Cyber Liability

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Overview

Over 70% of American companies endanger their financial stability by not having insurance that will cover Internet liability, according to the FBI Computer Crime and Security Survey (2009). The fact is almost all companies have some kind of network, database or online presence that puts it at risk for litigation.

The following are some common scenarios for which you can be held liable and that are typically not covered under traditional business insurance policies:

  • A lost or stolen company laptop results in theft of customer data.
  • You fail to follow federal or state regulations involving notification of customers whose personal data has been compromised.
  • You unknowingly pass along a virus or other type of malware to your clients.
  • Your employee slanders another company in a blog or social media site, or posts content on the company website that infringes on copyrighted material.

HUB can help you conduct a cyber risk assessment to identify your company’s risk profile so you can take appropriate actions to reduce those risks. We can also work with you to determine if cyber liability insurance is an appropriate option.

We will then tailor cyber liability insurance to meet your specific needs, be it network security, technology errors & omissions, or media and intellectual property protection. Coverage is affordable and available to both large and small businesses.

Like it or not, the Internet with all its risks and rewards is here to stay. Make sure that you are navigating this new terrain safely.

Contact a HUB advisor today.

Related Coverages

General Liability

Paired with Property and Worker's Compensation Insurance, General Liability insurance is essential for businesses. A general liability insurance policy can protect your business from lawsuits resulting from a range of injuries and damage.

Directors and Officers

Protects directors and officers of public, private and non-for-profit corporations against loss (damages and defense cost) arising out of their status or conduct as directors or officers. Common claims allege breach of duty, and security law violations.

Employment Practices Liability

Protects companies and individuals against loss (damages and defense costs) arising out of employment practice disputes. Common claims allege discrimination, sexual harassment, wrongful termination and wrongful discipline.

Professional Liability

Protects your business from alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product you sell, which are not covered by general liability insurance.

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Resources

Protecting Your Business from Cyber Risk: Learn more about protecting your clients and managing your risks in a changing technological landscape.