Security and resources for cyber risks
Security and resources for cyber risks
Cyber insurance protects against damages caused by electronic threats to your computer systems or data. These threats can lead to the theft, damage or misuse of sensitive information or other vital technologies and can result in downtime and recovery costs that often include specialized repairs and legal fees.
Options are available to cover incident response services, first-party losses (your own) and third-party losses (those experienced by others for which you’re responsible). Learn more about coverage options.
This coverage is also referred to as cyber security insurance or cyber risk insurance.
Any business that stores or processes sensitive information like names, addresses, Social Security numbers, medical records or credit card information needs cyber insurance.
Also, any third-party who handles your confidential data and information, such as an accountant or IT service, should have their own cyber insurance policy. Be sure to get proof of coverage before hiring them.
As more small businesses choose to use and store digital data, the need for this coverage has expanded to more than just the healthcare and banking industries. A few of the many businesses that should consider a cyber policy include:
Cyber insurance cost depends on your business's exposure to cyber risk and your coverage needs. For example, a high-risk business needing $3 Million in coverage can expect to pay more than a low-risk business needing $250,000 in coverage.
Other factors that can affect your rate include network security, data access and claims history. Discover how these and other factors influence your cyber insurance cost.
Cyber insurance covers a variety of small business risks that are divided into two parts:
First-party coverage – Covers damages that you and your business suffer because of a data breach. This can include things like investigative services, business interruption coverage and data recovery.
Third-party coverage – Covers damages if your customers or partners are affected by a cyber-attack on your business. This can include legal fees, settlement costs, security failure and media liabilities.
How much coverage you need depends on your business's specific risk. Smaller cyber risk policies can usually be added to a business owners policy (BOP). Many businesses need higher limits than what’s available on a typical stand-alone policy.
Cyber insurance is important to the financial well-being and future of your small business. A single claim can be costly and difficult to overcome on your own. Cyber security insurance helps reduce the potentially devastating effects of a claim. It can cover costs related to IT forensics investigation, data restoration, legal liability and customer notification.
A cyber insurance policy allows you to spend less time worrying about cyber threats, and more on what matters most – running your business. Easily assess your cyber risk and get a free quote to learn which cyber insurance coverages to consider for your situation.
Cyber insurance won’t cover you for claims related to the performance of your product or service. If you’re a technology-based business, you’ll also want to consider Technology Errors and Omissions (Tech E&O) insurance. This type of professional liability coverage protects you in the event your product or service didn’t perform the way it was supposed to.
For example, a developer for an e-commerce software company accidentally causes a system outage that results in lost sales for several clients. Tech E&O can protect against claims from the software company’s negligence and deficient product.
Think you might need Tech E&O insurance? Call us to speak with a licensed professional or start an online quote.
Protect your small business with cyber insurance through the Progressive Advantage® Business program. A licensed agent can help you get a cyber insurance quote through one of our trusted providers. You can also start a quote online.
Here are just a few of the many benefits of choosing Progressive to help you protect your small business:
We know your time is valuable. We’ve made it convenient for you to get all your business insurance needs in one place. Simply call us to receive a quote whether you need a single cyber insurance policy or a combination of coverages.
Your insurance needs will likely change over time, and we want to help you at each stage of your business’s development. In addition to cyber coverage, we can help you find protection for your employees, business vehicles, property, and more.
You might know us as the #1 Commercial Auto insurer* in America. What you might not know is that we have a team of in-house agents who are specially trained to help you find custom commercial coverage for all your business insurance needs.
Yes. Your cyber insurance policy covers things such as legal fees and settlement costs - up to the policy limit - in the event of a data breach.
Cyber insurance does not cover losses indirectly caused by a data breach or cyber-attack. So, a loss of intellectual property or damage to your brand caused by a data breach wouldn’t be covered. For more information on what is covered by cyber insurance, click here.
Yes. You select the amount of your deductible. A deductible is the fixed out-of-pocket expense you agree to pay before your coverage starts to pay. The deductible applies each time a loss is covered under your cyber policy.
*No. 1 commercial auto insurer from SNL Financial’s 2019 national written premium data.