Cyber Risk Insurance

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A core part of modern business organization is the technology operations a Company uses to run their business as seamlessly as possible. It is needed for electronic communication, daily management, storage of information data and software programs that are vital to your daily business operation. Unfortunately, the work you do on the internet is out there for the taking.

Cyber Risk Coverage

This type of coverage is not one of many that would be included in your business insurance policy. It is a liability policy/rider that needs to be added to your policy. It needs to adequately cover the cyber risks that may occur with your own technology and another business system owned by one of your clients.

There are a couple of different types of insurance for different types of risks.

First, your business information and technology is compromised; and secondly, any third party liability that you may be held accountable. A few of the important liability exposures:

  • Database and Network Security Breeches – such as a virus or malware, that gets into your main information system and is passed on to your customers or business associates.
  • Technology Failures – If you have any issues that prevent your employee from working all day, this coverage would cover the expense for the time down.
  • Business Interruptions – If you can’t use your system, it is interrupting the daily work flow that needs to be done.
  • Online Fraud – It happens everyday and the only course of action is to be as preventable as you can.
  • Online Reputation Management – Advise clients that your website is verified, safe to use and protected by only the best security systems.
  • Damage and Defense Costs – If you are sued by one of your customers, this coverage will respond to the damage and any legal costs.
  • Cyber-risk insurance is designed to protect your business from all of the exposure risks out there. It can be a complex situation and you should sit down with your agent and confirm the type of insurance you have, and if it is the insurance you require.                            

Insurance Solutions by Industry

These information is extremely important to protect your business. Every business has a different need as far as insurance is concerned. A small breakdown of the types of Insurance that may already be set up together as a Small Business package.

  • Automotive – including auto parts, gas stations, bars, glass and transmission shops, repair garages, service stations
  • Office packages for accounting, beauty salons, medical offices
  • Contractors – plumbing mechanical contractors, janitorial services, or electrical
  • Realty such as commercial buildings, property owners of residential apartments which have been manufactured by others

It’s never too late to speak to a licensed broker to get all the information you need to set up your business. Knowing you are completely protected for business insurance gives you a peace of mind to run a successful organization.

In the business section of, we can draft an appropriate policy that protects your online business.

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