Do I need cyber insurance if I have antivirus and data encryption?

You can choose whether to take out cyber insurance or not; it is not compulsory. However, investing in security software will not make you impenetrable to cyber crime. It is always advisable to invest in quality cyber insurance to give you peace of mind. The financial losses incurred from a data breach could be catastrophic.

Does my business insurance cover cyber liability?

Business insurance is a term used to describe a range of business liability products, such as public liability and professional indemnity insurance. None of these products cover cyber risks; you must have cyber liability insurance if you want to be protected from cyber risks.

What cyber insurance does my business need?

This will be determined by the size of the business and the level of business undertaken online. We’ll take the time to get to know your business needs and the risks you face and recommend insurance products to meet those needs. Your cyber liability will determine the level of cyber insurance recommended.

Cyber Insurance | Alan Boswell Group

Name: Cyber Insurance
Brand: Alan Boswell Group
Rating: 4.8 (11503 reviews)

Cyber Insurance

Essential cover for businesses, offering protection against financial losses and liabilities resulting from cyber attacks, data breaches, and other online threats.

Proactive response and research costs

Data restoration

Reputational repair costs

It is likely that, no matter what your business, you are reliant upon technology in some way or other. Whether you use it to store customer records, make online sales, or issue electronic documentation, it is likely to be a vital part of your organisation. If that technology fails, your business could be exposed to a gap in productivity, damage to your reputation, or even a fine.

With businesses increasingly likely to experience interruption to their business from a cyber-attack, it is more important than ever to make sure you are fully protected.

The Alan Boswell Group Difference

In insurance terms, cyber insurance is a relatively new product, but we work with market leaders in this field to find the right cover. Working in conjunction with our insurance company partners, we take the time to understand your business and your cyber risks and provide appropriate advice and guidance on protecting against this.

As an insurance broker we have access to a wide range of products, so we can provide you with the best solution for your business. Add to this service our outstanding in-house claims team and risk management solutions, and you have your ideal insurance partner.

Advisers for Cyber insurance at Alan Boswell Group

How our customers rate us

First-class service. My requirements were clearly understood and matched to the relevant policy.

Mr Osborne - Commercial Liability Insurance

4.8/5 11503 reviews

Cyber insurance in detail

Cyber insurance covers your own costs as well as associated third-party costs, including:

Network or business interruption

Loss of income and/or increased costs of working following downtime.

Data and software loss

Costs to reconstitute data that is corrupted or deleted.

Breach expenses

Investigation and notification costs.

Liability

Damages and defence costs for losing third-party data, infringement, and virus transmission.

Reputational damage

Crisis management and PR expenses.

Cyber crime

Extortion and fraud via your computer systems.

Most commercial insurance policies will exclude cyber insurance. If you handle customer data you should seriously consider obtaining cyber liability as a standalone insurance.