Cyber Liability Insurance
Request a QuoteCyber liability insurance helps cover your business from cyber-attacks.
Protect your business against the costs of data breaches with cyber liability insurance.
Cyber liability insurance covers the risk of getting hacked.
Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business. Cyber liability insurance is a specialized policy that helps cover many of the risks your business faces from an information breach—and may even cover some risks you might not have thought of.
What does a cyber liability policy cover?
A cyber liability insurance policy may help you to cover the expenses associated with a cyber-attack. Additionally, some commercial cyber liability policies may cover loss of business while your systems are compromised or unavailable. You may even be able to get coverage against inadvertently breaching somebody else's copyright.
What happens in the aftermath of a cyber-attack?
What happens during cyber-attacks matters, but the consequences after that are what really make an impact on your business, as well as your customers. What your business does in reaction to the data breach may lead to a hefty, unexpected cost for your business. Not to mention dealing with the aftermath of a cyber-attack could close your business temporarily, which could result in a loss of income. A number of action steps must be taken once your business has experienced a cyber-attack and breach of data. These steps include:
- Notifying customers and clients of the data breach.
- Restoring your business’s website to working order.
- Dealing with extortion attempts.
- Paying damages to clients, customers, and suppliers.
Proactively identifies weak points in cyber security.
In addition to protecting your business against cyber risks financially, obtaining cyber liability insurance may also help reduce potential risks. Insurers may walk through your current cyber-defenses and identify potential weaknesses that you need to fill in. By bolstering your cyber security, you may be able to help prevent data breaches from happening in the first place.
Need cyber liability insurance for your business? Contact us to go over your business needs and coverage options.
FAQ - Cyber Liability Insurance
Cyber Liability Insurance is a policy designed to help businesses manage the risks associated with data breaches and cyberattacks. It covers costs related to the recovery and protection of data, legal fees, and potential fines.
Any business that handles sensitive data, such as personal customer information or financial records, should consider Cyber Liability Insurance. This includes businesses of all sizes across various industries.
You can obtain a quote for Cyber Liability Insurance by visiting Stolly Insurance's quote page at https://www.stolly.com/get-a-quote or by calling their office at 800-686-2147.
Cyber Liability Insurance typically covers costs associated with data breaches, including legal fees, notification expenses, credit monitoring for affected individuals, and public relations efforts to manage reputational damage.
Yes, many Cyber Liability Insurance policies cover ransomware attacks, including expenses related to data recovery, extortion payments, and business interruption losses. Check with Stolly Insurance for specific coverage details.
Cyber Liability Insurance may not cover losses due to intentional acts by the insured, pre-existing breaches, or losses due to the failure to maintain adequate security measures. It's important to review the policy exclusions carefully.
Cyber Liability Insurance provides financial protection against cyber threats, helping businesses recover from breaches, manage legal and regulatory compliance, and protect their reputation. It ensures business continuity in the face of cyber incidents.
While General Liability Insurance covers physical risks and bodily injuries, Cyber Liability Insurance specifically addresses digital risks, such as data breaches and cyberattacks, providing specialized coverage for cyber-related incidents.
Yes, some Cyber Liability Insurance policies provide coverage for regulatory fines and penalties arising from data breaches, although this can vary by policy and jurisdiction. Consult with Stolly Insurance for specific coverage details.
Yes, small businesses are increasingly targeted by cybercriminals. Cyber Liability Insurance provides essential protection against the financial impact of cyber incidents, helping small businesses recover and maintain operations.
To file a claim, contact Stolly Insurance directly at 800-686-2147. Their team will guide you through the claims process and provide the necessary forms and information to help you manage the incident.
In the event of a cyberattack, immediately contact your IT security team, notify law enforcement if necessary, and contact Stolly Insurance at 800-686-2147 to report the incident and begin the claims process.