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Cyber Insurance
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.
- Proactive response and research costs
- Data restoration
- Reputational repair costs
- Virus corruption and loss of data
- Various third-party liability costs
- Network or business interruption
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.
How our customers rate us
First-class service. My requirements were clearly understood and matched to the relevant policy
Cyber Insurance in detail
Cyber insurance covers your own costs as well as associated third-party costs, including:
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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.
Read our case study on a high-profile cyber claim:
Most commercial insurance policies will exclude cyber insurance. If you handle customer data you should seriously consider obtaining cyber liability as a standalone insurance.
FAQs
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You can choose whether to take 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.
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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.
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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.
Get in touch
Andrea Clarke
Account Handler
Andrea started her career at Pearl Assurance, initially dealing with Personal Lines before moving to Commercial Insurance. After several years, she took a break from…
Richard Sayer
Account Executive
Richard has more than 25 years industry experience after working for a variety of insurance brokers and insurers in the region. He gained valuable insight…
Sam Brown
Account Executive
Sam started his insurance career at Norwich Union (now Aviva) within the Motor Claims department. After moving around Aviva and holding a number of positions,…
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