Cyber Insurance from Massachusetts Specialists

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Roger Keith & Sons

What is Cyber Insurance?

The internet gives businesses today access to resources and efficiencies that previously were unimaginable, but it also brings risks that businesses haven’t had to face in the past. Cyber insurance helps protect Massachusetts businesses from many of the newfound risks that come with conducting commerce online.

Within the insurance industry, cyber insurance is still a fairly new coverage. There’s still a significant amount of variance between policies’ coverages, and it’s particularly important to read any policy’s terms, conditions and exclusions carefully. Businesses that need help with this should contact an insurance agent who specializes in cyber coverage, as such an agent will both be able to explain the protections offered by a particular policy and compare them with what’s commonly available through other cyber policies.

What Expenses Do Cyber Liability Policies Cover?

When a business suffers from a covered incident, a cyber liability policy may cover multiple expenses related to the incident. Depending on terms and conditions, the policy may:

  • Provide compensation for revenue losses incurred when operations slowed or stopped
  • Provide compensation for revenue losses incurred as a result of a tarnished reputation
  • Pay reparations to clients, customers and others who suffered losses during the incident
  • Pay for credit monitoring of any clients or customers who had personal data compromised
  • Cover the cost of identifying and fixing the vulnerability that led to the incident
Cyber Insurance Massachusetts

What Businesses in Massachusetts Need Cyber Liability Insurance?

Because the internet is so essential to basic commerce today, the vast majority of businesses in Massachusetts should consider getting cyber liability insurance. Without it, businesses may be dangerously exposed to risks like a data breach or online attack.

The following is just a sampling of businesses that might need coverage:

  • Medical offices that send, receive and store patient files using EHR programs
  • Law offices that send, receive, sign and store documents electronically
  • Financial offices that execute and record transactions electronically
  • Ecommerce retailers that process customers’ credit card numbers
  • Businesses that store data in the cloud

In addition to for-profit businesses, government and nonprofit organizations likewise may need cyber coverage. They often face many of the same online risks that businesses are exposed to.

Cyber Insurance Massachusetts

What Coverages Do Cyber Liability Insurance Policies Offer?

As mentioned, cyber liability insurance policies don’t always offer the same combination of coverages. While recognizing that coverages can and do vary, there are several coverages that many policies make available. Some of the more commonly offered ones include:

  • Network Security Liability Coverage, which might cover online hacking attempts and similar attacks
  • Extortion Liability Coverage, which might cover online extortion attempts that lock up files
  • Privacy Liability Coverage, which might cover data breaches where there is no criminal activity
  • Media Liability Coverage, which might cover trademark infringement, copyright infringement and similar claims related to online activity

Media liability coverage, in particular, varies a lot and isn’t always offered. It also may be unnecessary if a business has comparable protection through another insurance policy (such as a general liability insurance policy). Sorting through nuances like these is when a specialized insurance agent’s expertise is especially helpful.

Roger Keith & Sons Insurance

How Can Massachusetts Businesses Get Cyber Insurance?

For help finding cyber insurance that’ll give your business good protection against online risks, contact the independent insurance agents at Roger Keith & Sons Insurance Agency. Our independent agents have helped many businesses in the state find policies that suit their needs, and our team has the expertise needed to help you select the right policy for your business. Since they can show you policies from multiple insurance companies, you can be confident in whatever policy you ultimately select.

Roger Keith & Sons

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