Cyber Liability Insurance
Cyber liability insurance covers financial losses that result from data breaches and cyber events, including various property and crime coverages. Fiancial insitutions may want to add cyber-terrorism, computer fraud, and other crimes coverages to their policies. A financial institution may have various potential breaches.
Most businesses use technology is used on a daily basis to store, send, and receive electronic and time-sensitive data. This data often contains confidential data related to sales, taxes, customers, employees, and clients.
Businesses must be very careful with customer’s payment option and social security numbers. Having this data stolen or lost can have devastating and lasting consequences, both financial and otherwise. Your business may be held liable for damages to those the data was stolen from.
Protect your business from data breaches by investing in a cyber liability policy.
First and Third Party Coverages
Cyber liability policies include both first and third party coverages. If your company sustains a direct loss, such as damages to the electronic filing system, first-party coverage will apply. Third-party coverages would apply to claims submitted against your business, by those who experienced losses from a breach.
First-party coverage is typically subject to a deductible. First-party coverage applies to defending your business against claims and protecting you from damage these claims bring.
- Loss or Damage to Electronic Data – If a hacker or virus compromises your business’ electronic data, a policy will cover any losses.
- Loss of Income – If your business incurs a shutdown due to a hacker or breach, a policy will cover any losses.
- Ransom Attacks – If a cyber thief makes an extortion demand, a policy will cover any losses you incur if you pay a sum of money to keep your systems running.
- Crisis Management – A data breach can severely damage your firm’s reputation. Some policies cover costs related to marketing and public relations needed to protect your company’s reputation following a data breach.
Third-Party Liability Coverages
Third-party coverage covers the cost of defending your business against claims and applies to damages that result from claims.
- Network Security – This coverage will protect your business against data breaches and protect your business if it is alleged you failed to protect data belonging to customers, clients, or employees.
- Network Privacy – This coverage will protect your business if it is alleged you failed to protect sensitive data on your computer network.
- Electronic Media – This coverage will protect your business against libel, slander, defamation, copyright and domain infringement if these were a result of your business publishing data on the internet.
The Gordon Agency
The Gordon Agency offers a broad range of coverage and works with many insurance agencies and can provide quotes from different companies to create a cyber liability insurance package with proper coverage at a great price. Price is important, however The Gordon Agency can determine the proper amount of coverage needed for your business and select the option that will save the most money. Using The Gordon Agency ensures you are protected by the best.
This is the home of Florida’s Insurance Professionals. We are a multi-line independent agency that provides insurance solutions for both personal, and commercial lines. Combining decades of relationship building with motivated licensed insurance agents to provide coverage options for all of your insurance needs. Our team of agents relies on our education, integrity, experience, and attention to detail to accurately assess each opportunity and to offer the optimal solutions for all of our clients. We are dedicated to matching the right product for every situation, always at the best price available. Call us at 561-988-3330, visit our website or paste our address in your browser https://tgafl.com/.
The Gordon Agency Inc.
1825 NW Corporate Blvd Ste 110,
Boca Raton, FL 33431