Commercial Insurance Part 3: Cyber Liability
Cyber Liability Insurance is a relatively new coverage that has been introduced in the insurance marketplace.
What is Cyber Liability?
Cyber Liability is a risk for businesses of any size. By simply publishing content online, many potential exposures exist including electronic security breaches involving personal client/employee information and theft of electronic devices containing important and confidential data.
The possibility of a cyber liability lawsuit is a reality for most business owners, especially those that have an online presence or have employees who carry electronics that hold customer’s personal information.
Many of our Insurance company partners have recently launched a Cyber Endorsement that will assist in protecting you, our valuable business clients, in the event of a privacy breach or cyber liability claim. It is important to note that Cyber liability is not covered under a regular Commercial General Liability (CGL) policy.
The Cyber Liability Endorsement typically provides first-party coverage in the event of a privacy breach, including the loss, theft or unauthorized access to or use of personal customer information. In addition, some of our Insurers also offer pre and post-breach services to help minimize the occurrence of a privacy breach and to provide expert assistance in the event of a breach.
Common Endorsement Highlights Include:
Several of our Insurer partners have recently released some enhanced privacy breach coverage, including the following:
Please contact us today to speak with one of our knowledgeable commercial insurance brokers on how cyber liability insurance can benefit you and your business!
The Costen Insurance Team