Cyber Liability Insurance

You don’t need to be a computer genius to see that cyber attacks are increasing. Anyone who pays attention to the news has heard about the numerous high-profile hacks that have compromised the personal data of millions of American consumers, leaving them vulnerable to identity theft, mortgage fraud, and other cybercrimes.

According to the most recent Internet Security Threat Report by Symantec, data breaches exposed over 552 million identities last year.

Protect Your Business

A critical component of combating the risks posed by cybercrime and unintentional data breaches is purchasing a cyber liability insurance policy with ComTech-Leavitt Ins. Services. Cyber liability coverage isn’t new, but the need for it is increasing as cybercrime rates rise.

Many business owners don’t realize that cyber insurance often needs to be purchased as its own policy. As you begin looking into this crucial insurance for your company, it’s important to note that pricing and coverage will depend largely on the details of your business, data, security measures, and online presence.

Cyber Liability

ComTech-Leavitt Ins. Services works with technology companies at all stages, and our practice leaders understand the intricate, emerging products and exposures tech firms face. As a critical partner for technology clients, we provide solutions for a wide range of risks, including specific needs such as professional liability and exposure to business interruption resulting from international manufacturing operations.

A cyber liability insurance policy generally covers the following:

Coverage for actual costs associated with a data breach is classified under Breach Response and Remediation Expenses and includes forensics, crisis management legal expenses to determine legal duties and notification laws, etc.

Liability for security/privacy breaches protects against lawsuits and other actions resulting from the exposure of confidential customer information.

Asset recovery and restoration covers the costs to restore, update, and/or replace hardware, software, or data assets damaged as a result of cybercrime or an unintentional loss or release of data.

Business interruption costs provides coverage if you suffer a loss of revenue or an extra expense due to a system interruption or outage caused by a breach.

Reputation loss expense covers your business’s lost income due to adverse communication specifically arising from an actual or alleged breach that threatens or negatively harms the insured's reputation.

Some policies also cover additional items, such as cyber extortion, cyber terrorism, and the cost of regulatory penalties or sanctions that may result from a breach of data.

If you think your existing business liability policy will protect your company in the event of a data breach, you’ll want to think again. Many business policies specifically exclude this type of risk because of the extreme variability between different companies’ risks and assets.

If you’re not sure whether you’re covered, schedule an appointment to talk to your cyber insurance advisor at ComTech-Leavitt Ins. Services. It’s vital you are protected in the likely case of your company suffering a data breach.

Frequently Asked Questions

• Do truckers need general liability insurance? 

  General liability insurance is different from trucking liability insurance. They sound similar but cover very different things. You don't need it like you need trucking insurance, but it's still very beneficial coverage to have.  With general liability insurance, you cover things associated with business, not trucking or transportation themselves. A couple of these coverages include: 

  • Bodily injury and property damage that occurs due to a covered incident. 
  • Personal or advertising injury. 
• What does trucking insurance cover? 

  Every trucking insurance policy is a little different from the rest based on your or your company's needs. That said, there are several common coverages you can include when building your trucking liability insurance policy.

• How much does trucking insurance cost? 

  Your commercial trucking insurance premium can vary a lot from someone else's, even if you're in similar situations or have similar policies. Some factors that affect premiums include:

  • The type(s) of vehicles you're insuring.
  • How far vehicles are traveling per year.
  • Types of cargo. Drivers' driving records.
  • The location of your center of operations.
  • Standard operating radius.
  • How you store the vehicle(s).
  • Amount of coverage you opt for.

  As commercial trucking insurance professionals, we strive to know you and your worries. We spend time listening and learning to serve you better and help you find solutions. You've worked hard to build and promote your trucking operation. The next step is to protect it. We'll assess your risks and help you tailor an insurance policy. We'd love to chat with you. Contact ComTech-Leavitt Ins. Services today!

• Not sure which of these coverages is right for your construction firm?

  Our staff provides accurate and timely delivery of certificates of insurance. We also provide assistance and reviews of certificates and risk transfers. With our understanding of the design and administration of wrap-ups, we can help contractors navigate the construction defect litigation landscape. Our tailored risk management solutions enable contractors to respond to market fluctuations and better predict future costs.

• Who needs construction insurance?

  If you're in a construction business you should always have commercial insurance. Many businesses are required by their clients to carry specific coverages before they can work for them. Businesses involved in construction work often specialize in trades like:

  • Excavation
  • Home Improvement
  • Land Clearing
  • Remodeling
  • Home Building
  • Asphalt Laying
  • Welding
  • Fence & Deck Building
  • Concrete Laying
  • Stone & Granite Work
  • Roofing