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Cyber Liability Insurance

Part of the series provided by Chalmers Insurance Group

As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liability is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.

Why Cyber Liability Insurance?

A traditional business liability policy is extremely unlikely to protect against most cyber exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber liabilities your company faces is essential to managing risk through proper coverage.

Possible exposures covered by a typical cyber liability policy may include the following:

  • Data breaches: Increased government regulations have placed more responsibility on companies to protect clients’ personal information. In the event of a breach, notification of the affected parties is now required by law. This will add to costs that will also include security fixes, identity theft protection for the affected and protection from possible legal action. While companies operating online are at a heightened risk, even companies that don’t transmit personal data over the internet, but still store it in electronic form, could be susceptible to breaches through data lost to unauthorized employee access or hardware theft.
  • Intellectual property rights: Your company’s online presence, whether it be through a corporate website, blogs or social media, opens you up to some of the same exposures faced by publishers. This can include libel, copyright or trademark infringement and defamation, among other things.
  • Damages to a third-party system: If an email sent from your server has a virus that crashes the system of a customer, or the software your company distributes fails, resulting in a loss for a third party, you could be held liable for the damages.
  • System failure: A natural disaster, malicious activity or fire could all cause physical damages that could result in data or code loss. While the physical damages to your system hardware would be covered under your existing business liability policy, data or code loss due to the incident would not be.
  • Cyber extortion: Hackers can hijack websites, networks and stored data, denying access to you or your customers. They often demand money to restore your systems to working order. This can cause a temporary loss of revenue plus generate costs associated with paying the hacker’s demands or rebuilding if damage is done.
  • Business interruption: If your primary business operations require the use of computer systems, a disaster that cripples your ability to transmit data could cause you, or a third party that depends on your services, to lose potential revenue. From a server failure to a data breach, such an incident can affect your day-to-day operations. Time and resources that normally would have gone elsewhere will need to be directed towards the problem, which could result in further losses. This is especially important as denial of service attacks by hackers have been on the rise. Such attacks block access to certain websites by either rerouting traffic to a different site or overloading an organizations server.

Cyber liability insurance is specifically designed to address the risks that come with using modern technology; risks that other types of business liability coverage simply won’t. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure. It is important to work with an agent who can identify your areas of risk so a policy can be tailored to fit your unique situation.

As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber liability coverage grows with it. Chalmers Insurance Group is here to help you analyze your needs and make the right coverage decisions to protect your operations from unnecessary risk 800-360-3000.

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Protect Against Risks With an Umbrella Policy

Part of the series provided by Chalmers Insurance Group
The Importance of Insurance and How it Can Protect Your Finances

In the event that someone is injured on your property and you are found legally responsible, you could be faced with a costly financial burden. In fact, without a personal umbrella liability insurance policy, any expenses beyond the limits of your standard policy are your responsibility. This applies to your insurance policies including: homeowners, renters, automobile, watercraft and more.

Personal umbrella liability insurance typically provides an extra layer of protection over your personal assets for when your standard liability coverage is exhausted.

Engaging in everyday activities can put you at risk for a lawsuit. Simple things like having a swimming pool or entertaining guests in your home, having a young driver in house, all can increase the chance that someone will get injured and sue you. To minimize your financial risk, consider a personal umbrella liability policy.

Why is a personal umbrella liability policy important?

It works to fill the gaps in your coverage and provides the following benefits:

  • When litigation ensues, it’s typically for a large amount. If you get into a car accident and injure several people, you could be sued for millions of dollars; well beyond the limits of your automobile policy. You can also be held responsible if your dog bites someone, if your child injures another kid in a fight or if a handyman hurts himself at your home.
  • Umbrella policies cover your costly legal fees because the insurance company assumes the risk for you.
  • Coverage is inexpensive and easy to obtain. Just give your Chalmers account manager a call to add it on to your current policy, 800-360-3000.
  • You’ll have peace of mind knowing that you are covered in case of a fluke occurrence.

How much coverage do you need?

Take into consideration your total personal assets and your potential for personal risks when determining how much coverage you need.

A wide range of factors, such as whether you have hired help, if you have teen drivers at home or if you operate your business out of your home, will determine how much coverage is appropriate for your circumstances.

What are the policy limits?

A $1 million limit is typical and higher limits are available.

Contact Chalmers Insurance Group today to determine how much coverage is right for you 800-360-3000.

Safeco Insurance® honors Chalmers Insurance Group with membership in the Safeco® Premier Partner Program

Chalmers Insurance Group has been selected for membership in the Safeco Premier Partner Program, which recognizes the outstanding achievement and partnership of only the best agencies.

Fewer than 10% of independent insurance agencies that sell Safeco personal lines products receive this distinguished honor.

At Chalmers Insurance Group we are pleased to be among the top agencies in the country!

As a member in the Safeco Premier Partner Program, we will receive access to special resources and programs that support us in serving our customers.

We strive to provide our customers with trusted guidance, so this Safeco honor makes us proud.

To work with Chalmers Insurance Group please call 800-360-3000 or get a quote at ChalmersInsuranceGroup.com