Protect your data and assets no matter where they happen to be.
Each of our coverages includes protection from acts of cyber terrorism.
Coverage for all of your IoT devices is included by default.
Coverage for all of your social media accounts is included by default.
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We will pay for legal, forensic or IT fees to mitigate an incident or claim, subject to prior approval. Our security team is also available to work with you to mitigate an incident or claim at any time.
Cyber insurance (a.k.a. Cyber Liability, Internet Liability, Electronic Media Liability, and Network Security & Information Liability insurance, among other countless monikers) helps companies weather the storm from many technology-based risks that might befall them, including risks associated with a company's information technology infrastructure and activities such as a systems failure event, cyber attack, or data breach.
Cyber insurance also provides coverage for privacy liability events (that is to say, the loss of protected, private information irrespective of whether it is through a hack or simply a misplaced laptop, USB stick, or even file cabinet), as well as for media liability events (for example, if you are accused of defamation, infringement, or other wrongful acts with respects to your website or other electronic media).
Of course, in this day in age, information technology is more likely than not at the center of every business activity. Not to mention, almost every business has an online presence whether that be a website, mobile app, or Facebook page.
This is why we recommend that every business, in every industry, and of every size add cyber insurance to their insurance portfolio.
What does cyber insurance cover?
Coverage provided by cyber insurance policies often include 1st party coverage against losses such as data destruction, extortion, and theft, as well as hacking, ransomware, denial of service attacks, or even systems failure events that cause business interruption losses.
They also frequently include 3rd party liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions in your technology, failure to safeguard data, and multimedia wrongful acts such as defamation, as well as regulatory fines & penalties
Other policy benefits can include coverage for costs related to post-incident breach response and public relations services and the extra expenses to restore the normal operations of your business, among others.
In summary, cyber insurance is designed to cover many forms of loss and liability you could be exposed to in your business' everyday use of technology.
What does cyber insurance not cover?
In general, most cyber policies do not cover intangible damage that you might suffer following a cyber incident. These intangibles are things like:
In addition, all cyber insurance policies include a variety of exclusions to coverage. For example, many cyber insurance policies exclude coverage for property damage, bodily injury, and pollution losses or liability that might result from a physical cyber attack. This probably isn’t a big deal for a lawyer or eCommerce firm, but is of greater concern to an airline, utility, or manufacturer. (Not to worry though, Coalition offers coverage by endorsement for all three of property damage, bodily injury, and pollution).
What does Coalition cover?
We found existing cyber insurance policies lacking, so we created our own. We are proud to offer what, we believe, is the most comprehensive cover for technology risks of all forms.
Whether you buy insurance from us, or any other insurance carrier, we highly recommend that you work with an experienced broker who can help you understand the nuances between policies, and carefully review policy details and coverages. All policies are not created equally.
Almost no time whatsoever! In most cases your broker can generate a quote in less than 4 minutes. Once you are ready to proceed, your broker can go online and bind coverage (i.e., start coverage) immediately.
Once coverage is bound, you will be asked to electronically sign the online insurance application submitted by your broker during the quotation process. Once this application is signed (and subject to timely payment of the premium amount owed), your insurance policy will be issued and made available to you and your broker in our online dashboard. That’s it, you’re covered!
Do note that, in some cases, requests for quotation may require additional underwriting review. During this review we may request additional information from you in order to process your quote. To the extent possible, it is our aim to provide quotations to qualifying applicants within 48 hours (subject to the availability of any additional information requested).
In addition to the company and any majority-owned subsidiaries, our policy covers senior executives and employees as long as their actions are in the normal scope of a company's business operations.