Cyber Insurance

Insure & Protect Against Cyber Risk

Technology is always evolving, and unfortunately, cybercriminals are keeping up with these changes. Every business that uses technology faces cyber risks. Cyber liability insurance can help you protect your business against the costs associated with these attacks.

Buy Cyber Insurance from LoPriore Insurance

WHAT IS IT

Cyber liability insurance is a policy designed to provide your business with protection against data breaches and cyber attacks. When cyber criminals attack your network, you're legally liable for the incident. Cyber insurance can pay for customer notification, credit monitoring, legal fees, and fines related to a cyber attack.

WHY DO I NEED IT

Any business that has employees who connect to the internet is at risk of a cyber event. Increasingly, hackers are attacking businesses to gain access to the personal information of customers. A cyber insurance policy can cover your business when you're responsible for the loss of third party data and reimburse you for loss of business due to a system outage related to a virus or attack.

WHO NEEDS IT

You may need cyber insurance for the following reasons. • Your business uses computers • Your business processes, handles, or stores third party data • Your business uses cloud insurance

COVERAGE DETAILS

Cyber liability policies typically include various property and crime coverages. They also cover individual costs. Coverages in your liability policy may include the following.

  • Loss or damage to electronic data: Coverage for the losses caused by damage, theft, disruption, or corruption of electronic data (including third party data).  
  • Loss of income or extra expenses: Coverage for loss of income due to a shutdown or extra expenses incurred to avoid a shutdown in relation to a covered event. Additional coverage includes losses due to computer shutdown or covered physical damage.
  • Cyber extortion losses: Coverage for expenses you incur in response to threats from a hacker 
  • Notification costs: Coverage for the cost of notifying parties affected by a data breach, related legal expenses, and follow-up services for affected customers
  • Damage to your reputation (crisis management): Coverage for public relations costs to repair your reputation after a data breach
  • Third-party liability coverages: Coverage for damages or settlements and defense costs related to covered claims
  • Network security liability: Coverage for lawsuits against you due to a data breach or the inability of others to access your system
  • Network privacy liability: Coverage for lawsuits alleging that you failed to properly protect data on your computer system
  • Electronic media liability: Coverage for lawsuits against you like libel, slander, defamation, copyright infringement, and invasion of privacy, resulting from you publishing electronic data on the internet
  • Errors and omissions liability: Coverage for errors or omissions that arise out of professional services related to computers or technology

Frequently Asked Questions About Cyber Liability Insurance

Does My Cyber Insurance Policy Cover Me For A Data Breach?

Yes. Cyber liability insurance provides coverage for lawsuits arising from data breaches and server attacks. The policy also includes coverage for loss or corruption of data.

Does My Cyber Insurance Give Me Coverage For Ransomware?
Yes. Cyber extortion coverage provides coverage for the costs of consultants and expenses related to threats interrupting service and releasing private information.
Does A Cyber Insurance Policy Cover Theft Of Data By An Employee?

Yes, though it's important to distinguish that cyber insurance does not cover employee theft of physical property. Cyber insurance covers employee theft of intellectual property or identity.

Does A Cyber Insurance Policy Cover Theft Of Computers Or Other Devices That Contain Sensitive Information?
No. Physical property theft isn't typically covered by cyber insurance. Your commercial property insurance provides coverage for business property theft.
Does A Cyber Insurance Policy Have Exclusions?

Cyber insurance typically does have exclusions. Some of these exclusions may be covered by other commercial insurance policies. Some common exclusions include:

  • Security Standards Exclusions: You may be required to keep up certain security standards for claims to be approved. 
  • Bodily Injury And Property Damage: These claims are typically covered by general liability insurance. However, it's important to ensure exclusions from both policies don't overlap, leaving you with gaps in coverage.
  • War, Terrorism, Invasion, Or Insurrection: Almost all cyber insurance policies include this exclusion, but modifications may be allowed.
  • Prior Acts: Coverage is excluded for events that occurred before the retroactive date of your policy. This can lead to problems because data breaches are often discovered long after the incident occurred.

Learn More About Cyber Insurance

As technology continues to grow, the potential risk of data breaches and cyber attacks grow with it. The reality of an attack that affects your business is practically inevitable. Cyber insurance can protect you from potentially devastating losses related to these attacks. To learn more about cyber insurance, get in touch today. Our experienced agents are standing by to provide answers to your questions, provide a quick quote, or help you customize commercial and personalized insurance policies that fit your lifestyle.

Have any Question? Ask us anything, we’d love to answer!

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