Cyber Liability Insurance
Cyber Liability Insurance Quote Forms
Looking for coverage? Click on the following link(s) and an agent will contact you to provide a quick, accurate, and affordable quote.
Cyber Liability Insurance Information
Cyber Liability Insurance
There is virtually no business that is not connected to the internet, and based on 2019 statistics, more than 85% of small business owners reported that technology drives success. It’s only natural to want to maximize your online productivity to keep up in today’s digital world.
However, you must recognize that the more your business comes to rely on connected technologies, the more risk there is of significant data losses occurring. To protect yourself when you encounter data loss or cyber security incidents, you need a specific insurance benefit known as cyber liability insurance.
For assistance getting the cyber liability plan that is best for you, contact Arnold Bruce & Doerfler Insurance at (503)-222-1951 or click here for your free quote.
Common Cyber Liability Insurance Questions
What is a cyber liability policy?
Any business that utilizes computers in any form must recognize that any data that passes through the system is not immune to loss, damage, destruction or theft. Though strong cyber security is a safeguard, it’s still not a guarantee of absolute protection. As a result, there is a significant need for risk management when considering how you will respond to data loss incidents.
Cyber liability insurance is a resource to use for this purpose. In the event of computer data loss or exposure, both the business and others who have information stored on the company’s network could sustain personal and financial losses. Cyber liability insurance will help the business cover the costs of picking up the pieces of these accidents.
Who needs a cyber liability policy?
Every business that stores sensitive data on computer networks can benefit from cyber liability insurance. Those that most need it are businesses that store third-party information (I.e. personal information related to clients). After all, when you handle personal information pertaining to others, they could be the ones to suffer in the event of data loss, and they could blame your business.
What does cyber liability insurance cover?
A cybersecurity incident might be anything from a cyberattack to a sudden loss of data. If your own data and the information of others become compromised, cyber liability insurance can help you cover numerous costs, such as those related to:
Stolen data retrieval and recovery
Reimbursement of fraudulent charges
Identity protection services for customers at risk of identity theft
Damaged hardware is not covered by cyber liability insurance. However, commercial property insurance can provide this benefit.
Damage control for your business’ reputation
Legal fees associated with the attack
Regulatory notification fees
How much does cyber liability cost?
Your cyber liability insurance premium will vary based on numerous factors. However, it is possible to seamlessly integrate your cyber liability benefits with the rest of your commercial insurance portfolio in ways that are always cost effective. Speak to one of our agents to learn more about how you can optimize both your coverage and your costs.