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Cyber Liability

Cyber liability insurance covers financial losses that result from data breaches and other cyber events. Most cyber polices include both first-party and third-party coverages.

First Party Coverages

Here are the types of first-party coverages you are likely to find in a cyber liability policy. These coverages may be subject to a deductible

Loss or Damage to Electronic Data

Covers the cost to replace or restore electronic data or programs damaged, destroyed or stolen in a data breach, whether the data belongs to your firm or someone else. Losses must result from a covered peril such as a hacker attack, a virus, or a denial of service attack. Policies may also cover the cost of hiring experts or consultants to help preserve or reconstruct data.

Loss of Income and Extra Expenses

Loss of Income and Extra Expenses – Covers income losses you suffer and extra expenses you incur to avoid or minimize a shutdown of your business after your computer system fails due a covered peril. Some policies, including the Hartford and Travelers policies cited above, cover dependent income losses. These are income losses you sustain when your network provider’s system has been breached.

Cyber Extortion

Cyber Extortion – Applies when a hacker breaks into your computer system and threatens to commit a nefarious act like damaging your data, introducing a virus, initiating a denial of service attack, or releasing confidential data unless you pay a specified sum. Coverage typically extends to any extortion payment you make and expenses you incur in responding to the demand.

Notification Costs

Notification Costs – Covers the cost of notifying parties (voluntarily or as required by law) affected by a data breach. May also cover the cost of providing credit monitoring services and establishing a call center.

Damage to Your Reputation

Damage to Your Reputation – Some policies cover costs you incur for marketing and public relations to protect your company’s reputation following a data breach. This coverage may be called Crisis Management.

Third-Party Liability Coverages

The liability coverages afforded by a cyber policy are usually claims-made. Coverage typically applies to damages or settlements that result from covered claims as well as the cost of your defense. Note that defense costs may reduce the limit of insurance.

A cyber liability policy may include a retention, an amount you must pay before the insurer will make a payment.

Network Security and Privacy Liability – Covers claims against your firm for negligent acts, errors or omissions that result in a denial of service attack, unauthorized access, introduction of a virus, or other security breach of your computer system. Also covers claims alleging you failed to properly protect sensitive data stored on your computer system. The data may belong to customers, clients, employees or other parties.

Electronic Media Liability – Electronic media liability insurance covers lawsuits against you for acts like libel, slander, defamation, copyright infringement, invasion of privacy or domain name infringement. Generally, these acts are covered only if they result from your publication of electronic data on the Internet.

Regulatory Proceedings – Covers fines or penalties imposed on your firm by regulatory agencies that oversee data breach laws. Also covers the cost of hiring an attorney to assist in your response to a regulatory proceeding.

We have the expertise to help tailor a Cyber Liability policy for your business that will protect you in the event there is a data breach to your computer networks/systems.

Directors and Officers (D&O) Liability Insurance

Directors & Officers (D&O) Liability Insurance– All organizations- public, private and non-profit entities can be vulnerable to D&O claims. There is the potential for lawsuits from vendors, customers, employees, and government regulators.

 

A business can suffer a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. Such coverage normally extends to defense costs arising out of criminal and regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously. Intentional illegal acts, however, are typically not covered under D&O policies.

Employment Practices Liability Insurance

Employment practices liability is an area of the United States labor law that deals with wrongful termination, sexual harassment, discrimination, invasion of privacy, false imprisonment, breach of contract, emotional distress and wage and hour law violations.

Employment Practices Liability insurance protects organizations against employee suits for rights protected under the acts outlined above. If you think an employment practices claim will
never be made against your organization, think again. 

Employment related claims impact organizations of every size, in every industry and can disrupt business, hurt employee morale and damage reputations.

Retaliation– The plaintiff alleged she had her employment terminated because she testified on behalf of another co-worker who brought a separate action against the company. Plaintiff asserted cause of action for wrongful termination, breach of contract and retaliation. Total defense and settlement exceeded $120,000.

Sexual Harassment– A female employee working for a service company alleged that several employees made inappropriate sexual comments towards her, including suggestions that she was having a sexual relationship with another employee. Total defense and settlement exceeded $550,000.

Liquor Liability Coverage

If your business manufactures, sells, serves or facilitates the use or purchase of alcohol, your business will likely need liquor liability coverage.  Liquor liability coverage protects your business against bodily injury or property damage claims. The standard general liability policy does not cover liquor liability claims.  The coverage can be endorsed on the general liability policy but most likely we will recommend that you purchase a stand-alone liquor liability policy.  

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Pollution Liability Coverage

Almost every business has some exposure to a pollution liability loss.  Property owners, industrial, manufacturing and agricultural are just a few types of industry that could suffer a loss that causes damage to the environment.  These policies cover sudden and accidental first-party and third-party claims.

Pollution policies are rated on the type of pollutant, quantity of pollutant and type of containment system in place to prevent a pollution event from occurring.  The standard general liability policy does not cover pollution liability claims.  We recommend that you purchase a stand-alone pollution policy.

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