Capital Insurance Group: Cyber Coverage An Integral Component of Risk Management

Large corporations making headline news are not the only ones vulnerable to data breaches. A recent insurance study shows that four out of 10 midsized businesses have experienced a breach in the past three years with many firms increasingly viewing cyber as a major risk. Small businesses are also exposed to data breaches: According to the National Small Business Association, 44% of respondents to a survey last year had been victims of at least one cyber attack. Moreover, data breaches affect all industry segments – from healthcare to technology, food, real estate, retail, etc. Exposures exist not only from attacks on a firm’s own IT systems but also from those involving a supplier or vendor.

Capital Insurance Group offers cyber liability insurance coverage tailored to your business operation and the industry in which you serve. Policies and coverage sub-limits vary widely from one insurance company. Therefore, it’s important to work with professionals experienced in this area. With us as your partner, you’ll get the opportunity to design a policy that provides the protection you need should you experience a breach.

Coverage for Your Exposures

It’s important to realize that a standard commercial general liability policy does not provide coverage for cyber risks. Let us show you how we can put together a cyber insurance program for you to help pay for the significant expenses involved in a breach. A cyber liability insurance policy can be customized to include:

  • Data breach/privacy crisis management coverage. Provides reimbursements based on the limits purchased for expenses related to management of an incident, investigation/ forensics, remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
  • Multimedia/media liability coverage. Third-party damages coverage can include specific defacement of website and intellectual property rights infringement.
  • Extortion liability coverage. Losses due to a threat of extortion and professional fees related to dealing with the extortion.
  • Network privacy liability. Covers lawsuits against you based on allegations of failure to properly protect sensitive data stored on your computer system that belongs to customers, clients and other parties. Some policies cover liability arising from the release of private data (such as social security numbers) belonging to your employees.
  • Network security liability. Covers third-party damages as a result of denial of network access, and costs related to data on third-party suppliers as well as theft of data on third-party systems.

Coverage can be designed to cover loss of income and extra expenses incurred to avoid or minimize a shutdown of the business after your computer system fails due to one of the covered causes under the cyber policy.

We’re your trusted partner.

Our 35-year history of providing superior services and professionalism has established us as a leading agency in Southeast Michigan. Our “Crain’s Detroit Business” listing of “top agencies” is testimony to our commitment to you. We also give back to the communities we serve, contributing 1% of our revenue to a number of local charities. Capital Insurance Group has the experience, expertise and passion to help protect you against the exposures you face individually and professionally. We provide a broad portfolio of personal, business, and employee benefits solutions and would like the opportunity to show you how we can make difference in the way you see insurance. Give us a call at (248) 333-2500 to discuss your specific needs.