Cybersecurity threats are increasingly common, making it important for businesses to carry cyber insurance to protect themselves against claims, lawsuits, and data restoration expenses that may arise after a data breach.
Any business that processes online transactions or stores customer information needs cyber insurance, but it’s important to do your due diligence to find cyber insurance plans that meet your financial and coverage needs.
To help you protect your business against cyber threats, here’s a look at a few of the best cyber insurance companies plans available.
What is Cyber Insurance?
Cyber insurance offers coverage for businesses against cybersecurity threats. After a data breach, your business may be subject to claims and lawsuits from customers and clients impacted by the data breach. You may also need to cover expenses related to data restoration and crisis management.
Cyber liability insurance can help you offset these expenses so that your business is able to recover after a data breach.
Cyber insurance policies typically include first-party and third-party coverage. The form covers expenses that your business incurs directly as a result of a data breach, while the latter covers expenses that arise from third-party claims made against your business.
What Does it Cover?
If your business is targeted by cybercriminals, cyber liability insurance can help cover several expenses related to:
- Data restoration
- Crisis management
- Reputation management
- Computer replacement
- Lost income
- Notifying parties affected by the attack
Cyber insurance can help greatly offset costs businesses may incur after a cyber attack. Business owners should review their policies to ensure they understand what expenses are and are not covered.
Who Needs Cyber Insurance?
Cyber insurance is necessary for nearly all modern businesses, as most businesses process transactions electronically and store sensitive customer information.
As cybersecurity threats are becoming increasingly more common, businesses are very susceptible to data breaches, ransomware, and other attacks.
Without cyber insurance, businesses may face significant out-of-pocket expenses in their effort to respond to and recover from a cyber attack. Small businesses, in particular, may not have the cash flow to cover these expenses.
Best Cyber Insurance Companies Plans
There are several reputable providers that offer comprehensive and affordable cyber insurance plans.
Business owners should take their time to compare plans, quotes, and coverage options to ensure they find a plan that meets their unique financial and coverage needs.
To help you find the right plan for your business, here’s a closer look at some of the best cyber insurance plans available.
Coalition provides comprehensive cyber insurance plans that protect businesses against digital risks.
Coalition cyber insurance policies cover up to $15M in financial, tangible, and intangible damage to your business. This includes coverage for stolen funds, computer replacement, lost business income, breach response costs, cyber extortion, and bodily injury.
All Coalition customers get free active monitoring and alerting to help prevent cybersecurity threats before they arise, and Coalition’s in-house expert claims and incident teams respond to incidents as quickly as possible to help your business recover faster.
At KSA Insurance, we are proud to partner with Coalition to offer cyber insurance with a full range of coverage options.
Contact us today to request a quote and we can help you through every step and answer any questions you might have about cyber insurance plans.
AIG offers cyber insurance policies with limits up to $100 million, and business owners can file claims 24/7, helping them respond more quickly to cyber attacks.
AIG offers three cyber insurance plans: CyberEdge, CyberEdge Plus, and CyberEdge PC.
These plans cover expenses related to data restoration, event management, cyber extortion, network interruption, and other costs that may arise.
Policyholders receive additional benefits like detailed threat scoring and analytics, proactive loss prevention tools and services, and a 24/7 claims hotline.
Chubb offers several customizable cyber insurance programs that can accommodate businesses of all sizes, from small businesses to major enterprises.
Chubb’s cyber insurance solutions provide broad liability coverage and first-party cyber protection for errors and omissions (E&O), data security, privacy, media, and intellectual property infringement exposures. The company also provides enterprise risk management solutions, loss mitigation, and incident response services to give businesses comprehensive protection against cybersecurity threats.
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Cyber insurance provides invaluable coverage for businesses and protects them against a variety of cybersecurity threats, from data breaches to ransomware. By comparing your options, you can find the right cyber insurance plan to protect your business and your customers from cybercriminals.
At KSA Insurance, we partner with Coalition to help businesses in South Carolina and across the southeastern United States find affordable and comprehensive cyber insurance solutions.
Contact us today to get a quote and learn more about cyber liability insurance.