Frequently Asked Questions

These are the questions most businesses have about our policy
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What is Cyber Liability?

Cyber liability insurance can be broken down into two categories: first party and third party liability. First party liabilities are the costs incurred directly by the firm. This includes costs for communicating with affected customers, providing credit monitoring, PR and reputation management campaigns, and other internal costs. Third party liability refers to your legal obligations to someone outside your company. This includes lawyer fees, settlements and mediation expenses, judgements as a result of a cyber event, and any other legal costs.

What is Cyber Insurance?

Cyber insurance exists to protect companies from cyber risk. Various types of coverage guard against various types of risk. We have analyzed the risk of small business and developed our policy to meet your risks. Our policy is made up of 7 core coverages:

  • Network Security and Privacy Liability
  • Multimedia Liability
  • Incident Response Expense
  • Business Interruption Loss and Extra Expense
  • Data Restoration Expense
  • Cyber Theft and Social Engineering Loss
  • Cyber Extortion and Ransomware Expense

In addition to the above core coverages, we also have a wide variety of optional coverages available by endorsement. These coverages range from contingent business interruption loss coverage to lost income from reputational harm.

Who needs cyber liability insurance?
If your business uses technology then you need a cyber insurance policy. The need for standalone cyber insurance has been growing exponentially for the past 25 years. Unfortunately in today’s day and age cybercrime is a multi-trillion dollar industry. Small businesses can no longer afford not to have cyber coverage. The cost of incidents are growing every year along with the frequency of them occurring. Our standalone cyber insurance policy will help better prepare you any cyber-related event you might have. With cheap rates and unobtrusive applications, we are offering one of the best solutions on the market.
How do I make changes to my existing policy?
In order to make changes to your existing policy, you must contact your agent directly. Your agent will then go through the proper channels to make sure changes are considered and we will assess if any additional premium is necessary.
Besides claims, what should I report to you?

It is important that we keep a dialogue between our insureds, so we can stay up to date with the changes going in your business or organization. Please report any of the below items:

  • Mergers and acquisitions
  • Anything you believe could give rise to a claim
  • If you want to invoke the Optional Extended Reporting Period
  • Name or address changes
Isn’t this already covered under my current business insurance?

In many cases, the answer is no. Sometimes privacy and data breach claims might be covered by some Commercial Crime, General Liability, Professional Liabilities E&O, and D&O policies. However, these policies often lack the cyber specific mitigation procedures found in standalone cyber plans. Our team of experts have specific areas of expertise, crucial in mitigating claims specific to cyber.

Does your policy cover work from home exposures?
Yes. In today’s unprecedented climate it is important for you to be covered while working from home. Here at Cyber Admitted our policies don’t discriminate based on where you are working from.
What is the Extended Interruption Period?
The Extended Interruption Period is the period of time after the restoration period ends until you are able to restore your business to normal. We will reimburse you for lost net, pre-tax profit until the end of the period, up to 365 days.
Does your policy cover the insured’s data held by a third party contractor?
Yes, we understand that most companies are outsourcing much of their IT and using cloud-based applications. Our policy does provide coverage for data held by third parties.