Cyber Liability Insurance

Cyber liability insurance provides payment for financial damages due to intellectual property infringement and privacy/network security breaches. Coverage is also available to pay for the expenses incurred to recover from a privacy or network security breach.

There is usually no coverage for these risk exposures under a commercial general liability policy. A cyber liability insurance policy is designed to protect your business and help you recover from the risks faced with having an online presence and using electronic data.

Common risk exposures faced by businesses that have an online presence or use electronic data are:

• The unauthorized access to systems containing private information.
• A virus being transmitted to a third party’s system.
• Theft of customer’s private information (credit card data).
• Theft of employee identification information (Social Security Numbers).
• Cyber threats, extortion or attacks by ex-employees to shut down your system causing you and your customers to suffer damages.
• A logo displayed on your website infringing on someone else’s trademark.
• Content published on your website, blogs or in emails and social media networks by employees being susceptible to copyright infringement and defamation.

Coverage is also available to pay for the expenses incurred to recover from a privacy or security breach such as:

• Notifying your customers, credit monitoring and changing their account numbers and security codes.
• Hiring investigators, public relations and advertising consultants for crisis management.
• Rewards for informants that lead to conviction of persons who caused the loss.
• Replacing or reproducing your data that is altered, damaged, deleted or destroyed by a cyber attack.
• Business interruption and extra expenses incurred during recovery.

Claims and law suits can have significant financial damages on your business. Your firm’s reputation and market share can also be damaged. In addition, your revenues can decline if you can’t recover quickly. There is usually no coverage for these exposures under a commercial general liability policy. A cyber liability insurance policy is designed to protect your business and help you recover from the risks faced with the increased dependency on technology.

Pemberton Insurance offers coverage across the following industries:

• Construction
• Commercial
• Financial
• IT
• Forestry
• Manufacturing & Processing
• Office & Retail
• Power Production
• Private Business

Pemberton Insurance – The confidence in knowing you are properly insured.