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Home » Business » Commercial Insurance » 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

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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.

How our customers rate us

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

Mr Osborne - Commercial Liability Insurance

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 &/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 & 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.

FAQs

  • 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

  • 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.

  • 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.

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Richard Sayer
Richard Sayer

Account Executive - Commercial Clients

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…

Peter McGuinness
Peter McGuinness

Business Insurance Adviser

Peter moved to Norwich from Maidstone in 2003 to study Philosophy & English Literature at the UEA and fell in love with the city. He…

James Monkhouse
James Monkhouse

Account Executive - Commercial Clients

James has worked within insurance broking since 1999. He has worked for a variety of intermediaries, developing his skills, before joining Alan Boswell Group in…