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We are happy to assist you in selecting the best coverage.

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Home » Cyber Liability Insurance

Cyber Liability Insurance

The risks cyberattacks, data loss and data breaches are present for any business that utilizes technology to store or process confidential or sensitive data. Cyber liability insurance can provide essential coverage for these incidents.  

The team at Gaulin Insurance Agency in Cranston, Rhode Island, can help your business find the cyber liability insurance policy to address these exposures. Contact us today for more information. 

What Is Cyber Liability Insurance? 

Cyber liability insurance may also be called cyber insurance or cyber security insurance. It is a type of insurance that can provide payments if confidential or sensitive information (e.g., health or financial records) is compromised or lost. This financial assistance can help mitigate the impact of these incidents on your business and clients while reducing your out-of-pocket costs.  

What Is Cyber Liability Insurance Coverage?  

Other business insurance policies may not cover losses from cyber security events, such as:

  • Cyberattacks
  • Cyber extortion
  • Malware attacks
  • Ransomware attacks
  • Phishing attacks
  • Accidental releases of confidential information
  • Distributed denial-of-service (DDoS) attacks
  • Malicious destruction of data

A cyber liability insurance policy may help pay for expenses associated with these and similar incidents. These payments may be used to:

  • Cover regulatory fees, fines and penalties
  • Recover lost or stolen data
  • Provide notification to the impacted clients
  • Pay for cyber extortion-related costs
  • Investigate the cause of the data breach
  • Pay for costs to help rebuild your business’s reputation through public relations
  • Cover lost income /li>
  • Pay for credit monitoring services for affected parties

Coverage for other cyber security events may also be available, and your insurance agent can provide details on options, limits and exclusions. 

How Much Cyber Liability Insurance Do I Need? 

Each entity’s risk profile is different, so coverage needs vary. Hackers may access networks, servers and cloud storage even with cyber security systems in place. Your agent can work with you to help you determine how much cyber liability insurance you may need.  

What Can Cyber Liability Insurance Protect Clients From? 

Cyber liability insurance may pay for your operation’s legal expenses if a party files a lawsuit against your business for financial losses incurred after a data breach or cyberattack. These expenses may include:

  • Defense costs
  • Settlements
  • Judgments

A cyber liability policy can help compensate your clients if a data breach or cyberattack occurs. 

Get Cyber Liability Insurance 

The experienced professionals at Gaulin Insurance Agency can help you get the cyber liability insurance policy that best suits your needs. Contact us today for more information or a cyber liability insurance quote.