Cyber Liability Insurance

Navigating the Digital Minefield

Understanding Commercial Cyber Liability Insurance

In today's digital age, businesses of all sizes are increasingly vulnerable to cyberattacks. Hackers can steal sensitive data, disrupt operations, and damage your reputation. Commercial Cyber Liability Insurance provides a comprehensive safety net, helping you navigate the financial and legal consequences of these unforeseen events.

What Does the Product Cover?

Data Breach Costs

Covers the expenses of notifying affected individuals, legal fees, credit monitoring, and forensic investigations following a data breach.

Network Security Breach

Helps you recover from cyberattacks that disrupt your IT systems, including ransomware attacks, denial-of-service attacks, and malware infections. This includes costs for data restoration, network security repairs, and lost business income.

Cyber Extortion

Provides cover for legal and investigative costs, along with potential ransom payments, if your business is threatened by hackers demanding money.

Regulatory Fines and Penalties

Helps cover potential fines and penalties imposed by regulatory bodies due to non-compliance with data privacy regulations following a cyber incident.

Why you need a
MBFS Commercial Insurance Broker

01

Deep understanding of your business

Our brokers dive deep into your operations, identifying potential risks and tailor cover to your specific needs. They act as an extension of your team, not just a salesperson. They identify gaps in your existing cover and propose solutions that truly address your business's unique needs. You don't simply get a generic policy. MBFS is not tied to any single insurance company, giving our brokers access to a wider range of policies and competitive rates.

02

Cost-Effectiveness and Negotiation

With access to multiple insurers, our brokers can negotiate better premiums and find cost-effective solutions that match your budget. Our brokers understand insurance jargon and policy intricacies, ensuring you get the most out of your cover without hidden costs or exclusions. They proactively review your needs and market conditions before renewals, negotiating better terms or finding more competitive options when necessary.

03

Streamlined Administration and Support

Our brokers handle the heavy lifting, from initial application to policy management and renewals, saving you valuable time and resources. When a claim arises, they become your advocate, guiding you through the process, filing paperwork, and negotiating with the insurance company to ensure you get fair compensation. They stay updated on industry trends and risks, offering proactive advice to mitigate future challenges and keep your cover relevant.

04

Long-Term Relationship and Trust

You develop a trusting relationship with your broker, who becomes a dedicated advisor understanding your business needs and evolving alongside it. Having a dedicated professional representing your interests provides peace of mind, knowing you have an expert looking out for your business's well-being. They proactively communicate about upcoming renewals, potential risk changes, and market updates, keeping you informed and involved in your insurance decisions.

Benefits of Having
Commercial Cyber Liability Insurance

Financial Protection

Covers the substantial costs associated with responding to and recovering from a cyberattack, minimizing the financial impact on your business.

Peace of Mind

Provides peace of mind knowing you have expert support to navigate the complexities of a cyber incident, allowing you to focus on rebuilding your business.

Enhanced Reputation

Helps protect your brand reputation by assisting with crisis communication and public relations efforts in the aftermath of a cyberattack.

Compliance Support

Offers guidance and assistance in complying with data privacy regulations, reducing your risk of regulatory fines and penalties.

Frequently Asked Questions

Is my business at risk of a cyberattack?

Every business, regardless of size or industry, is vulnerable to cyberattacks. Having a strong defense is crucial, but cyber insurance provides an additional layer of protection.

What types of businesses need this insurance?

Any business that collects, stores, or transmits sensitive data should consider cyber liability insurance. This includes businesses in healthcare, finance, retail, and even professional services.

How much does cyber liability insurance cost?

The cost of your policy will vary depending on your industry, size, and risk profile. Consult an insurance broker to receive a personalized quote.

Do I need this insurance if I already have cyber security measures in place?

Even the most robust security systems can be breached. Cyber liability insurance provides valuable financial and legal support in the unfortunate event of a successful cyberattack.