Many companies mistakenly think that data breaches only happen to giant companies. The truth is, many cyberattacks target small and medium sized businesses. Is your data protected if something goes wrong? Cyber Liability Insurance can cover legal fees, credit monitoring services and other expenses associated with a data breach.
Any sensitive data that your company handles that is stolen or illegally accessed by a third party is covered. This includes:
Your cyber liability plan cost will depend on things like your industry, number of employees, the volume of data that you handle and the coverage limits that you elect.
Technology Errors & Omissions Insurance, also known as Technology Liability insurance, can protect tech companies if someone sues them for mistakes, breach of contract, professional negligence and other technology-related claims of wrongdoing. The insurance can help pay for attorneys fees, court costs and legal settlements or judgements.
First-party coverage protects your own company in case of a cyberattack. It will pay for expenses related to contacting your customers, offering them credit monitoring and legal expenses. Third-party coverage protects your company if another company sues you for failing to protect their data. For instance, if your company is in charge of maintaining the security software for a client and that client experiences a cyberattack, they may sue you for failing to protect them. Third-party coverage would come into play in this case.
Technology E&O coverage typically includes third-party coverage, but not first-party coverage. You’ll want to purchase Cyber Liability coverage to ensure that your own company is protected.
Simply fill out our online application and one of our experienced insurance professionals will be in touch within one business day.