Cyber Liability Insurance
Data breaches. Viruses. Cyberattacks. The perils of the digital world grow greater every day. Fortunately, Paychex Insurance Agency can help you find cyber liability insurance coverage to protect your business from the potential financial catastrophe caused by a cybercrime.
What Is Cyber Liability Insurance & How Does It Work?
Cyber liability insurance is a policy that covers financial losses arising from cyber incidents. With the rise of cybercrimes such as phishing, malware, security breaches, network security issues, and computer system breakdowns, cyber coverage insurance is a smart idea for any business that handles sensitive information or conducts business online. Cyber liability insurance can give you peace of mind with a layer of protection to help your business prepare for, promptly respond to, and effectively recover from cyberattacks.
Why Choose Paychex Cyber Liability Insurance
- Liability coverage within 24 hours
- Service agreement with no underwriting required for current Paychex customers
- Online self-service for certificates
- Expert assistance with claims
- 24/7 crisis management
- Access to top cyber security law firms
Cyber Attacks Are on the Rise
- More than 90% of successful cyberattacks start with a phishing email1
- 33% of cyberattacks are due to a negligent employee or contractor2
Cyber Insurance Protects Your Business From Financial Losses
Cyber liability insurance covers lost income when your business is locked down and litigation costs are high. We’ll help you find cyber coverage insurance against a wide range of financial losses associated with online and ransomware attacks, as well as telecommunications theft and social engineering fraud.
Who Needs Cyber Liability Insurance?
Any business that handles sensitive data needs cyber liability insurance — small businesses, startups, and enterprises. This insurance can help protect businesses that handle sensitive information, or “personally identifiable information” (PII), including full names, dates of birth, email addresses, Social Security numbers, credit card numbers, and bank account numbers.
What Does Paychex Cyber Liability Insurance Cover?
Take the necessary steps to protect the data stored and used by your business, as well as preserve your customers’ trust. That means knowing exactly what cyber insurance covers. Depending on the policy you choose, cyber liability coverage generally includes:
- Coverage for stolen or lost devices (mobile phones, laptops, tablets)
- Protection if you’re a victim of hacking and viruses
- Liability for slanderous blog content
- Data corruption and/or E-theft
- Crisis management (public relations assistance, brand-rebuilding efforts)
The Security of Uninterrupted Business
Both cyber security and insurance are critical aspects of running a business. A cyber liability policy protects you beyond the basics of general liability insurance, which doesn’t protect against cyberattacks or data breaches. It also generally covers legal fees stemming from civil suits, the cost of regulatory fines and penalties, and mandatory forensic examinations.
Security Updates To Stay Compliant
Get help re-certifying your compliance with Payment Card Industry (PCI) security standards.
Customer Notifications
We can help you create a communications plan to inform and calm your customers after a data breach.
Protecting Your Reputation
Our crisis management and public relations experts can help you maintain your business reputation, plus receive credit monitoring to give your customers peace of mind.
One Place for All Your Insurance Solutions
As a top 100 insurance agency*, we’re your single stop for property and casualty, health and benefits, and benefits administration. Find out more about what Paychex Insurance Agency can offer you, your business, and your employees.
Business Insurance To Meet Your Needs
Paychex Insurance Agency offers a wide range of business insurance policies to help protect your business and employees from costly claims and losses.
Errors and Omissions
Protect against actionable mistakes by employees or contractors.
Cyber Liability Insurance FAQ
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Is Cyber Security Insurance Necessary?
Is Cyber Security Insurance Necessary?
With cyberattacks, ransomware, and data breaches becoming increasingly common for businesses of all sizes across the U.S., insurance for cyber security is more important than ever. So while it’s not mandatory, it’s a smart idea to protect your business, employees, and customers.
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How Much Cyber Liability Insurance Do I Need?
How Much Cyber Liability Insurance Do I Need?
To determine the right cyber insurance policy, you need a good idea of the value of your customers’ personal information, and the time and cost it would take to recover from a cyber breach. Your data infrastructure, internal cybersecurity resources, and public relations capabilities also play a role in determining your coverage.
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How Much Does Cyber Liability Insurance Cost?
How Much Does Cyber Liability Insurance Cost?
The cost of a cyber liability insurance policy depends on different underwriting factors based on your potential risk. Ultimately cyber insurance costs will largely depend on the type business, its annual revenue, and the level of coverage desired. Fortunately, these policies are flexible and can be customized to meet the specific needs of your business.
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Is Cyber Insurance Worth the Cost?
Is Cyber Insurance Worth the Cost?
With cyberattacks on the rise, and with small businesses particularly vulnerable, protecting your business with cyber security insurance coverage is a good idea and often money well spent. Consider the immediate significant financial impact of a data breach, or the incalculable value of your customers’ trust as you handle their sensitive data. There’s simply too much at stake if your business conducts business online or handles PII of any kind.
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What Is Not Covered Under Cyber Insurance?
What Is Not Covered Under Cyber Insurance?
Examples of what is not covered by cyber insurance coverage include:
- The loss of or damage to property (physical assets covered by property insurance)
- Robbery or theft (covered by a commercial crime policy)
- Bodily injuries (covered by general liability insurance)
- Other expenses beyond the coverage limits of the policy