What does cyber insurance cover?

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Cyber insurance coverage helps protect your business from the financial consequences of cybercrimes, like malware hacks, security breaches and data leaks.

Why is cyber insurance coverage important? You likely surf the web and use technology to manage daily tasks, which makes your business vulnerable to hackers. Getting cyber insurance coverage is an important step in safeguarding your bottomline against these security risks.

What does cyber insurance cover?

Cyber insurance through Thimble includes two types of coverages: First-party, which provides coverage for the various expenses your business may incur as a result of a cyber loss and third-party, which provides protection for your business against claims made by third parties alleging your failure to prevent a cyber attack or data breach. These coverages combine to cover things like:

Data recovery

Should your business suffer a system failure in a cyber attack, cyber insurance coverage could help to cover the cost to replace or restore data that was stolen or damaged.

Notification costs

All U.S. territories require companies to notify customers whose personal information was exposed in a security breach.

Credit monitoring services

If you have to offer free credit monitoring to affected customers, cyber insurance coverage can help with the expenses.

Loss of income

Cyber insurance coverage could help cover lost income in the event an online attack shuts down your business.

Cyber extortion

If a hacker runs ransomware through your business’s network servers, cyber insurance coverage could help cover the cost of an extortion payment.

Reputation repair

You may need PR experts to help repair your public image after a cyber attack.

Cybercrimes

If a cybercriminal fraudulently gets your business’s financial information and you lose money, for example in a phishing scam, cyber insurance could help cover the costs of the theft loss.

Multimedia liability

Cyber insurance coverage can protect against third-party claims of 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 and help with settlements or damages.

Fines and penalties

You could face penalties from regulatory agencies for failing to meet data security standards.

Who needs cyber insurance coverage?

In short, all companies that use technology in their business need cyber insurance coverage, but it’s especially important for businesses that handle customer names, mailing addresses, credit card numbers or other personally identifiable information (PII). The following are just a few examples of the types of businesses that should consider cyber insurance coverage:

What other kinds of business insurance do I need?

While cyber insurance covers 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.

Explore small business insurance

General liability Insurance

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

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.

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.

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.

Workers’ compensation

Workers’ compensation 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.

 
 

Cyber Insurance FAQs

Is cyber insurance required by law?

Cyber insurance coverage 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 insurance 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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