What’s Not Covered by Cyber Liability Insurance?
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Make sure to carefully review your cyber liability insurance policy, preferably with an independent insurance agent, to see which exclusions apply to you. Since cyber liability insurance is so customizable, two policies may not have exactly the same list of exclusions. However, many cyber liability policies don’t cover the following:
Cyber liability insurance won’t protect against claims of bodily injury or property damage. That’s where a general liability insurance policy comes in.
Often, when you purchase a cyber liability policy, you agree to maintain appropriate security measures in order to prevent a cyber incident from happening in the first place. If you fail to maintain these security measures, future claims might get denied. If an employee accidentally clicks on a phony link that causes malware to corrupt the company’s computer systems, the insurance carrier could deny coverage for failure to use preventive measures if the company didn’t have anti-malware software. Your independent insurance agent can review your company's cyber liability policy with you to see if this clause is listed.
Just like any other type of insurance, the cost of your policy will depend on a number of different factors, including the size of your business and its annual gross revenue. However, the smaller and less risky your business is to insure, the lower the cost of your premium will be. This basic formula is pretty standard across all types of insurance coverages out there.
