A cyber insurance policy, also referred to as “cyber liability insurance” coverage, is a financial product that allows businesses to shift the costs associated with recovery from a cyber-related security breach or similar events. Normally, the most important aspect of cyber insurance will be network security coverage. This form of coverage will help in case of a network security failure. Such failures include data breaches, malware, ransomware attacks and business account, and email compromises. Conversely, the policy will also respond to liability claims and additional expenses of an attack or breach. Frequently, these policies may also provide access to a panel of top-tier breach experts, a Cyber forensic staff, and other service providers.
If you handle or use digital information whether it is your information or another party’s information, we strongly encourage you to consider the value of cyber insurance.
Cyber insurance emerged as a result because other traditional business insurance policies were simply not created to cover the types of risks most associated with cyber insurance.
Cyber insurance is as dynamic as the companies it protects and is consequently far from standardized. All policies are different, so having the right advice is critical. Here at Priority Insurance, LLC we can help you through this process and help you customize the right protection for your company. Remember, Errors and Omissions insurance does not serve as a substitute for Cyber coverage.
Like most insurance policies, there are certain exclusions that a cyber policy usually has and will not cover.
A deductible is a fixed amount of money you’ll have to pay before your coverage kicks in and starts paying. Like most insurance policies, cyber liability insurance does have a deductible. You may select the amount of your deductible when securing the coverage from a range offered by the insurance company. It is applied each time your cyber insurance policy covers a loss. If you go for a higher deductible, you’ll be able to secure lower premiums.
It’s best to shop for this type of insurance by coverage as opposed to cost.
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