Protect your business from hacks, cyber attacks, and other online threats.
Cyber liability insurance with your business in mind.
Cyber liability insurance protects your business against the expenses associated with a data breach. We’ll help you evaluate the data liability risks your business faces and find you a policy that meets your specific needs.
An insurance hack that covers the risk of getting hacked.
Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business. Cyber liability insurance is a specialized policy that’s customized to cover many of the risks your business faces from an information breach–and even covers some risks you might not have thought of.
What does a cyber liability policy cover?
A cyber liability insurance policy can help you to cover the expenses associated with a cyber hack. Additionally, some commercial cyber liability policies cover loss of business while your systems are compromised or unavailable. You can even get coverage against inadvertently breaching somebody else’s copyright.
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Cyber Liability Coverage
Risk Factor
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers. If this information is lost, stolen, or compromised, your company is at risk. In fact, you may even be required by law to alert those impacted by the breach and to pay for any financial loss incurred.
Solution
Cyber liability coverage offers protection due to unauthorized access of electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your business.
First-Party Coverage
Risk Factor
If your company is faced with a data breach or cyber-attack, you may be forced to cover breach-related expenses such as crisis management, hiring a public relations firm to manage a data breach incident, costs associated with forensic analysis, the cost of repairing and restoring computer systems if there is a virus that destroys business software and data, and the loss of business income resulting from a data breach.
Solution
First-party coverage will insure your business for losses to your own data or lost income or for other harm to your business resulting from a data breach or cyber-attack. This coverage will pay you for things like business interruption, the cost of notifying customers of a breach, and even the expense of hiring a public relations firm to repair any damage done to your image as a result of a cyber-attack. Having this funding available in the event of a crippling hack can keep the lights on till you’re able to resume your normal business operations.
Business Income
Risk Factor
What would you do if an email virus impacted the operation of your database and prevented you from serving clients for a day or more? Or what if a hacker or cyber-criminal caused a system outage or extended downtime, leaving your business inoperable? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.
Solution
Business Income and Business Interruption coverages help with financial hardships, such as loss of income or operating costs, that you bear due to a covered incident.
Third-Party Coverage
Risk Factor
If your business handles sensitive customer data (such as email lists, credit card records or other files), data breaches pose a serious threat to your financial stability. A lawsuit resulting from a data breach means your business is responsible for paying legal fees, court-ordered judgments or settlements and other court-related costs.
Solution
Third-party coverage protects you in the event of a lawsuit brought by a customer or partner for a data breach that your business' actions or negligence allowed.
Regulatory Claim Coverage
Risk Factor
If your business experiences a data breach or violation of confidential information during regular business operations, you may be found in violation of privacy laws and be required to pay fines for the violations or other regulatory issues.
Solution
You may be eligible for regulatory claim coverage which would offer protection in response to proceedings related to disclosure laws and other governmental actions that can result in defense costs, fines and/or penalties. Coverage does vary and may be restricted by local law.
Ransom Coverage
Risk Factor
If hackers gain control of critical systems, they may demand a ransom be paid to avoid additional consequences. Sometimes these can be empty threats, but it’s impossible to know for sure. Paying the ransom can be costly. Taking a chance by choosing not to pay can sometimes put a company out of business.
Solution
Coverage for ransom and cyber extortion can be included in cyber liability policies and can help cover the cost of ransom to regain control of network systems. This is often not included in a standard policy, may include a separate sublimit and deductible, and may require adherence to certain conditions set forth by the insurer.
What happens in the aftermath of a cyber hack?
A number of action steps must be taken once your business has experienced a cyber hack. These steps include:
- Notifying customers and clients of the breach (a legal requirement in most states).
- Restoring your business’ website to working order.
- Dealing with extortion attempts.
- Paying damages to clients, customers, and suppliers who lose out because of your breach.
All of these necessary action steps can lead to a hefty, unexpected cost for your business. Not to mention, dealing with the aftermath of a cyber hack could close your business temporarily, which could result in a loss of income.
Proactively identifies weak points in cyber security.
In addition to protecting your business against cyber risks financially, obtaining cyber liability insurance can also help reduce potential risks, because insurers will talk through your current cyber-defenses and identify potential weaknesses that you need to plug.
Want to obtain a cyber liability insurance policy for your business? Reach out, we’re ready to help.
Cyber Liability Insurance FAQs
Does my business need cyber liability insurance?
If your business stores customer information, accepts card payments, or runs on email and computers, yes. Cyber liability covers the real costs of a data breach or ransomware attack — forensic investigation, customer notification, legal fees, regulatory fines, and lost income while systems are down. General liability does not cover cyber incidents, and small businesses are frequent targets precisely because their defenses are usually thinner than a large company’s.
What insurance does a small business need in Florida?
Most Florida small businesses start with four coverages: general liability (injuries and property damage to others), commercial property (your building, equipment, and inventory), workers’ compensation if you have employees, and commercial auto for business vehicles. Depending on what you do, professional liability (errors & omissions), cyber liability, and a commercial umbrella policy round out the protection. Many client contracts and commercial leases require proof of general liability before work can start — Smart Choice Partners can review what your contracts require and build the package around it.
What is a Business Owner’s Policy (BOP)?
A Business Owner’s Policy bundles general liability and commercial property insurance — usually with business interruption coverage included — into a single policy, typically at a lower cost than buying each separately. It’s designed for small and mid-sized businesses like retailers, restaurants, offices, and contractors. A BOP doesn’t include workers’ compensation, professional liability, or commercial auto; those are added alongside it based on what your business needs.
What is a certificate of insurance, and how do I get one?
A certificate of insurance (COI) is a one-page document that proves your business carries active insurance coverage — landlords, clients, and general contractors routinely require one before you can start work or sign a lease. Your agency issues it, so Smart Choice Partners clients can request a certificate through our Client Center or by phone, and it’s typically turned around quickly — often the same business day. If a contract asks for additional insured status or a waiver of subrogation, tell us up front so the certificate is issued correctly the first time.
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As an independent agency, we are here to help you find the right Cyber Liability Insurance coverage.
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Cyber Liability Insurance Quote Request
As an independent agency, we are here to help you find the right coverage.
Get a Quote
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