Cyber Liability: What to Know

When it comes to running a business, you will need to have certain Commercial Insurance policies in place for protecting your assets. One coverage that is not to be overlooked is Cyber Liability. There has been a substantial increase in cyber attacks on businesses around the world. It is difficult for any business to operate these days without modern technology, therefore, as an owner you should consider adding this coverage to your insurance policy.

What is Cyber Liability?

Cyber Liability protects your business from losses incurred due to data breach. This typically includes sensitive information such as: social security numbers, credit card numbers, bank account numbers, driver’s license numbers and health records. There are high costs that are often associated with data breach or malicious cyber-attacks. Cyber Liability will cover expenses such as customer notification, credit monitoring, legal fees, and fines.

While every policy tends to vary, you can familiarize yourself with these types of cyber insurance: Network security, data restoration, theft, computer data loss, business interruption and business reputation. It is always best to consult with your insurance agent to clarify the perils covered on your policy.

What is NOT covered on a Cyber Liability Policy?

Unlike many property and casualty insurances, cyber liability will NOT cover any bodily injury or property damage. Cyber insurance policies will typically exclude future profits.

What are the most common types of Cyber-attacks?

Phishing, cyber extortion, identity theft, data breach and harassment.

When it comes to finding a cyber liability policy for your business, KEL Insurance is here to assist you! Our representatives are dedicated to providing great customer service as well as straightforward suggestions for your business.