Cyber Liability Insurance

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Cyber Liability is a Question of “WHEN” Not “IF”

Data drives the organizations of today’s world. Businesses of all sizes have experienced a cyber attack or data breach, with the average cost to rectify in 2020, $3.86 million per occurrence. Even small businesses were not exempt in 2020, and made up 28% data breaches.   

One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputational consequence affecting your business for years to come.

Without Cyber Liability Insurance protection, a large percentage of small businesses go out of business in just six months. 

We are here to protect your business and your future stability. 

What does Cyber Liability Insurance cover?

With a comprehensive cyber liability insurance policy, you can feel confident you’re covered in case of data breaches and related issues, including:

  • Data compromise protection to cover employee and customer information (Social Security numbers, credit card numbers, account numbers, driver's license numbers, health records, etc) if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
  • Legal cost protection incurred by legal reviews
  • Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
  • Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
  • Public relations costs paid for firms to review and respond to the potential impact of the data compromise
  • Costs of legal defense in an event that the company is sued due to the breach
  • Identity recovery protection to identify fraud victims and restore their credit history and records. This includes owners, employees and family members.

We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:

  • Restoring and recreating data to your system
  • Restoring systems to pre-attack levels
  • Lost business and unforeseen expenses
  • Public relations services, to communicate with outside parties concerning a computer attack and your public response

Who Needs Cyber Liability Insurance?

One of the common misconceptions is that Cyber Liability insurance is protection already available on a General Liability policy.  That is not true. 

With most of our business conducted by means of a computer, smartphone, money transfers, and less by cash, a handshake and a written contract, protecting your business is greater than now than ever.   

Cyber liability insurance coverage is available for any size business, nonprofit organizations, and retailers.

Cyber Insurance can be essential in helping recover after a data breach, which is not limited to:

  • Costs associated with legally mandated notifitications
  • Public relations expense
  • Legal fees
  • Equipment damages
  • Business distruption
  • Additional recovery costs

We Make It Simple

Our first priority is helping you take care of yourself and your business. 

We understand every business need is different.  Our business insurance sales associates are trained in helping you identify your cyber liability needs through our consultative insurance buying interview.  

Contact Consultative Insurance Group or one of our team members today or complete the quote request below and we will be happy to reach out to you at a convenient time that suits you best! 

Ask how to become a Partner on our Business Partner pages! 

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