What Protections Does Cyber Liability Insurance Offer?
Cyber Liability Insurance policies are non-standard/specialized policies with many coverage options. Some of these options items include:
- Lost revenue caused by a halt or slowing of operations
- Lost revenue caused by a damaged reputation
- Reparations that must be paid to affected clients or customers
- Expenses associated with providing complimentary credit monitoring
- Expenses associated with hiring programmers to address any security issue
To find out what specific protections a particular policy will provide in the event of a covered incident, business owners should contact one of our Business Lines agents to review a cyber liability policy.
Are Ransomware Attacks Covered by Cyber Liability Insurance Policies?
Ransomware attacks are online attacks that seize a business’ data and hold the data hostage for a ransom payment. These attacks are becoming increasingly common, and they’re a threat that many businesses need to take seriously.
Businesses that want to protect themselves against this specific risk can work with a knowledgeable agent to find a policy that does provide coverage for ransomware attacks.
Does Cyber Liability Insurance Duplicate Commercial Property Insurance Coverages?
Even though most Commercial Property insurance policies provide at least some coverage for computers and electronic devices, there’s usually no coverage overlap between Cyber Liability, Business Owners, and Commercial Package policies.
Cyber Liability policies are generally designed to protect data that’s stored on hardware, while Commercial Property policies tend to protect the hardware. In other words, a Cyber Liability policy may safeguard files on a computer while a Commercial Property policy might cover the computer itself.
To protect both hardware and data, businesses will need a Cyber Liability policy as well as a Commercial Property Policy.
How Can Massachusetts Businesses Get Cyber Insurance?
Since Cyber policies are non-standard, it’s especially important to review a policy’s terms and conditions carefully before purchasing the policy. For help reviewing and comparing policies, business owners should contact one of our agents today!
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