Cyber Insurance

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In today’s digital era, technology has made it easier for companies of all sizes to quickly grow their business, reach more customers and increase efficiency. But as technology has advanced, online attacks and cybercrimes have also increased at an alarming rate. Along with implementing robust cyber security measures, cyber insurance is a necessity for anyone doing business online.

Our increasing reliance on technology means that even minor cyber security breaches can spell major costs and interruptions for small businesses. Are you leaving your bottom line vulnerable? Find out how cyber insurance can protect your business and help you get back to work faster.

What is cyber insurance?

Cyber insurance, also called cyber security insurance, is designed to protect your business from the financial consequences of viruses, malware, security breaches, ransomware or other cybercrimes.

This includes expenses you must incur after a cyber attack, as well as legal fees and other associated costs if there are liability claims against your business.

While there’s no foolproof way to completely protect yourself against hackers and cybercriminals, with cyber insurance, you can rest assured knowing you’re prepared to respond in the event of a cyber attack.

What does cyber insurance cover?

Cyber insurance policies offer two types of coverages:

  • First-party. Covers the costs to help your business recover from a data breach and other cybercrimes. For example, first-party coverage can help pay to investigate a data breach and notify your customers.
  • Third-party. Provides a legal defense and covers other expenses related to liability claims. For instance, if a customer sues your business because their personal information is exposed after a cyber event.

First-party coverage

  • Breach costs. Covers costs to respond to a security breach, including investigation, notifying those affected, and offering support and credit monitoring services.
  • System failure. If your data is stolen or damaged in a computer system failure, cyber insurance could help cover the expenses needed to recreate or recover the data.
  • Cyber extortion. Covers payment and expenses if a hacker is threatening to destroy or release confidential data unless a ransom is paid.
  • Reputation repair. Provides marketing experts to help repair your public image and cover financial losses due to damaging media reports.
  • Cybercrimes. If a cybercriminal fraudulently gets your business’s financial information and you lose money, cyber insurance could help cover the cost of the theft loss.

Third-party coverage

  • Multimedia liability. Provides protection against third-party claims of advertising injuries like defamation, copyright infringement and invasion of privacy.
  • Privacy liability. If your business is sued after a privacy breach, cyber insurance coverage can provide a legal defense for your business and help to cover any settlement or damages.
  • Fines and penalties. Covers fines or penalties from regulatory agencies for failing to meet data security standards.

Some insurance companies will let you choose if you just want first-party coverage, or both first- and third-party coverage. Don’t know how to choose? You don’t have to. Cyber insurance through Thimble includes both.

Not only that, you can get access to proactive risk management services, which provide content and resources surrounding data security, so your business can stop a cyber-attack before it happens. Additionally, your business would have access to a cyber threat vendor that can create a customized cyber risk platform. 

Learn more about cyber insurance coverage.

Who needs cyber insurance?

If your business handles personally identifiable information (PII), such as customer names, mailing addresses or credit card numbers, you probably need cyber insurance coverage. But as a small business, you may be wondering if cyber insurance is really necessary. The short answer? Yes. Small businesses are attractive targets for hackers because they have valuable information, but typically lack the cyber security of larger corporations. Anyone who uses technology in their business should consider cyber insurance. These following are just a few examples of the types of businesses that should consider cyber insurance:

Why is cyber insurance important?

The growing reality is that the cost of recovering from a cyber attack can put a company out of business. So, while your business may be prepared for accidents and mistakes with general liability and professional liability insurance, cyber coverage is important to protect against the potentially devastating effects of an online attack.

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How much does cyber insurance cost?

Small businesses can spend thousands of dollars a year on cyber coverage. The cost of cyber insurance through Thimble is based on a few factors including your revenue, number of employees and how much coverage you want. Cyber insurance coverage arranged by Thimble starts at just $100.

What other kinds of business insurance do I need?

While cyber security insurance is designed to protect your business from the financial and legal fallout associated with cybercrimes, you may want to consider a few other essential types of insurance to prepare for everything the workday could throw your way.

General liability Insurance

General liability insurance protects your business against claims of third-party bodily injury, property damage, and personal and advertising injury.

Learn more

Professional liability insurance

Professional liability insurance (also called errors and omissions or E&O insurance) protects against claims that you’ve failed to provide your services properly, causing monetary or reputational damage.

Learn more

Business Owners Policy (BOP)

A business owners policy or “BOP” combines coverages most small businesses need in one easy package with two main areas: commercial property insurance and general liability insurance.

Learn more

Business Equipment Protection

Business Equipment Protection (also known as inland marine insurance) covers tools and equipment that you own, rent or borrow and regularly take with you on the job.

Learn more

Workers’ compensation insurance

Workers’ compensation insurance covers the costs related to your crew’s work-related injuries and illnesses. Your team is your most valuable asset, so it’s crucial that you get your business protected.

Learn more

Cyber Insurance FAQs

Is cyber insurance required by law?

Cyber insurance isn’t required by law, but your clients may require you to have a cyber insurance policy before working with you.

Where is Thimble’s cyber insurance available?

Cyber insurance is currently available in select states, but stay tuned—we’re working on launching cyber insurance in your state soon! Check out the availability map to see if it’s live in your state.

What’s the difference between cyber insurance and professional liability insurance?

Professional liability insurance provides coverage if your advice or professional services result in a financial loss to a third party. That means professional liability insurance wouldn’t cover any of the associated costs to help your business rebuild and respond after a cyber attack.

Can I get my cyber and general liability insurance under one policy?

Yes! You can purchase an annual policy through Thimble and choose both general liability and cyber coverage in one simple, affordable package to give you an in-person and online safety net.

How do I show proof I have cyber coverage?

After you purchase a policy, you’ll receive an email with your policy details and any necessary Certificates of Insurance (COI) you might require. Your COI, also referred to as an ACORD 25, Certificate of Liability Insurance, is a standard document that proves your business is insured. A COI includes details like the types of liability coverage (general liability, professional liability, etc.) you have in force, the applicable policy limits, and the duration of your policy. This is typically the document you need to show your clients to prove that you’re ready to get to work. With Thimble, you’ve got instant access to your COI after purchase and can make and send unlimited copies all with a click of a button.

How do I file a cyber insurance claim?

If you need to file a claim, please follow the contact instructions listed on your Cyber Declarations. Read more on the claims process.

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  • Super easy to use! Though of everything

    This app is beautiful and super easy to use! It’s super easy to get insurance for the weddings I shoot where the venues require insurance. I can just buy it on the app with 3 clicks and I’m done.

    Lan Z.

  • Awesome Product

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