You need cyber liability coverage if you could be responsible for or sustain a business loss due to the unintended spreading of malware or a deliberate act that prevents others from gaining access to your computer system through the Internet.
Business Insurance Knowledge Center
Cyber Insurance FAQs
What cyber exposures does my business even have?
Collecting and storing customers private information (social security numbers, health records)
Website and social media
Point of sale systems (credit cards, bank account numbers)
Will my business owner’s policy (BOP) or general liability policy cover me for cyber incidents
General liability or a BOP policy covers bodily injury and physical damage resulting from your businesses products, services, or operations. Cyber is often excluded on these policies.
What does cyber insurance cover
Business losses due to unintended spreading of malware or deliberate act that prevents others from accessing your computer system (Hacking)
Data and system restoration expenses
Data breaches and defense expenses
Replacement or restoration of electronic data
3rd party liability claims
Identity theft coverage and cost of repairing personal identities
Why do I need cyber insurance
In today’s digital world, businesses rely on technology more than ever. That reliance comes increased exposure to cyber threats. Cyber insurance provides a safety net for your business if there are any incidents. Did you know that 55% of small businesses have experienced some kind of data breach?
What type of businesses need to have a cyber insurance policy?
Contractors, trucking companies, Offices, manufacturers, retail stores, wholesalers and distributors, services businesses, restaurants, auto repair shops, landlord and rental properties.
How much does a cyber insurance policy cost?
There are many factors that can play a part in the cost of a cyber insurance policy including the type of policy and the risk your business may face.
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If you’re looking for reliable business insurance in Iowa or a local insurance agency that understands the unique risks your business faces, State Bank & Insurance is here to help.
Contact us today to request a customized business insurance quote and speak with a local agent about protecting your employees, property, and operations.
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