Cyber Liability Insurance for Professional Offices
Cyber Liability Insurance (also known as Technology Errors and Omissions Insurance or Technology E&O) offers cutting-edge protection for exposures arising out of internet communications and computer network activities.
Professional Service Firms Are Increasingly At Risk for Technology Errors and Omissions Exposures
Professional groups such as attorneys, accountants, IT consultants, etc. are increasingly dependent upon the internet and computer networks for:
- Communicating with clients
- Transmitting and storing sensitive information
- Performing professional services
- Maintaining a website
Small firms often outsource these operations to third parties and have no control over those systems' reliability and maintenance.
Savvy professionals have become increasingly concerned about the serious exposures that have become a fact of doing business.
Cyber Liability Risks:
Inadvertent transmission of a computer virus, trojan horse, keylogger, etc.
Sending an email that crashes another party's network
Failure to prevent unauthorized access to computer systems by a third party or an unauthorized employee
Disclosure of or misuse of confidential information
Allegations of infringement of copyright, trademark, trade name, title, or slogan
Allegations of defamation as a result of emails, web content, blog or forum postings
Brunswick Companies Has Decades of Experience in Managing the Specialized Risks of Professional Groups
Our risk management specialists have the know-how to assist you in evaluating your exposures, and access to a broad range of Cyber Liability Insurance programs from a variety of A.M. Best "A-rated" insurers.
Cyber Liability Insurance safeguards your firm against claims arising from:
Business interruption: Lost income from a computer attack or other non-physical peril
Network Security: Damages arising from a computer attack on your network
Internet Liability: Damages arising when your internet service provider goes down or is hacked
Web Content Liability: Damages and defense costs arising from claims of libel, copyright or trademark infringement, or defamation; damages to a website by a hacker or disgruntled employee
Electronic Communications: Damages and defense costs arising as a result of electronic communications, such as breach of confidence or infringement of any right to privacy, intellectual property rights or any statuatory duty (Example: some states now require notification to those affected by a loss of private information and provision of credit monitoring services at your cost.)
Intangible assets: Damages to code, data, etc.
General Liability, Property and Crime Policies Usually Don't Protect Against Cyber Risks
Commercial general liability insurance does not provide coverage against economic losses and professional services, which excludes most cyber risk damages. This type of policy is designed to cover physical damage to your computer (e.g., a lightening strike) as opposed to damage caused by a hacker or disgruntled employee. Property and crime policies may offer limited coverage, if any at all.
The bottom line is that traditional insurance products don't address internet exposures; indeed, some carriers have begun specifically excluding data and technology-related risks from their policies. Brunswick Companies' risk management professionals can help you determine what, if any, coverage your existing policies provide.
Technology E&O Protection Tailored to Meet Your Firms Needs
Cyber liability insurance is designed to address the risks inherent in using today's technology, and can be tailored to fit the needs of your firm. An important element to consider is whether a specific plan provides protection only for third parties, or protects your firm as well.
Protecting Your Firm is Easy
Brunswick Companies' risk management specialists have the experience to evaluate your needs and help you make an informed choice. We can provide the protection you need at the best price. Request a quote to learn more.
Accountants and CPA firms interested in more limited protection may want to explore: