Call Us 215-713-2886 ☰ ˟
Logo
Call Us 215-713-2886
  • Our Agency
    • AboutImage of right arrow
      • Our Staff
      • Our Locations
    • Commercial ProductsImage of right arrow
      • Coverage for Specific IndustriesImage of right arrow
        • Accounting Firm Insurance
        • Alarm Contractors Insurance
        • Insurance for Arborists
        • Bar Insurance
        • Box Truck Insurance
        • Builders Risk Insurance
        • Car Dealership Insurance
        • Cargo Insurance and Freight Insurance
        • Catering Insurance
        • Cleaning Business Insurance
        • Construction Insurance
        • Consulting Firm Insurance
        • Contractors Insurance
        • Specialty Trade Contractors Insurance
        • Craft Brewery Insurance
        • Dental Practice Insurance
        • Dump Truck Insurance
        • Educational Facility Insurance
        • Financial Institution Insurance
        • Food Truck Insurance
        • Fleet Insurance
        • Handyman Insurance
        • Garage Insurance
        • Healthcare Facility Insurance
        • Healthcare Practice Insurance
        • Law Firm Insurance
        • Life Science Insurance
        • Limousine Services Insurance
        • Liquor Liability Insurance
        • Maintenance Contractors Insurance
        • Manufacturing Insurance
        • Maritime Employers Insurance
        • Media & Advertising Insurance
        • Medical Malpractice Insurance
        • Minibus Insurance
        • Non Profit Insurance
        • Nursing Home Insurance
        • Nursing Insurance
        • Orthotics & Prosthetics Insurance
        • Personal Trainer Insurance
        • Pharmacist Insurance
        • Pool & Spa Insurance
        • Printers & Publishers Insurance
        • Railroad Contractors Insurance
        • Real Estate Businesses Insurance
        • Retail Insurance
        • School Bus Contractors Insurance
        • Scrap Metal Insurance
        • Security Guards Insurance
        • Self-Storage Insurance
        • Septic Contractors Insurance
        • Snow Plow Insurance
        • Specialized Truck Equipment Insurance
        • Technology Services Insurance
        • Tractor Insurance
        • Tow Trucks Insurance
        • Uber Insurance
        • Veterinary Insurance
      • Coverage for Your BusinessImage of right arrow
        • Bonds
        • Business Catastrophe Insurance
        • Business Owners Policy (BOP)
        • Commercial Auto Insurance
        • Commercial General Liability
        • Commercial Property Insurance
        • Commercial Real Estate Insurance
        • Commercial Umbrella Insurance
        • Crime Insurance
        • Equipment Insurance
        • Errors and Omissions Insurance
        • Fidelity Bonds
        • Loss Control Insurance
        • Inland Marine Insurance
        • Marine Insurance
        • Mechanical Breakdown Insurance
        • Office Insurance
        • Product Liability Insurance
        • Professional Liability
        • Shipping Insurance
        • Small Business Insurance
        • Small Business Liability Insurance
        • Storage Insurance
        • Surety Bonds
        • Technology Insurance
        • Trailer Insurance
        • Transportation Insurance
        • Trucking Insurance and Semi Truck Insurance
        • Workers Compensation
        • Van Insurance
      • Coverage for Your EmployeesImage of right arrow
        • Small Business Retirement Plans
        • Employer-Sponsored Retirement
        • Group Benefits
        • Group Disability Insurance
        • Voluntary Benefits
        • Retiree Health Coverage
        • Group Health Insurance
        • Disability Insurance
        • Individual Life Insurance
    • Personal ProductsImage of right arrow
      • Auto InsuranceImage of right arrow
        • Classic Car
        • Personal Injury Protection
        • Rental Reimbursement
        • Minor Violation Forgiveness
        • Medical Payments Coverage
        • Uninsured & Underinsured Motorist
      • Home InsuranceImage of right arrow
        • Homeowners Liability
        • Mortgage Protection
        • Scheduled Property Insurance
        • Landlords Insurance
      • Life InsuranceImage of right arrow
        • Individual Life
        • Group Life
        • Long Term Care
        • Disability Insurance
      • Powersports VehicleImage of right arrow
        • ATV Insurance
        • Boat Insurance
        • Motorcycle Insurance
        • Snowmobile Insurance
    • Get A Quote
    • Our Providers
    • Contact UsImage of right arrow
      • Dorsey & Associates LLC
  • Products
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Commercial Auto Insurance
      • Commercial General Liability
      • Errors and Omissions Insurance
      • Professional Liability
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Personal Injury Protection
      • Rental Reimbursement
      • Minor Violation Forgiveness
      • Medical Payments Coverage
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Mortgage Protection
      • Scheduled Property Insurance
      • Landlords Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Disability Insurance
    • Trucking Insurance
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business & CommercialImage of right arrow
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
    • Contractors Insurance Quote
    • Group Benefits Quote Form
    • Health Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Landlord / Rental Property Insurance Quote
    • Trucking Insurance Quote
    • Workers Compensation Quote
  • Make A Payment
  • Resources
    • Customer Service Forms
    • Refer a friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About
    • Our Location
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
Home > Blog > Who Needs Cyber Liability Insurance?
FRIDAY, NOVEMBER 19, 2021

Who Needs Cyber Liability Insurance?

In this day and age, owning a business means facing a variety of dangers when it comes to online information. Storing information electronically is convenient and easy, but unfortunately, it provides a lot of risk from cyber attacks and information loss. 

Essentially any business that stores information electronically should consider carrying cyber liability insurance. Cyber attacks and breaches can cause a heavy hit to your business’ finances and reputation, leading to potential customers to hesitate to work with you. 

Certain businesses may need higher limits of cyber liability insurance, however. Industries that frequently invest in cyber liability include: 
Man with mouse
  • Medicine (hospitals, doctor’s offices, etc.) 

  • Banks 

  • Insurance agencies 

  • Technology companies 

  • Government entities 


It is always important to consider your business’ risks when it comes to technology and online information. If you are unsure about where your business lies or how much coverage it needs, be sure to speak with an insurance agent. They can help you calculate the cyber liability insurance needs of your business. 

Who is Responsible for Carrying Cyber Liability Insurance? 

Unlike policies such as professional liability, cyber liability insurance isn’t generally carried by individuals or single professionals. Instead, cyber liability is purchased by business owners and entities to protect certain online data, information and investments. If you are a business owner and purchase a cyber liability insurance policy for your company, for example, the policy should cover all sensitive data your company is responsible for keeping. 

What Does Cyber Liability Insurance Cover? 

Cyber liability insurance covers two main areas: 

First-Party Coverages 

  • Loss and Damage of Electronic Data: This coverage can help replace electronic data and programs that are damaged or destroyed during a data breach. 

  • Loss of Income and Extra Expenses: If your business loses income due to a cyber liability issue, this insurance can help cover the loss of income and any other expenses related to the threat of shut down to your business. 

  • Reputation Damages: In many cases, your reputation may be destroyed due to a data breach or cyberattack. Cyber liability insurance can cover expenses relating to rebuilding your business’ reputation. 

  • Cyber Extortion: Cyber extortion may occur when a hacker breaks into your business’ data and threatens to hold information hostage until you pay a sum of money. Cyber liability insurance can cover this sum and related incidents. 


Third-Party Coverages 

Third-party coverages cover claims against your business due to a breach. If your client’s information is breached while stored in your business’ information base and decides to sue, third-party coverages can help with the business’ legal expenses such as defense costs, settlement expenses, court fees and more. 

This can include: 

  • Media Liability: Media liability insurance can cover claims filed against your business due to libel, slander, copyright infringement, defamation and other issues related to privacy. 

  • Fines and Penalties: If regulatory agencies fine your company for the data breach, this insurance can cover the expenses. 


How Much is Cyber Liability Insurance for a Small Business? 

Small or large, the cost of cyber liability insurance depends on a variety of factors. While larger businesses may pay more for cyber liability insurance, there are other things that must be taken into account, such as the business’ 

  • Location 

  • Industry 

  • Coverage Limits 

  • Deductibles 


Businesses in industries where a heavy amount of personal information must be held may pay more for cyber liability insurance due to the nature and amount of information at risk. This includes online stores that keep credit card information as well as medical entities that store personal medical details. These businesses also tend to need higher limits of cyber liability insurance in case of an accident. 

Deductibles vary for cyber liability insurance policies. A higher deductible may mean cheaper monthly premiums, but it also means paying more out of pocket when it comes time to file a claim. 

Additional Liability Insurance  

Cyber liability insurance isn’t the only liability insurance needed for businesses. For extra protection from accidents and lawsuits, consider adding: 

  • General Liability: General liability insurance covers claims of bodily injury, property damage and personal and advertising injury. 

  • Professional Liability: Professional liability covers claims of professional negligence that cause clients to lose money. 

  • Products Liability: Products liability covers against claims of bodily injury and property damage against your business caused by a product. 

  • Umbrella Liability: Umbrella liability insurance fills in the gaps left by your other liability policies. If your cyber liability insurance reaches its limit, for example, umbrella liability can step in to cover the remaining costs. 

Speak with an insurance agent and compare quotes to find a cyber liability insurance policy designed for your business. 

Posted 4:23 PM

Tags: cyber, liability, security, commercial, business, coverage
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • coverage(6)
  • general liability insurance(3)
  • commercial(3)
  • insurance(3)
  • policy(2)
  • liability(2)
  • business(2)
  • commercial trucking insurance(2)
  • landlord insurance(2)
  • commercial auto insurance(2)
  • general(1)
  • homeowners(1)
  • catastrophic ground cover collapse(1)
  • renters insurance(1)
  • cyber(1)
  • employment practice liability insurance(1)
  • property(1)
  • officers(1)
  • claims(1)
  • commercial property insurance(1)
  • security(1)
  • workers(1)
  • sinkhole(1)
  • homeowners insurance(1)
  • directors(1)
  • renters(1)
  • home(1)
  • compensation(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
6641 Germantown Ave | Philadelphia, PA 19119
Phone: 215-713-2886 | Fax: 866-713-1173 | info@dorseyandassociatesinsurance.com
Social Social Social Social Social
Logo

Powered by Insurance Website Builder