Cyber Liability Insurance

What is cyber liability insurance?

Cyber insurance provides coverage if your business is the victim of a cyber data breach involving personal customer information such as addresses, social security numbers, credit card numbers, W-9 forms, account numbers, driver’s license numbers and health records.

Who needs cyber liability insurance?

Organizations that accept payments through a point of sale system, or run a healthcare practice or law office that stores sensitive client or employee information on an online database, it’s likely that your general liability won’t fully cover the consequences of a data breach. Other institutions that might consider purchasing a policy include the following:

• Online retailers
• Healthcare providers and hospitals
• Educational institutions
• Financial, credit and banking institutions
• Technology companies
• Manufacturers and supply chain services
• Social service organizations

If you aren’t sure if you need cyber insurance, contact a Kunkel & Associates’ agent.

What does cyber liability insurance cost?

Your cost for cyber liability insurance depends on various factors that could affect your potential risk, including:

• Your type of business
• The number of transactions each year
• What information you collect
• The number of computers or devices
• The type of security you have implemented