What would happen if you woke up one day, logged onto your computer, and realized you couldn’t access your business accounts because you’d been hacked? With the digital landscape evolving every day, you need to be aware of the risks you take on as a small business owner and how they could impact your bottom line. As your business liability insurance provider, Insurance Canopy is excited to now offer Cyber Liability Insurance as an add-on policy to accompany your existing insurance policy*. With cyber crime on the rise and actually increasing by over 600% in 2020, your need for protection is at an all-time high.
WHAT IS CYBER LIABILITY INSURANCE?Insurance Canopy’s Cyber Liability Insurance protects you against liability and property losses that can result from experiencing a cyber crime such as phishing scams, malware attacks, or other cyber attacks Cyber crimes can result in loss of intellectual property, employee records, customer data, financial statements, media files, and more.
WHAT DOES CYBER COVER?Cyber Liability Insurance from Insurance Canopy covers the liability your business faces when exposed to a cyber liability event. Insurance Canopy offers first- and third- party coverage for such events which include the coverage outlined below.
First-Party Coverage If your business data is lost or stolen as a result of a data breach, first-party coverage would cover the cost of retaining legal counsel, IT forensics, and data restoration. It could also cover the cost of notifying your customers of the breach any credit monitoring they might require. Third-Party Coverage This coverage protects you from liability to others if their information has been exposed. Third party cyber liability coverage would cover the costs associated with lawsuits against your business that arise out of a data breach.
HOW MUCH IS CYBER LIABILITY INSURANCE?Cyber Liability Insurance starts at $75 depending on your insurance program. Our cyber policy offers you a $100,000 limit for first- and third-party coverage you would need if your business faced a cyber crime and it also offers a $50,000 limit for E-Theft.
GET COVERED TODAYWith 1 in 4 businesses having experienced a cyber crime, you need to put up the proper safeguards for your business. You can add a Cyber Liability Insurance policy to your existing coverage by contacting us today. Our agents can assist you by phone, email, or chat and can answer any questions you may have regarding cyber or your current policy.
*Currently, the Cyber Liability Policy is not offered on any Cannabis/CBD/Hemp policies.