Why PSW?
PSW Insurance is your trusted partner in safeguarding your business. We offer a variety of business insurance services for just that reason, including cyber liability insurance. We are a leading insurance provider in the Pacific Southwest region of the United States, with over four years of experience in providing comprehensive insurance services to businesses of all sizes.
What is Cyber Liability Insurance?
Cyber liability insurance, also known as cybersecurity insurance or cyber risk insurance, is a type of small business insurance that provides coverage against cyber threats and breaches involving computer systems and data. Here’s what you need to know:
Coverage
- Data Breach: Cyber liability insurance covers the damage your business suffers due to a data breach. This includes investigative cyber security services, data recovery, and identity recovery.
- Customer and Business Impact: It also covers damages impacting your customers or business partners due to the cyberattack. These damages may include legal fees, customer notifications, and settlement costs.
- Other Scenarios: Cyber liability insurance can provide coverage for various cyber threat scenarios, such as suspected network intrusions, cyber extortion threats, denial of service attacks, and network outages.
What It Covers
- Sensitive Information: It includes sensitive customer information like credit card numbers, Social Security numbers, account numbers, health records, and driver’s license numbers.
- Identity Recovery: Pays for costs and services needed to regain control of your identity information after identity theft.
- Lost Income: Covers income loss due to network outages.
- Public Relations Costs: Helps restore your company’s reputation after a data breach.
- Ransom Payments: Covers payments made to regain data access.
- Regulatory Fines: Provides coverage for fines resulting from regulatory violations.
Who Needs It
- Small Businesses: Small businesses are attractive targets for cybercriminals due to their sensitive information and often limited security infrastructure.
- Vulnerable Businesses: If you handle customer data, financial information, or rely heavily on technology, cyber liability insurance can be essential.
Exclusions
Review your policy for exclusions. Not all scenarios may be covered, so understanding the limitations is crucial.
Cyber threats are increasingly common, and having the right insurance can protect your business from financial losses and reputational damage. If you’re a small business owner, consider exploring cyber liability insurance options to safeguard your operations and customer data. Contact us today to get cyber liability insurance for your business.
