What's the difference between business and cyber Insurance?
Business Insurance IS NOT Cyber Insurance
From time to time, we have been asked by the business owner the same question. "Do I still need a Cyber Insurance policy if I've already purchased Commercial General Liability insurance?"
It is essential to understand what a Commercial General Liability or commonly known as business insurance, covers.
A typical Commercial General Liability insurance (CGL) covers business owners from any business-related claims from third-party injury, property damage due to negligence related to their business activities. This coverage often includes product liability and advertising related injury (defamation and copyright infringement, among other related matters, for example). In summary, CGL policies cover common lawsuits from everyday business activities, which includes business transaction or interaction with a client, visitors safety while visiting business premises etc.
These insurance coverages include all third-party property damage or bodily injury, product liability and advertising)
The wording of a standard Commercial General Liability (CGL) usually consists of "3rd party property damage" coverage, which may lead to many believe their insurance will cover their client due to data leaks that result in property damage. However, in most CGL insurance, "property" only encompasses "tangible" property and not digital assets.
Cyber insurance will have additional coverage for directly incurred costs (first-party) due to cyber incidents such as investigation and data recovery costs for experts, extortion on ransomware, business interruption losses and more.
CGL policies often include an endorsement titled "Digital Data Protection Endorsement" for IT providers and consultants. When the endorsement is present, and the CGL policy will cover third-party data loss, only for situations due to property damage (i.e. fire, building collapse.)
Commercial General Liability insurance alone is inadequate for cyber and technological risks, and thus, a business requires cyber insurance to cover themselves adequately. Cyber policies' specific design for various loss exposures a business face covering both first and third parties for both property and liability incidents result from a situation such as cybercrime.
Consider our cybersecurity & insurance package to keep your business safe. The solution is considered the best in the industry for a company to handle cyber risk. We offer comprehensive insurance policy coverage, complimentary cybersecurity tools to keep track and safeguard your business, with 24/7 professional incident response to help you quickly react to a cyber incident.
As we found existing cyber insurance coverage lacking in some areas, so we work with the best provider to create one. Our insurance covers more of the financial, tangible, and intangible exposures your business faces than any other insurance company. We have state of the art cybersecurity platform that comes with 24/7 tracking, automated security alerts, staff training, and access to security experts to prevent cyber incidents before they occur. As for cyber insurance, we protect the value of your entire business, including financial, intangible and tangible damage, with up to 20 Million of the most comprehensive cyber insurance.
We provide a complete suite of security applications. The package will including 24/7 safety tracking, automated risk and intelligence alerts, security benchmarking, DDoS mitigation, Ransomware security defence, staff member training, software patch update reminders to your organization and more, all included with the insurance policy package at no additional cost.
Having an insurance policy is to prepare for the worst case scenario when you needed most. Our solution comes with a committed 24/7 emergency response and a claims group to help you to respond to an incident swiftly. Our emergency first response team has thousands of organizations relying on them.
A small business owner policy (BOP) could consist of a couple of coverages pack. The adhering to are the eight most common insurance policy coverage types that an entrepreneur must recognize.
- This coverage protects if bodily injury, property damages, injury or advertising injury incur with your business.
- Have this coverage part of small business owner insurance to defence when business earnings and extra expenditure is at risk.
- Secure against a business when found responsible for an issue with one of the items they offer.
- If a business gives professional guidance or provides a professional opinion, it should probably carry professional liability insurance.
- Secure against Internet Crime, hackers or breach of data.
- Defence against tools or equipment breakdown. (It can be a furnace or machine) when it requires time and money for a replacement.
- Secure against your property or stocks
- Bundling a small business owner package (BOP) to with business use vehicle including transport of cargo.
And other coverage
Employment Practices Liability
Electronic Data and Equipment
Valuable Papers and Records
Job site Short-Term Pollution from Pollutants
Blanket Insurance on valuable property
Limited Property of Others Liability
Always Review Your Insurance Coverage
Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes.
As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.
Cyber risk coverage
If you take online orders, store sensitive information on the computer, you need proper cybercrime protection. See this section about cyber insurance