Cyber Liability Insurance
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What is cyber liability insurance?
Cyber Liability insurance is a type of business insurance policy that provides coverage for risks associated with the use of computers and technology. Cyber liability insurance offers protection from a variety of common cyber threats, including malware, phishing attacks, data breaches, ransomware, stolen devices, and more. Cyber threats are a daily occurrence for many industries, so make sure your business is covered with a cyber insurance plan.
We know that your main job is taking care of your customers. Our job is to provide the coverage you need so you can concentrate on running your business. The GEICO Insurance Agency has teamed up with Hiscox, America's #1 online small business insurer, to make insurance easy for you. Together, we're here to help small business owners and contractors get the cyber liability coverage they need.
What does cyber liability insurance cover?
Cyber liability coverage can protect your business from claims that arise from day-to-day business operations such as:
- Costs incurred from a breach or extortion threat
- Costs due to a phishing attack or covered network outage
- Costs to defend yourself against privacy lawsuits (e.g., customer or employee privacy and security)
- Fines imposed by state and federal regulators
- Breach response resources if a cyber incident occurs
- Forensic investigations
- Crisis management expenses
- Business interruptions
- Notification expenses to alert affected customers that their personal information was compromised
What is not covered by cyber liability insurance?
It's important to be aware that cyber liability insurance doesn't cover every type of claim and contains exclusions. You might need other types of business insurance to complete your comprehensive protection plan. Here are some additional types of insurance to consider along with your cyber liability coverage:
- General liability insurance - covers claims that your business caused property damage or bodily injury
- Professional liability insurance - protects against claims of mistakes or omissions in providing professional services
- Employment practices liability insurance - helps cover employee claims of harassment, discrimination or wrongful termination
- Commercial property insurance - helps cover your business's owned or rented physical location and equipment
- Business Owners Policy (BOP) - includes general liability plus property protection
- Commercial Auto Insurance - personal auto lines of insurance aren't enough to cover vehicles used for business purposes
How much does cyber liability insurance cost?
The cost of cyber liability insurance varies based on the needs of your business. GEICO can help you get an insurance policy with the right coverage at a great price. Start your cyber liability insurance quote by calling our partner Hiscox at (800) 448-8244.
Who needs cyber liability insurance?
Your business may need cyber liability insurance coverage if you:
- Accept credit cards or other forms of digital payment
- Use computers and mobile devices to run day-to-day operations
- Store medical and/or financial information
- Keep personal information about customers
Do you need other business liability insurance coverage? GEICO can help.
This 2-in-1 policy includes general liability plus protection for your property. It can cover:
- Business location, merchandise, store contents, and equipment
- Business interruption expenses and loss of income
- Cases where someone is hurt on your premises
Example: A fire damages your office. A BOP could cover repairs to your office and help pay your employees' wages while business is interrupted.
We often recommend professional liability coverage to go with general liability or a BOP.
- This covers certain professional and personal services, in case you're sued for negligence or for the advice you give clients
- It's often known as Errors and Omissions Insurance
Example: A client sues a hair stylist for allegedly giving them the wrong cut and color. Professional liability insurance could cover legal defense costs.
A personal auto policy is not enough to cover vehicles used for business. Commercial auto insurance can:
- Cover business uses that personal auto policies don't include
- Offer more liability coverage to protect you
- Includes cars, pickup trucks, box trucks, and more
Example: On a job site, a carpenter accidentally backs into the homeowner's car. Commercial auto insurance could cover the damage.
This insurance covers your business operations, for things like:
- Physical injury
- Property damage
- Personal and advertising injury to a third party
This coverage can be a standalone product or included in a business owner's policy (BOP).
Need to speak with a sales agent about cyber liability insurance?
You can reach us at (800) 448-8244.
Mon – Fri7:00 AM – 10:00 PM (ET)
For insurance quotes:
Business Insurance coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, LLC. We can help you secure business insurance in all states except Hawaii.
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.