Cyber Liability Insurance

Are your clients’ small-to-mid sized businesses vulnerable to a breach?

ProWriters™ offers a flexible Cyber Liability Insurance program designed to cover privacy, data, and network exposures.

Cyber liability is a high-risk liability, and it’s very complex. The legal and technological aspects of privacy and data breach are constantly evolving. And breaches in cyber security can cost companies millions. Even state governments have purchased cyber insurance plans.

What Companies Can ProWriters Cover?

Keep in mind, we offer Cyber & Privacy coverage for companies of all sizes.

For large, billion dollar companies and up, we can obtain custom Cyber Liability Insurance terms. These billion dollar companies benefit from our partnership with the top 30+ cyber markets, and our ability to customize coverage to address their specific needs.

For small start-ups to middle market companies, we have a new program that offers broad coverage from multiple top markets, quickly and efficiently. This keeps your clients from paying for more coverage than they need, and keeps them appropriately covered relative to their risk.

For a Cyber Liability Insurance quote, email us at cyberinsurance@prowritersins.com with the name of the company, revenues, and website address; or simply Book a Call with one of our experts.

What does a basic Cyber/Privacy policy provide?

1st Party Coverage for costs associated with a breach:

IT Forensic Costs

The costs to determine what information may have been breached or accessed improperly. Your clients are likely more concerned about the loss of customers, reputational harm, or legal defense costs that would result from a cyber breach, but tracking down the cause of the breach is an important and costly endeavor.

Notification Costs

The costs to notify individuals, businesses, regulators and to run a call center related to the notification.

Credit Protection Costs

The costs to provide credit monitoring services to the affected parties. This is often offered as a part of the notification.

Crisis Management Costs

This covers the cost to hire a public relations firm to help protect the reputation of your client’s business. How your clients respond to a breach plays a pivotal role in how they come out on the other side of the incident.

Crime and Social Engineering

This is coverage for lost funds where someone steals your username and password and directs a financial institution to send funds out of your account, also referred to as involuntary parting of funds coverage. Social Engineering is where a business is tricked into sending their funds out of there account, often this voluntary parting of funds is perpetrated via a phishing campaign.

3rd Party Liability related to a breach:

Third party Cyber Liability Insurance coverage covers costs to defend and indemnify or settle claims related to a breach of Personally Identifiable Information (also known as PII.) PII includes, but is not limited to:

  • Credit card numbers
  • Social security numbers
  • Bank account information
  • Personal health information
  • Sensitive corporate information

When you have a Cyber Liability Insurance policy, your 3rd party liability insurance will cover costs related to:

  • Breach of contract
  • Negligent protection of data
  • Network security breaches
  • Transmission of software viruses
  • Denial of service attacks
  • Defense of regulatory actions related to a breach as well as possible fines and penalties
  • PCI fines and penalties and assessments
Additional Elements a Privacy and Cyber Policy can Include:

Multi Media Coverage

This can cover online advertising, intellectual property, including copyright and trademark infringement, and claims related to libel or defamation. This is typically a good addition to any privacy and cyber policy.

Cyber Extortion

Hackers are getting more and more aggressive in their online tactics, specifically with Ransomware. They’ve started threatening to destroy, damage, or otherwise incapacitate your network or data if you don’t meet their ransom demands. Coverage is available that includes ransom payments during extortion.

Cyber Business Interruption

Coverage is available for companies that rely heavily on the internet or their network for their revenue. General Liability policies typically do not cover this. If you or your client has this exposure, you need to specifically address it with your cyber policy. This may also include dependent business interruption, where a third party that you rely on goes down, like a mission critical software hosted service. This may also extend to System Failure – where a power outage causes your digital systems to go offline.

Hacker Damage or Digital Asset Damage

In the event your client’s website, intranet, network, or electronically-held data suffers damage, hacker coverage will cover their costs to rebuild. IT is a large investment for most companies, even minimal network damage at the wrong time could cripple a business.

Other Business-Saving Services Offered by ProWriters

In addition to these protections, ProWriters and our carriers give your clients access to risk management and loss prevention services. These services may help your client avoid a breach all together.

If your client does suffer a breach, they’ll be thankful for ProWriters placing their coverage with a carrier that provides excellent post-breach services. This includes access to a breach coach. A breach coach can assist your client right when a breach occurs and provide them access to the best vendors in this space, at pre-negotiated rates.

If you’re interested in Cyber Liability Insurance for your clients, or you’re a business owner and are interested in learning how you can get this crucial coverage, contact us today.

If you’d like to get a no-obligation quote on a Cyber Liability Insurance policy for your client, just give us a call at 484-321-2335 or email us at cyberinsurance@prowritersins.com and let us know the name of the company, revenues, and website address; or simply Book a Call with one of our experts.

Cyber Simplified

Schedule a call with one of our experts to answer all of your cyber exposure questions.

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