Cyber liability insurance covers data breaches
If a hacker or former employee steals data, you could be held liable. Cyber insurance can cover legal fees and provide essential support and resources.
This policy provides liability coverage related to:
- Data breach lawsuits
- Breach notification expenses
- Fraud monitoring costs
What coverage can cyber liability provide for media and advertising businesses?
There are two kinds of cyber liability insurance: first-party and third-party.
First-party cyber liability insurance
First-party cyber insurance covers data breaches at the policyholder’s business. It can cover expenses related to:
- Notifying clients or customers about the breach
- Credit monitoring services for affected clients
- Cyber extortion demands
This coverage is key for a media or advertising company that stores client information, such as credit card numbers.
Third-party cyber liability insurance
Third-party cyber insurance can protect businesses responsible for safeguarding client data. If a client suffers a breach and files a lawsuit, this policy can help pay for:
- Attorney’s fees
- Court costs
- Settlements or judgments
This coverage is beneficial for businesses like IT companies, but is likely not necessary for media or advertising businesses.
Other policies for media and advertising businesses
While cyber liability insurance covers data-related risks, it does not provide complete protection. Advertising agencies, social media companies, publishers, and other media and advertising professionals should also consider:
General liability insurance: This policy can cover expenses related to third-party bodily injury or property damage, including medical bills and legal costs.
Media liability insurance: Also known as professional liability insurance, this policy protects media and advertising professionals against lawsuits related to advertising injuries or work performance.
Workers’ compensation: Required in most states for businesses with employees, workers’ comp can cover medical expenses and partial lost wages if an employee is injured on the job.
Get free quotes and compare policies with Insureon
Are you ready to safeguard your broadcasting company, graphic design business, PR agency, or other media and advertising 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.