Commercial insurance options
Or, quote another product
Protect yourself from cyber threats and liability claims
Cyber insurance protects against damages caused by electronic threats to your computer systems or data. These threats can lead to the theft, damage or misuse of sensitive information or other vital technologies and can result in downtime and recovery costs that often include specialized repairs and legal fees.
Options are available to cover incident response services, first-party losses (your own) and third-party losses (those experienced by others for which you’re responsible). Learn more about coverage options.
This coverage is also referred to as cyber security insurance or cyber risk insurance.
Who needs a cyber insurance policy?
Any business that stores or processes sensitive information needs cyber insurance. This data can include names, addresses, Social Security numbers, medical records or credit card information.
Also, any third-party who handles your confidential data and information, such as an accountant or IT service, should have their own cyber insurance policy. Be sure to get proof of coverage before hiring them.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
How much does cyber insurance cost?
Cyber insurance cost depends on your business's exposure to cyber risk and your coverage needs. For example, a high-risk business needing $3 million in coverage can expect to pay more than a low-risk business needing $250,000 in coverage.
Other factors that can affect your rate include network security, data access and claims history. Discover how these and other factors influence your cyber insurance cost.
What does cyber insurance cover?
Cyber insurance covers a variety of small business risks that are divided into two parts:
First-party coverage – Covers damages that you and your business suffer because of a data breach. This can include things like investigative services, business interruption coverage and data recovery.
Third-party coverage – Covers damages if your customers or partners are affected by a cyber attack on your business. This can include legal fees, settlement costs, security failure and media liabilities.
How much coverage you need depends on your business's specific risk. Smaller cyber risk policies can usually be added to a business owners policy (BOP). Many businesses need higher limits than what’s available on a typical stand-alone policy.
Why is cyber security insurance important?
Cyber insurance is important to the financial well-being and future of your small business. A single claim can be costly and difficult to overcome on your own. Cyber security insurance helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification.
A cyber insurance policy allows you to spend less time worrying about cyber threats and more on what matters most: running your business. Get a free quote to learn which cyber insurance coverages to consider for your situation.
