Cyber Liability Insurance

Workplaces of all sizes and sectors must make use of new technology to keep up with competition and streamline functions. However, in the modern era of digital solutions, these advancements may also include a need to account for cyber risks and exposures. Fortunately, cyber liability insurance can provide essential coverage and peace of mind.

What Is Cyber Liability Insurance?

Also known as cyber insurance and cyber security insurance, this type of coverage can cast a flexible and fortified financial safety net across many common cyber risks and incidents. While coverage may be customizable, cyber liability insurance can often provide financial assistance for the many ramifications of a data breach or other cyber incident, making it an essential part of most organizations’ insurance portfolios.

How Does Cyber Liability Insurance Work?

By purchasing a cyber liability insurance policy, businesses can establish a contractual agreement between themselves and their insurance company. In the wake of a cyber incident, such as a malware infection or phishing scam, policyholders can file a claim against their coverage. If approved, their insurance provider may provide a payout that can limit out-of-pocket losses. Cyber liability insurance costs may vary significantly depending on a policyholder’s unique circumstances, including the industry in which they operate and the amount and type of data they work with.

What Is Covered Under Cyber Liability Insurance?

The exact parameters of cyber liability insurance coverage may vary, but policies may often provide financial assistance for the following:

• Hiring services to help respond to the incident, such as digital forensic investigators and crisis management teams
• Costs related to notifying affected parties, such as customers and clients
• Business interruption losses, such as reduced revenue due to operations being disrupted or delayed
• Legal expenses, including hiring attorneys or paying settlements and judgments

How to Get Cyber Liability Insurance Near Me

At Total Insurance, we have an in-depth understanding of cyber liability insurance and how it can protect your financial interests. Contact us today to learn more about your options or to get a personalized cyber liability insurance quote.