Commercial Insurance · Product Capability
Cyber Insurance
Cyber insurance helps companies respond and recover from expenses resulting from data breaches, ransomware attacks, IT related business interruption events, and social engineering schemes.
Why This Requires Expertise
A Coverage That Keeps Evolving, and a Broker Who Keeps Up
This type of coverage was initially created to help organizations respond to data breaches but has evolved over time. Many organizations now purchase cyber insurance more for extortion and social engineering coverage.
Cyber policies are typically comprised of first-party and third-party coverages. First-party coverages offer financial protection for losses the organization directly sustains from a cyber related event. Third-party coverages provide financial protection from fines and lawsuits by third parties.
What We Cover
First-Party and Third-Party Cyber Coverages
First-Party Cyber Coverages
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Incident Response Costs
Cost of notifying customers who were affected by a breach or incident including the cost of postage, setting up call center and public relations services, and providing free credit monitoring to affected individuals
Data Recovery Costs
The cost of working with an IT firm to restore or rebuild data and systems that were impacted in an incident
Business Interruption Loss
The reimbursement of net income lost as a result of IT or system outage related to the cyber incident
Cyber Extortion Losses
The cost of negotiating a ransom payment and the cost of the actual ransom payment in an extortion attack
Reputational Damage
The cost of public relations services and campaigns resulting from the incident
Third-Party Cyber Coverages
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Privacy Liability
Covers defense costs and liability from lawsuits resulting from data breaches and other cyber related events affecting third parties
Regulatory Defense Costs
Covers the cost of fines and penalties assessed by state and federal governments for privacy law violations stemming from cyber incidents
Media Liability
Covers defense costs and liability from claims of defamation, libel, slander, associated with publication of electronic and print media. This includes content on a company's website
Not Sure Your Current Coverage Goes Far Enough?
Our Approach
Structured From Market Access, Not a Single Carrier's Menu
We work with a number of insurance carriers who offer cyber insurance. Policies are typically rated on the type of organization (for-profit vs. non-profit, manufacturing vs. e-commerce, etc.) and the annual revenues.
Some traditional property and liability policies will offer a $25,000 or $50,000 limit within an enhancement endorsement. The typical starting limit purchased on a standalone cyber policy is $1,000,000. Some carriers offer a basic policy with $100,000 or $250,000 in coverage. Carriers can typically offer up to $5,000,000 or $10,000,000 on a single policy. If a company needs higher limits of coverage, it is possible to get excess coverage through another carrier.
Technology errors and omissions coverage can typically be offered within a cyber policy if a company needs professional liability for its technology related products and services.
Commercial Insurance ·Artificial Intelligence
Artificial Intelligence Insurance
Specialized coverage for the liability exposures that standard tech policies were never designed to address: algorithmic risk, training data disputes, and AI-generated output claims.
Firm Credentials
The Depth Behind Your Coverage
Speak With an Advisor
Speak with a Trusted Advisor
One straightforward conversation is all it takes to understand where your coverage stands, and where it should be. Protecting Tomorrow Today.
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info@simpson-mccrady.com