What is Cyber Liability Insurance?
Cyber insurance protects your business against liability for data breaches that involve sensitive customer information. This includes data such as Social Security numbers, credit card details, account numbers, driver’s license numbers, and even medical records.
Why Doesn’t My General Liability Insurance Cover Cyber Liability?
General liability insurance (GLI) primarily covers bodily injuries and property damage resulting from your products, services, or business operations. However, it typically does not include coverage for cyber liability. Check your GLI policy to confirm if cyber coverage is excluded.
What Does Cyber Insurance Cover?
Cyber insurance helps manage the financial impact of a data breach, covering legal fees and expenses, as well as:
- Restoring the personal identities of affected customers
- Notifying customers about a data breach
- Repairing damaged computer systems
- Recovering compromised data
What to Look for as a Cyber Insurance Buyer
At Villa Insurance Group in Lynnwood, Washington, we work with top insurance carriers in the United States to ensure your cyber insurance needs are met. Cyber insurance policies vary widely by insurer and coverage type, so it’s essential to evaluate your options carefully.
When comparing policies, consider the following:
- Deductibles: Compare deductibles across insurers, just as you would with health, auto, or property insurance policies.
- Policy Type: Determine if the insurer offers stand-alone cyber insurance policies or if the coverage is merely an extension of another policy. Stand-alone policies are generally more comprehensive and customizable.
- First- and Third-Party Coverage: Understand how the policy addresses coverage limits for both your organization and third-party service providers. Also, confirm whether your service providers have cyber insurance and how it affects your agreements.
- Coverage Scope: Check whether the policy covers all attacks your organization may face or only targeted attacks.
- Employee Errors: Verify if the policy covers non-malicious employee actions as part of Errors & Omissions (E&O) coverage.
- Social Engineering Coverage: Confirm if the policy includes coverage for social engineering schemes like phishing, spear phishing, and advanced persistent threats (APTs).
- Time Frames for APTs: APTs can span months or years, so ensure the policy includes appropriate coverage time frames.
With the right cyber insurance policy, you can better protect your business from the financial and reputational harm of cyber incidents. Contact Villa Insurance Group to learn more about your options.
How to get started with your Cyber Liability Insurance Comparison
No two businesses are the same, so it’s important to speak to a qualified Business Insurance professional like us, who can sift through your various options. The last thing you want is some cookie-cutter policy that’s riddled with exclusions and limitations.
Choosing an Independent Agent
Are you looking for cyber liability insurance in Lynnwood, WA? We are a local insurance independent agent protecting all aspects of your life, from your business to your autos and home, we have you covered! The benefit of choosing an independent agent like us means options. We have relationships with many top rated carriers to give you the auto insurance coverage you need that fits your budget. Don’t wait, call us today at (425) 771-9000 or visit our Quotes Online and start saving money.