Cyber Liability Insurance

The unfortunate rise in cybercrime continues to place businesses at risk of targeted attacks that could result in significant financial and reputational losses. This happens when a hacker illegally obtains your customers’ personal information, credit card numbers, and/or databases to make fraudulent wire transfers, steal money, and more. 

Most insurance policies do not cover computer crimes. However, cyber liability insurance does. It could be the only path toward recouping expenses associated with online crimes while aiding you in navigating the legal requirements and notification processes. 

Depending on the policy, those expenses may include the following: 

• Defense costs
• Judgments
• Notifications and credit monitoring expenses
• And potentially other regulatory fines associated with a cybercrime

Are you curious how cyber liability insurance could add another layer of financial protection to your business? Contact us today and allow our team to help you get the appropriate coverage for your company.

What is Cyber Liability Insurance?

This insurance provides reimbursement that mitigates losses and could help your business navigate the legal and notification process after an attack.

We’re licensed in all 50 states and partner with businesses nationwide by providing cyber liability insurance that can offer financial security and protection. 

Connect with a JD Fulwiler insurance expert to discuss a custom plan tailored to your needs.

What Does Cyber Liability Insurance Cover?

We’ve designed our cyber liability policies to cover expenses related to a cyber attack. Still, the exact coverage depends on a variety of factors, including industry type, liabilities, and individual needs. 

It typically covers the legal, investigative, credit monitoring, and other expenditures for those impacted. 

What is Cybercrime? 

At the fundamental level, cybercriminals use various techniques to commit crimes by leveraging the internet and computer technology. These may include: 

• Sending out phishing emails to gain access to passwords or private information.
• Installing malware and ransomware on company computers.
• Website spoofing that steals customer information or money. 
• Data breaches that leak customer and company information. 
• Financial crimes and theft of securities. 
• And other methods that exploit vulnerabilities in digital systems and corporate networks.

Is Cyber Liability Insurance Worth it if I Have Other Coverage?

Absolutely. A cyber liability insurance policy works with other coverage to protect a business from computer crimes. Furthermore, most policies do not include the coverage, making it vital protection for businesses of all sizes, whether you think you’re at risk or not. 

It’s also important to note that this insurance covers specific violations associated with computer fraud. In contrast, this differs from policies like crime insurance that reimburses businesses for employee fraud that results in tangible losses.  

Do I Need Cyber Liability as a Small Business? 

As cyber attacks and data breaches become increasingly common, cyber liability insurance could be the only reimbursement your company receives to offset losses. Therefore, every small business must have a solution that protects its assets from a computer crime.

What Businesses Benefit the Most From the Policy?

Any business that handles online transactions, sensitive customer data, financial information, or medical records is at risk and should have some form of coverage in place. However, the most vulnerable targets are healthcare, finance, and small businesses. 

How do I get Cyber Liability Insurance? 

We partner with businesses of all sizes and industries to ensure they have a reimbursement strategy before the unexpected happens. 

The easiest way to enroll in a policy is by scheduling a consultation with an insurance expert. You can do that by filling out our contact form or calling us directly at 800.735.8325.