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Cyber Liability Insurance?

by JKinakin
2 replies
I've been working with an offline company that wants to
extend our time for doing their work for them, but they
want to know what we use for cyber liability insurance
and/or errors and omissions insurance.

Do any of you have this kind of coverage and who
do you use?

What kind of costs are involved?

Thanks
Jack
#cyber #insurance #liability
  • Profile picture of the author MichaelHiles
    Yes, I wouldn't do anything for any client without E&O insurance. Your existing P&C agent should be able to give you a quote. Cost varies just like any other insurance... that's like asking how much does it cost to insure a house... depends on the house, where it's at, the level of coverage, etc...
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  • Profile picture of the author Headfirst
    I agree with the poster above. It's one of the little things that separates the amateurs from the professionals.

    I don't know about Canada, but in the US, Merkel and Evanston Group have policies that work well for our industry.

    I have an E&O policy from Merkel with riders for Data Breach, Data Loss and Copyright infringement. It runs me about $250 per quarter.

    The hard part in getting the right insurance is explaining to the agent exactly what you do. Our business can be a bit tough to explain to an agent we don't really fit in the marketing classification and we aren't web designers.

    I told the agent my state classification is "Advertising Services" and she was able to find the Merkel policy that fits perfectly.

    It is about a 12 page application though and you're going to have to describe your backup procedures, how you protect login information, what steps you take to prevent malware, etc...

    Good luck with it, you're making a very smart decision for your business.
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