Cyber Liability Insurance
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Access your policyWhat is cyber liability insurance?
Cyber Liability insurance is a type of business insurance policy that provides coverage for certain risks associated with the use of computers and technology. Cyber insurance for small businesses protects against common threats like malware, phishing attacks, data breaches, ransomware, stolen devices, and more. Given the daily cyber threats many industries face, ensure your business is equipped with a robust cyber insurance plan.
We know that your main job is taking care of your customers. Our job is providing you the coverage you need so you can continue doing that. The GEICO Insurance Agency has teamed up with Hiscox, America's #1 online small business cyber liability 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 businesses need cyber liability insurance coverage?
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
Visit our small business insurance page to learn more about small business coverages. For more information about cyber liability insurance, contact our partner Hiscox at (800) 841-1621.
Cyber Liability Insurance Coverage Options
Navigating the digital landscape can expose your business to various cyber risks. Understanding the types of cyber liability insurance coverage is essential to protect your assets and reputation effectively. Here are the key coverage options available:
First-Party Coverage: This insurance helps your business cover the costs of responding to a cyber attack. It includes expenses related to data recovery, customer notification, credit monitoring services for affected customers, and business interruption losses that may occur due to a breach or system downtime.
Third-Party Defense and Liability: If your business is responsible for safeguarding client data, this coverage will protect you against claims by third parties. It includes legal fees, settlements, and any judgments that result from allegations of failing to prevent data breaches or losing sensitive information.
Regulatory Fines and Penalties: As regulatory bodies tighten data protection laws, this coverage becomes increasingly crucial. It helps pay for any regulatory fines or penalties your business may face due to non-compliance with data protection laws and regulations.
By choosing the right combination of these cyber liability coverages, you can shield your business from the financial and operational impacts of cyber incidents. Whether you're facing a data breach, system hack, or compliance shortfall, having robust cyber liability insurance ensures you're prepared to handle challenges swiftly and effectively.
Why Do You Need Cyber Liability Insurance Coverage for Your Business?
In the digital era, where business operations are increasingly online, the threat of cyber incidents such as data breaches and cyber theft is a persistent reality. Cyber Liability Insurance is no longer a luxury but a necessity for modern businesses. This coverage plays a pivotal role in risk management strategies by providing financial protection against a range of cyber threats that can disrupt business operations, compromise customer data, and result in significant financial and reputational damage.
Cyber Liability Insurance helps mitigate various risks:
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?
Cyber liability insurance costs vary 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) 841-1621.
Explore additional coverage options for your BOP Insurance
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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.
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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.
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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.
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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).
Get Cyber Liability Coverage for your business today
Protect your business from digital threats with Cyber Liability Insurance. Take immediate steps to safeguard your operations and financial stability:
We can help clarify your coverage options and ensure you are fully protected.
Please note:
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.
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