Cyber insurance application

Also known as cybersecurity insurance, cyber insurance protects your small business from threats such as data breaches, malware, and ransomware attacks. It also covers incidents that are not malicious, such as an employee mistakenly sending sensitive information to the wrong party.

Cyber insurance is an important policy for any small business owner to have these days, particularly if they collect and store any customer data. That’s because cybercrime is on the rise, and digging out after a hack can be expensive, especially when you include costs for data breach notifications—which are mandated by law in most states.

Cyber insurance comes in two forms: first-party liability and third-party liability. First-party cyber liability insurance covers costs related to an attack that directly impacts your business. Third-party cyber liability insurance is designed for businesses that are responsible for other companies’ digital data. In the case of a security breach, third-party coverage would pay for legal expenses if the client sued you.

To apply for cyber insurance, you will need to gather some information that relates to your company and its data security. In many cases, this includes the following:

• Owners’ names
• Business address
• Business phone number
• Website
• Business structure (i.e., sole proprietorship, LLC, S corporation)
• Any subsidiaries
• Date business began under current ownership
• Number of employees
• Compliance with relevant industry standards and regulations, such as PCI DSS, HIPAA, and GDPR

• Assets
• Global and domestic revenue for prior year(s) and the current projected year

• Hardware, software, and network devices

Detail any losses or cyber incidents that resulted in claims made.

This is broken down by specific types of coverage, such as business interruption, crisis management, media liability, and cyber extortion. You’ll be asked to provide requested limits and deductibles for each.

Just like with any other policy, an insurance company wants to know what kind of risk you pose. The lower your chances are of becoming a victim of cybercrime, the more likely they are to insure you, and the lower your premium will be.

With that in mind, it’s important to be proactive in protecting yourself against digital threats. In fact, some insurers have particular cybersecurity requirements in their underwriting policies.

Here are some things you can do to set yourself up for cyber insurance approval:

• Put strong security controls in place, such as anti-virus software and firewalls
• Require multi-factor authentication for company logins
• Develop an incident response plan
• Regularly analyze network security
• Encrypt sensitive data
• Conduct security training programs to educate employees on vulnerabilities like phishing

For more ideas, explore a comprehensive list of risk management controls you can put in place to lower your cyber insurance costs.

Not all cyber insurance policies are created equal, and some insurance providers are better than others. It’s important to know what each policy covers to get the right protection for your unique business needs.

With that in mind, you should look carefully at what is included and excluded in each quote. Also pay attention to limits, because that can greatly affect how much you will be responsible for in the event of a cyber event.

If you’re a tech company, you will most likely need to invest in first-person and third-person coverage. You can often bundle your errors and omissions insurance with third-party cyber liability coverage in a policy called tech E&O. This bundle is usually cheaper than purchasing standalone policies.

After you submit your application, you will receive the following documents:

Insurance quotes: This non-binding estimate shows how much your premium will be and what coverage the policy includes, such as the types of coverage, limits, and endorsements.

Insurance policy: Once you sign the agreement and pay the premium, you will receive the formal policy, which details every aspect of the policy in a document.

Certificate of insurance: This summary document gives key details about your coverage like policy period and policyholder. It can be provided to clients or other third parties that require proof of insurance.

Protection against hackers and data breaches is just a few clicks away. Simply fill out our online application and we’ll get the process started. If you have questions about coverage, you can ask our licensed insurance agents, who can help you determine the right types of coverage for your needs.

You’ll receive quotes from top-rated insurance providers and once you choose a plan, your coverage can typically begin the same day. You’ll also have access to our client portal, where you can download a certificate of insurance immediately.