Cyber insurance
Cyber insurance covers the costs of a data breach, a ransomware attack or a payment sent to a fraudster, and the claims that follow from people whose data was exposed. It matters for any business that holds client information, runs on cloud systems or gets paid online.
If a locked laptop, a hijacked inbox or a fake invoice would stop you working or expose a client, you have the risk.
What it covers
Summaries only. The policy wording governs, and every insurance company's policy is different.
The specialists who investigate, the lawyers, notifying the people affected, credit monitoring for them, and public relations.
What to watchAsk who is on the insurer's response team. That team is often the most valuable part of the policy.
The income you lose and the extra costs you pay while systems are down after a covered event.
What to watchThere is usually a waiting period of 8 to 12 hours. An outage at a vendor you depend on may have a smaller limit.
Negotiators, the ransom where the law allows it, and restoring your systems.
What to watchSmaller limits and cost-sharing are increasingly common. Backups and multi-factor sign-in affect both price and whether you can get it.
Money lost when someone tricks you into paying the wrong account.
What to watchOften a low limit. A rule that every bank detail change is confirmed by phone is an effective control, and insurers ask about it.
Claims and regulator actions from people whose data you exposed, including lawyers.
What to watchFines may be covered where the law allows, which varies by state.
Some cyber policies include claims about things you publish online.
What to watchA narrow version. Agencies and publishers need a proper media liability policy.
How we work
We are appointed with national and specialty companies, so your policy goes where it fits rather than where we happen to have a contract. See who we work with.
Send your current policy and we compare it with what we would offer: what we would keep, what we would change, and why, in writing.
No coverage starts and no policy changes until a licensed agent confirms it with you in writing. You always know what you have. How we work, in full.
Exclusions
Insurers now ask about multi-factor sign-in, backups and security software before they quote. Having them in place is the difference between a quote and a decline.
How to get it
Most incidents are automated or opportunistic: phishing, stolen passwords, fake invoices. Size is not a filter. Small firms are hit because they are easier, not because they are valuable.
General liability excludes electronic data almost entirely. Some BOPs offer a cyber add-on with a small limit. For a real risk, a standalone cyber policy is the answer.
Coverage for money you send yourself because someone tricked you: a fake vendor bank change, an email pretending to be your boss. It usually has a smaller limit and has to be asked for.
At minimum, multi-factor sign-in on email and remote access, backups that are tested and kept separate, and security software on every computer. Without them, quotes are limited or declined.
On most policies, yes, within a smaller limit and sometimes with cost-sharing. Payment is only where the law allows it, and the insurer's negotiators handle it.
Related
Covers claims that your advice or work cost a client money, including the cost of lawyers.
Professional liabilityCovers claims of defamation, privacy, copyright and trademark against agencies, publishers and content studios.
Media liabilityBundles general liability, property insurance and lost income coverage into one policy for small and mid-size businesses.
Business owner's policyThe online application takes a few minutes for standard business lines. If there is a wrinkle, call or email and we will tell you what we need.
