First-party cyber liability insurance protects small businesses against the financial impact of data breaches and cyberattacks.
First-party cyber insurance provides financial assistance to mitigate the impact of data breaches and cyberattacks at your small business. It covers the costs of:
This policy is crucial for businesses that store sensitive client or customer information online, such as credit card numbers or Social Security numbers.
First-party coverage is designed to lessen the financial impact on the company that bought the insurance (the insured). It covers data breaches and cyberattacks at your own business.
Third-party cyber liability insurance provides liability protection in case the insured company makes a mistake that results in a client suffering a data breach or cyberattack. It's a key policy for tech companies and IT consultants that could be blamed for errors that led to a breach.
Another way of viewing this distinction:
First-party cyber insurance can cover a variety of insurable events, including:
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