Cyber Insurance Solutions Built for Independent Agents

The cost of dealing with a data breach is typically enormous. It goes far beyond strengthening security procedures and repairing databases. Current regulations require companies to notify customers when a data breach compromises personal and confidential data. Standard business insurance may not be adequate to protect your company from the costs associated with the damage inflicted after a cybercrime. 

Different types of cyber liability coverage are available to fit your company’s specific needs. A cyber insurance policy may include distinct insuring agreements, business interruption coverage, as well as third-party and first-party coverage. 

This option allows a company to be covered at different levels for different risks. It provides greater protection, as a company can set a higher limit for a particular risk, based upon specific business needs. 

Cybercrimes may not be included in the business interruption coverage most businesses hold as one aspect of property insurance coverage. If a computer virus or denial-of-service attack impacts your ability to do business, this coverage applies to your expenses and lost revenue. 

Companies are obligated to keep their customers’ personally identifiable information (PII) and protected health information (PHI) confidential. If this information is exposed in a data breach, the company may be held liable for damages. This coverage provides protection against liability to others and reimburses the company for expenses incurred as a result of a data breach.