What coverages do cyber liability insurance policies offer businesses?
Cyber liability insurance policies might offer businesses a variety of coverages. Some of the more common protections are:
- Network Security Privacy Liability: Might cover data breaches violating state and/or federal regulations
- Employee Privacy Liability: Might cover data breaches of employees’ personal information (e.g. SSNs, bank account details)
- Electronic Media Liability: Might cover defamation, trademark infringement and plagiarism related to digital media
In some cases, businesses may also want to look for coverage that extends to vendors’ data breaches. If a business is responsible for data, it could be sued even if the data is compromised because of a vendor’s actions. A knowledgeable insurance agent will be able to assist with finding this type of protection if it’s needed.
What kinds of incidents are covered by cyber liability policies?
The above examples illustrate some of the incidents that cyber liability policies may cover. Broadly speaking, these policies often cover incidents caused by:
- Digital Theft (e.g. employee theft of files or other digital assets)
- Unauthorized Access (e.g. successful breach of network security)
- Human Error (e.g. accidental sharing of confidential information)
In the event that incidents such as these occur, a policy might cover several costs, possibly including:
- Security Events (e.g. notifying customers and providing credit monitoring)
- Loss of Assets (e.g. the loss of files due to computer damage or software corruption)
- Loss of Revenue (e.g. the loss of revenue due to related downtime)
How can Massachusetts businesses get quotes for cyber insurance?
For assistance with cyber insurance, contact the independent insurance agents at Norwood Insurance Agency. Our agents are well-versed in this type of commercial insurance, and we can recommend policies from the best Massachusetts insurers. With our assistance, your business can be well protected against digital risks.