicious software attack. It covers expenses such as customer notification, credit monitoring, legal fees, and fines.
A data breach at a small insurance company might expose all of your customers' personal information, which could result in hefty notification costs and other expenses. That's why businesses that handle sensitive data should invest in cyber liability insurance.
This policy provides coverage related to:
Insurance professionals can depend on first-party cyber liability insurance, also called data breach insurance, for financial protection after a data breach at your business. It can often be added to your general liability insurance or business owner's policy (BOP).
This policy can help pay for:
Cyber liability coverage is crucial for insurance companies that store sensitive data. That includes credit card numbers, email addresses, and policy information.
Insurance professionals who recommend software, or who are otherwise responsible for another company's cybersecurity, should invest in third-party cyber liability insurance.
This policy protects your business financially if another company holds you responsible for failing to prevent a data breach at their business.
Most insurance businesses don't need this coverage – but it's strongly recommended if you provide security recommendations or advice to others.
While cyber liability insurance provides important protection against cyber risks, it doesn't cover other types of accidents and injuries. Other recommended policies for insurance professionals include:
General liability insurance: A general liability policy protects against the most common third-party risks, such as a slip-and-fall accident in your office.
Workers’ compensation insurance: Most states require workers' comp for insurance businesses that have employees. It can cover medical bills for work-related injuries.
Commercial auto insurance: Insurance businesses that own vehicles need to carry this policy to comply with state laws. It helps cover costs if a vehicle gets into an accident.
Are you ready to protect your insurance business with cyber liability insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.