Not all Cyber Liability policies are created equally.

At The Bunker Insurance & Risk Management, we write cyber liability with some of the best carriers in the South Florida market. 

Getting a cyber liability quote is free, there is no obligation and can be often turned around in minutes.

What is Cyber Liability insurance?

Cyber Liability is an insurance policy that helps cover the financial losses that result from data breaches and other cyber events.

Without having cyber liability insurance, the expense of your business being interrupted, regulatory fines, restoring your data etc… will be solely on you.

With cyber liability insurance, you can continue running your business while you have a team of experts that will negotiate on your behalf at the time of a ransomware event, defend you, offer you post-breach services, and pay any regulatory fees you are assessed. 

As a business owner, it is your responsibility to be concerned about the privacy and security of the personally identifiable information (PII) you gather and keep on your business’ computers. That’s why it’s important to protect your business with Cyber Liability Insurance to help you respond to scenarios like:

Ask yourself these questions to see if your business needs cyber liability insurance: 

• Do we collect, store, send or receive PII, PHI, or PCI?
• Is the nature of our business one that has rules about customer information, such as healthcare, MSP, education or finance?
• How would we respond to a ransomware attack? Do we have the funds available to pay a ransom?

Cyber liability insurance is crucial in today’s business world, it is no longer optional. Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business.

Did you know that cyber incidents are typically excluded on most General Liability policies? 

Cyber liability insurance is a specialized policy that is customized to cover many of the risks your business faces from an information breach. A number of action steps must be taken once your business has experienced a cyber hack. Some of these steps include:

• Notifying customers and clients of the breach (a legal requirement in most states, can cost approximately $200 per client)
• Dealing with ransom payments
• Paying regulatory fines or penalties 
• Lost income to your business from a cyberattack

A true cyber liability policy insurance policy provides coverage for both first party and third party claims that will cover breach notification costs, credit monitoring service costs, computer forensic costs, as well as crisis management and media liability coverage.

When comparing policies, here are some things to look for and ask about:

• Is the policy a reimbursement policy or pay on behalf of?
• Is defense inside or outside the limits?
• Is there any coverage that is sub-limited?
• What are the deductibles? 
• Is it an actual Cyber Liability Policy or just an add on to a current policy? The add on options are typically not as robust. 
• How does coverage and limits apply to both first and third parties? For example, does the policy cover third-party service providers? On that note, find out if your service providers have cyber insurance and how it affects your agreement.
• Does the policy cover any attack to which an organization falls victim or only targeted attacks against that organization in particular?
• Does the policy cover non-malicious actions taken by an employee? This is part of the E&O coverage that applies to cyber insurance as well.
• Does the policy cover social engineering as well as network attacks? Social engineering plays a role in all kinds of attacks, including phishing, spear phishing and advanced persistent threats (APTs).
• Because APTs take place over time, which can be months to years, does the policy include time frames within which coverage applies?

The Cost of Cyber Liability Insurance

The cost of cyber liability can vary depending on the nature of your business, how much PII your business gathers, stores and transmits, and what limits you are looking for.

Here are a few of the factors that can impact your cyber liability insurance premium: 

• Gross sales for the year
• Type of cyber exposure your business has
• Loss history
• Current cybersecurity hygiene 
• Coverage / deductible chosen
• Pre & post services you are interested in

As with all insurances, price should never be the only reason you chose a policy over the other. Your goal should always be to maximize the coverage you need, identify coverage gaps, and make sure you’re comfortable with the policy language of the carrier you have chosen.

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Cyber liability policies are not standardized like many other commercial insurance policies are. That’s why working with a professional that understands Cyber Liability Insurance can make the difference in selecting which cyber policy is best for you. 

Being the owner of The Bunker Insurance & Risk Management and also being one of eighty insurance agents in the nation that has achieved the Chubb COPE Insurance Certification (CCIC), is just one of the many reasons why you should let us help you move your business from danger to a safe place, with us. Get in touch with us below, and we will be happy to help!