Cyber Liability Insurance in Mason, OH
Commercial insurance packages are typically composed of several types of policies, each playing a potentially critical role in addressing certain risks and exposures. In the digital era, many businesses’ coverage needs have expanded and changed, necessitating cyber commercial insurance. At Etler-Kettenacker Agency, we can help your organization understand this type of coverage and procure a suitable policy.
What is Cyber Commercial Insurance?
Also known as cyber insurance and cyber liability insurance, these policies can cast a versatile and essential financial safety net across many risks and exposures now common across various industries. As digital solutions and technological advancements have taken root in workplaces throughout many sectors, this type of insurance has become paramount for addressing possible losses arising from data breaches and cyber threats.
What can My Policy Cover?
Cyber commercial insurance may offer financial aid in response to many types of cyber incidents, including those perpetrated by cybercriminals. Specifically, you might be able to file a claim in response to the following:
- Phishing scams
- Malware infections
- Cyberextortion
- Distributed denial-of-service attacks
In response to a covered cyber incident, approved claims could garner your business payouts that might help with the following losses and expenses:
- Business interruption losses, such as reduced revenue due to delays and network shutdowns
- Breach notification costs, such as for letting affected parties know their sensitive information may have been compromised
- Hiring outside help, such as digital forensics investigators and public relations firms
- Ransomware payments, such as those demanded by cyberextortion perpetrators
- Legal costs, such as for attorneys, settlements and judgments if your business is sued by affected parties
How are Rates Determined?
Cyber insurance companies must assess your business’s risk levels when determining your premiums. This may involve analysis of the following:
- Industry
- Number of employees
- Existing cybersecurity controls
- Amount of data you work with
- Types of data you work with (e.g., health records and banking information)
- Claims history
Learn More
Contact Etler-Kettenacker Agency today to learn more about cyber commercial insurance or compare personalized quotes for your business.