The answer is Yes and No?
Many commercial insurance policies either exclude Cyber Liability or provide a limited amount of coverage. Most of the insurance carriers provide options to pay more premium to increase those limits and increase coverage, including ransomware payments.
At All Insurance, we recommend purchasing a separate Cyber Liability insurance policy. It provides better protection in two key areas. First, an individual Cyber policy typically provides broader coverage at a better premium. And, since there are many aspects to Cyber coverage, a separate policy can be tailored to your individual company needs. For example, a medical practice will need higher coverage limits for notifications to patients in the event of a breach; whereas a retailer would need more coverage for business income if their website were taken over. Second, a Cyber policy is not directly linked to your other policies. Therefore, a loss on your Cyber Liability policy will not affect premiums on the overall insurance program. It is a great way to transfer risk of a potentially large claim.
Cyber liability is a must have coverage for today’s digital world! Take a moment to think about what would happen to your business if you could not access the internet, your files, your website, or the software that runs your operation? How would your clients and customers react if their information were leaked because your system was hacked?
Let All Insurance review your exposures and provide you a comprehensive quote for your Cyber Liability needs. We have top rated companies that specialize in a specialized coverage and can provide limits from $1,000,000 and even exceeding $20,000,000. No policy is too big or small.
Business owners need to “be in the know” at all times. Know what you have and Know what is available to you. You can not buy home insurance on the burning house, flood insurance during a hurricane or Cyber Liability after the breach.
Reach out to one of our knowledgeable agents today (919) 779.5115