Cyber Liability Insurance
Coverage for cyberattacks is a must-have for all businesses that store information digitally, such as payment details and other sensitive data. Shield your business from the cost of phishing scams, data theft, ransomware, and hackers with cyber liability insurance from Insurance Canopy!
Continue reading to learn more, or get covered today by selecting your industry below.
What Is Cyber Liability Insurance?
A cyber liability policy is a type of insurance coverage that protects your business against losses stemming from cyber-related incidents. These include common cyber crimes such as:
- Data breaches
- Malware
- Cyber extortion (ransomware)
- Phishing – and more
Is It Required By Law?
While not required by law, cyber liability insurance is highly recommended. As of 2023, cyberattacks occurred every 39 seconds. If you store customer data online, process payments over the internet, collect information from prospects or customers on your website, or transact other business activities online, you’re susceptible to bad actors.
While taking recommended security measures helps mitigate your risk, having a cyber liability policy is the best way to shield your finances if you fall victim to a cyberattack.
Who Needs Cyber Liability Insurance?
You need cyber liability insurance if your business stores any customer information, uses email, has an e-commerce site, or uses the internet in their business since this puts you at risk of a cyberattack.
Businesses of all sizes are targeted, but more than 40% of small businesses are hit with a cyberattack each year. In fact, small businesses are often targeted because they aren’t as likely to have the same resources to implement cyber security measures that larger companies do.
The cost to mitigate a cyber-related claim can be staggering, with the average ransomware loss exceeding $263,000 in 2023. That’s why cyber liability coverage is so important, and why many small businesses don’t reopen after being a victim of a cybercrime.
If your business is part of any of the following industries, you need cyber liability insurance:
Don’t see your business or industry here? Find out more about the types of businesses Insurance Canopy covers.
Examples of Cyber Liability Claims
A business owner clicked on a link in a phishing email, allowing a hacker to access the point-of-sale system they used to sell their products. The hacker stole customer credit card information and the business owner was sued by affected customers ($90,000).
A cybercriminal hacked into a restaurant’s online ordering feature on its website and stole customers’ credit card information. The restaurant was held liable for credit monitoring services and faced reputational damage ($15,000).
An employee at a small firm accidentally sent a file containing the Social Security numbers of hundreds of clients to the wrong recipient ($35,000).
What Does Cyber Liability Insurance Cover?
Many cyber policies cover both first and third party damages you are deemed responsible for paying after a cyberattack.
First-party coverage protects your business from direct costs associated with a cyber incident, such as:
- Forensic fees
- Notification costs
- Cyber extortion payment
- Crisis management and public relations
- Recovering and restoring data and systems
- Payment Card Industry Data Security
- Standard (PCI-DSS) penalties
- Business interruption and extra expense
- Financial fraud
Third-party coverage pays for your liability to others due to the attack, such as:
- Unintended disclosure of personal information
- Credit monitoring for impacted parties
- Regulatory fines and penalties
- Settlement fees and court judgments
- Attorney fees
- Settlement costs
What It Doesn’t Cover
Some common cyber liability insurance exclusions are:
- Bodily injury
- Property damage
- Failure to maintain security measures
- War or terrorism
- Illegal or fraudulent activities you commit
- Pre-existing conditions
Cyber liability policies are not standardized so each may have different exclusions. Please refer to your policy documents for exact coverages, limitations, conditions, and exclusions.
How Much Does Cyber Liability Insurance Cost?
You can protect your business from the fallout of cyberattacks starting at $6.58 per month with a policy from Insurance Canopy. Considering how expensive cybersecurity claims can be, paying less than $10 a month for coverage that can save you unexpected out-of-pocket expenses is a no-brainer.
Coverage Details
Cyber Liability Coverage Limits
Aggregate Claims-Made Liability Coverages Limit of Insurance
$100,000
Privacy & Network Security
$100,000
Regulatory Fines & Penalties
$100,000
Ransom Payment
$10,000
Cyber Deception
$10,000
Deductible
$1,000
Additional Coverage You May Need
Most business owners need to extend their coverage beyond small business insurance to properly protect themselves from the claims they’re most likely to face. Insurance Canopy offers several options for additional coverage, including:
- General Liability Insurance
- Inland Marine Insurance (business equipment and supplies coverage)
- Liquor Liability Insurance
- Product Liability Insurance
- Professional Liability Insurance
- Workers Compensation Insurance
How to Get Your Free Quote
ou can get a free quote from Insurance Canopy that includes cyber liability insurance in a few simple steps:
- Select your industry
- Start an application
- When prompted, select “$100,000 Cyber Coverage Limit” to add this coverage to your policy
If you already have an Insurance Canopy policy, you can easily add cyber liability coverage online through your user dashboard. Follow the video instructions below to expand your coverage today!
Why Small Businesses Love Insurance Canopy
With Insurance Canopy, you don’t have to choose between affordability and quality coverage. Instead, you get the best of both worlds: A+ rated insurance for a competitively low price. See what else our customers have to say about us!
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TLJ's Mobile Mixology, LLC had been insured with Insurance Canopy since it's inception and we have no complaints.
Tenisha J.
February 4, 2025Knowledgeable, kind, attentive and professional. She helped me to feel comfortable, well taken good care of and get the service possible.
Ed Levitt
February 3, 2025As a Massage Therapist, I was not aware until a few years ago that I did not have to be part of an Organization to get my liability insurance! I... Read More
Kristie Williams
January 30, 2025 -
This insurance has helped me secure events with my corporate and local government clients. They have great customer service and are always willing to help.
Tony Felix
January 23, 2025Representative was clear & concise in explaining specifics of the policy. Cost of policy very reasonable.
John B
January 16, 2025I’m very happy with my purchase of liability insurance for a one-off event. I was even able to edit the policy after it had been issued with the help of... Read More
jay gedeon
January 6, 2025 -
Super easy to use and great service; I had a little error from my part and needed to correct it customer service was super helpful they guided me through the... Read More
Ana Zavala
January 6, 2025I needed some liability insurance for my business. The team at Insurance Canopy had great recommendations and the insurance was reasonable for the coverage. Web site and process... Read More
Susan Tedesco
January 6, 2025Great coverage, excellent price, terrific customer service. I checked out a lot of different carriers and they had the best reputation and coverage. Since most venues require insurance, it was... Read More
Steve Bryant
January 6, 2025 -
Was waiting for two other insurance companies to get back to me for over 2 1/2 weeks and losing money every day. Sitting here, frustrated I asked ChatGPT what... Read More
Chad Laibly
January 6, 2025Great and affordable insurance
Peter DAntoni
December 6, 2024Being a caricaturist, I never understood why I needed liability insurance, but it got to that point where I was missing opportunities because of it. So, I researched a bit... Read More
Paul McNeilly
November 12, 2024 -
I’m just saying that is easy to get the vendors insurance with this company
Silvia Delgado
November 6, 2024Definitely a great asset to my business, I have never had a problem getting what I need from IC. Good communication skills, always get help from the agents, attenuative on... Read More
Robert Avila
November 6, 2024Your site was extremely easy to use, I was able to get my event insured for what the event planners wanted. The price was so affordable. Even chatting... Read More
Rebecca Ruby
November 6, 2024 -
Quick easy sign-up convince is great
Vincent Davanzo
November 6, 2024Great to work with. Always available for assistance.
Two Pour Girls Bartending
November 6, 2024Best customer service I have ever had in regards to insurance.
Edward Findley
November 5, 2024 -
Super easy and convenient. Just renewed, thanks.
Wendy Berg
November 3, 2024Great to work with. Always available for assistance.
Courtney Araneo
November 3, 2024This is only the second year I have had this insurance. Haven't had to use it. But it's nice to know i have it. The price is great too
Vickie Sundgren
November 3, 2024 -
Canopy insurance has been great for my business. Definitely a five star definitely recommend it..
Fernando Ferreira
October 12, 2024Very easy and straight forward experience! The agent and live chat were instrumental in acquiring my policy.
Jacob Smith Jr
October 7, 2024Rey was amazing. So easy! So fast!
Herman Koch
September 30, 2024 -
Always treated well. They take care of my business insurance and I don’t have to worry about anything with insurance canopy in my corner. 10 year customer.
Mark Paquin
September 14, 2024Excellent rates and coverage! Did a lot of homework before going with Insurance Canopy, by far the best bang for the buck 🙂
Alana Wyld
September 14, 2024She is positive and friendly !
Alan Dynin
September 14, 2024 -
Had a great experience obtaining a policy quickly for a solo musical act. After a year, modified my policy to a fully staffed production easily using the chat feature of... Read More
Paul Tolle
September 6, 2024I am a professional mobile DJ. I use Insurance Canopy for a policy to cover my equipment and liability. They are easy to do business and the website makes... Read More
Don Kirby
September 6, 2024Best price I have found! Excited to be a customer
Dustin Price
September 6, 2024
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TLJ's Mobile Mixology, LLC had been insured with Insurance Canopy since it's inception and we have no complaints.
February 4, 2025 -
Knowledgeable, kind, attentive and professional. She helped me to feel comfortable, well taken good care of and get the service possible.
February 3, 2025 -
As a Massage Therapist, I was not aware until a few years ago that I did not have to be part of an Organization to get my liability insurance! I... Read More
Kristie Williams
January 30, 2025 -
This insurance has helped me secure events with my corporate and local government clients. They have great customer service and are always willing to help.
Tony Felix
January 23, 2025 -
Representative was clear & concise in explaining specifics of the policy. Cost of policy very reasonable.
John B
January 16, 2025 -
I’m very happy with my purchase of liability insurance for a one-off event. I was even able to edit the policy after it had been issued with the help of... Read More
jay gedeon
January 6, 2025 -
Super easy to use and great service; I had a little error from my part and needed to correct it customer service was super helpful they guided me through the... Read More
Ana Zavala
January 6, 2025 -
I needed some liability insurance for my business. The team at Insurance Canopy had great recommendations and the insurance was reasonable for the coverage. Web site and process... Read More
Susan Tedesco
January 6, 2025 -
Was waiting for two other insurance companies to get back to me for over 2 1/2 weeks and losing money every day. Sitting here, frustrated I asked ChatGPT what... Read More
Chad Laibly
January 6, 2025 -
Great coverage, excellent price, terrific customer service. I checked out a lot of different carriers and they had the best reputation and coverage. Since most venues require insurance, it was... Read More
Steve Bryant
January 6, 2025
FAQs About Cyber Liability Insurance
How Do I File a Cyber Liability Insurance Claim?
To file a claim after a cybersecurity breach, simply follow these steps:
- Log in to your user dashboard
- Go to “Manage Policies” and select “File a Claim”
- Enter information about your claim and submit
Once we receive notice of your claim, a claims adjuster will be in touch to assist you through the rest of the process.
Does Cyber Insurance Cover Reputational Damage
Cyber liability insurance is designed to cover expenses associated with the reputational damage you face from a cyberattack. This includes paying for public relations consultants, crisis management consultants, and media response to help reestablish your business’ reputation.
Is Cybersecurity Insurance Worth It?
Yes! Cyberattacks can cost your business hundreds of thousands of dollars — or even millions — in related expenses. Restoring lost or stolen data, recouping financial losses, and recovering from the damage to your reputation after a cyberattack are all costs covered by Insurance Canopy’s cyber liability policy.
Chris Van Leeuwen | VP of Agency Development
Chris Van Leeuwen is the VP of Agency Development for Insurance Canopy. He has held the prestigious Certified Insurance Counselor (CIC) designation since 1996.
Because he strongly believes in the importance of helping business owners understand their insurance coverage, Chris uses his wealth of experience to offer insights to small business owners across the country who are looking to navigate business liability insurance.
Chris Van Leeuwen is the VP of Agency Development for Insurance Canopy. He has held the prestigious Certified Insurance Counselor (CIC) designation since 1996.
Because he strongly believes in the importance of helping business owners understand their insurance coverage, Chris uses his wealth of experience to offer insights to small business owners across the country who are looking to navigate business liability insurance.
Kyle Jude | Program Manager
Kyle Jude is the Program Manager for Insurance Canopy. As a dedicated program manager with 10+ years of experience in the insurance industry, Kyle offers insight into different coverages for small business owners who are looking to navigate business liability insurance.
Kyle Jude is the Program Manager for Insurance Canopy. As a dedicated program manager with 10+ years of experience in the insurance industry, Kyle offers insight into different coverages for small business owners who are looking to navigate business liability insurance.
