Criminals can gain access to sensitive business or customer data.
Data is held hostage by bad actors demanding payment for its release.
Computer viruses or denial of service attacks can take down computer systems and halt productivity.
Funds transfer losses from a failure in your security or social engineering.
Faulty hardware from malware or viruses can take down computers or networks.
Cyber insurance can help small businesses prevent, assess and quickly respond to many technology-based problems, including:
Risks to your cyber security can come from many places, including your personal communications (like email) and professional networks, or vendors, partners and employees.
Prevention is key, but fast response time in the event of an incident can help mitigate damage and loss to your business.
Cyber liability insurance can help protect your business and provide:
Even with vigilant monitoring, staff training and best practices in place, a cyber attack can slow or stop your small business. Cyber liability insurance can help cover:
Cyber insurance can help replace computer systems if malware or viruses render your hardware unusable.
Insurance can help cover the costs if a hacker gains access to an employee’s email or breaches your network. This could include expenses such as:
A ransomware attack occurs when data is held hostage by bad actors demanding payment for its release. It can mean a total interruption of your company’s computer systems, permanent loss of data, or reputational damage to your brand. If a security failure disrupts your business, you may qualify for lost income and expenses under your insurance policy.
In the event your organization does pay a ransom, a trained response team can help negotiate a significant reduction in the demand.
Imagine a funds request sent to accounting from a trusted employee or vendor. The funds are transferred — and only later it’s discovered that the request was not authentic. On your own, you shoulder the loss.
Cyber insurance can help monitor your computer systems to prevent fraud and also help you recover if you suffer a loss.
Any small business that handles digital financial transactions and sensitive data could be targeted by cyber criminals. This is especially true if your business collects, stores or processes:
Some industries most likely to benefit from cyber insurance include:
Social security numbers and personal customer account numbers and income information in your computer systems could make you vulnerable to digital criminal activity.
Private client information and case details could be valuable assets for cyber criminals.
Funds in escrow and large digital transfers of cash could leave you and your clients at risk.
Online stores or brick-and-mortar business owners are often targeted by hackers and cyber criminals.
Private health information needs to be kept private. Cyber security can help keep it that way.
Networked data systems that control workflow, monitor safety and track inventory could compromise production and human safety if tampered with by external actors.
Cyber insurance can help protect the value of your business from digital events or tampering, including coverage for financial loss and damage up to $15 million.* It can also:
Cyber security insurance can be a great help, but it does not cover everything. Some things not covered by your policy include:
Cyber insurance can be very affordable. The price of your policy depends on a variety of factors, like your company’s network security, the type of sensitive data you collect and your claims history.
Cyber insurance can be customized for any organization’s risk exposure and business needs. Some factors that influence the price you’ll pay include:
Cyber liability insurance is important. And you can purchase an affordable policy through Coalition, a trusted NEXT partner.
Coalition will ask you some basic questions about your business and operations, including:
After that, you’ll have a customized insurance quote for cyber liability to fit your business and needs.
Cyber liability can provide important financial protection for your business after a digital incident, but it usually doesn’t protect businesses from all the risks they face.
It's important to consider other business insurance options to help you create your risk management plan. Other types of liability coverage include:
General liability coverage can help protect you if customers, contractors or anyone who’s not an employee gets hurt and your business is at fault.
Professional liability insurance can help protect your business from losses after a professional mistake.
Most states require workers’ compensation if you have employees. It can help cover medical expenses and lost wages after an employee’s workplace accident.
Commercial property insurance can help pay for a replacement or repair for damaged business property.
If you still have questions, our licensed insurance advisors are standing by to help.
Depending on where you are located, it could be. Regulatory frameworks like the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) require organizations to have high standards of data privacy.
Yes, it can cover the costs of a data breach or phishing incident if a hacker gains access to an employee’s email or creeps into your network. This could include expenses such as:
In the event a hacker encrypts your business data and won’t unlock it until you pay a ransom, cyber liability insurance can help cover the cost to restore your data.
A ransomware attack can mean a total interruption of your company’s computer systems, permanent loss of data or reputational damage to your brand. If a security failure such as a Denial of Service attack (DoS) disrupts your business, you may qualify for lost income and expenses under your insurance policy.
Small business insurance isn’t one-size-fits-all. Each business is unique and has different insurance needs.
The coverage you need depends on several factors, including:
Cyber liability insurance premiums can typically be deducted from your taxes. It’s important to consult with a licensed accounting professional to make sure you qualify.
The IRS categorizes payments you make for this type of insurance to be an “ordinary and necessary” business expense. Be sure to keep a file of how much you pay every year for your policy.
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Business insurance is divided into different policies. We offer seven types so it's easy to design the coverage that fits your business.