Cyber Liability Insurance
In today’s society, technology is part of everyday life. It connects you to important contacts and streamlines your business processes. However, as many learn the hard way, technology is not without its risks.
Data breaches, scams, and cybersecurity threats have become increasingly common. Luckily, cyber insurance helps cover expenses related to these risks.
Contractors Insurance provides personalized insurance packages for contractors, business owners, and industry professionals. This includes offering cyber liability insurance for contractors.
You’re in good hands with us!
What Is Cyber Liability Insurance?
Whether you’re an independent contractor with a large client base or a small business owner, you could be targeted by cyberattacks.
They come in all shapes and sizes: hacking schemes, scams, viruses, and even malicious software. All of them put your data—and your client’s data—at risk.
Cyber liability insurance protects you from these risks. It also includes any investigative work to determine the cause of a cyberattack or damages to equipment.
Cyber insurance in Ontario covers the following:
A cybersecurity breach can result in lawsuits being filed against you. Cyber insurance covers legal costs such as fines and settlement fees if this happens.
Notifications or Incident Response Costs
You have a legal obligation to report breaches to your clients, even if they were not directly affected. A comprehensive insurance package will cover these expenses and help pay for the cost of access to an incident inquiry and response hotline.
Business Interruption Losses
A cybersecurity breach can throw your business for a loop by putting your operations off-schedule and straining relationships with your clients.
Your personalized insurance plan could include business interruption insurance to help cover additional expenses as a result of decreased productivity or operational losses.
Who Can Benefit From Cyber Insurance Coverage?
This type of insurance coverage will benefit you if:
- You regularly use a cloud system or computer data to store important information;
- You always store your customers’ and employees’ data, including sensitive information such as addresses or credit card data;
- You provide hardware or software services to your client base.
For more information on cyber insurance in Ontario, we’re here to assist you.
Why do Ontario Contractors Need This Insurance Type?
Any business that handles sensitive data needs cybersecurity insurance. No one is immune to data breaches and cyberattacks. Falling victim to a cyber attack will put financial pressure on your company and could even lead to bankruptcy.
Cyber Liability Insurance Claims Examples
Claims Example #1
You are providing consultations to your clients online when a cybercriminal suddenly hacks into your computer equipment. The hacker steals the personal information of several clients, including their credit card data.
Your cyber insurance plan will provide coverage for expenses needed to notify all your clients. Any legal fees or associated costs will also be covered.
Claims Example #2
A scammer impersonating your employee tricks a customer into downloading malicious software onto their computer. This particular malware is difficult to resolve, and your client’s confidential data has been compromised. Your client sues you.
Your insurance plan will cover the costs of notifying your network of clients, totalling $500,000, and help pay for legal costs.
Claims Example #3
You’re a contractor with a successful snow removal business. However, you encounter a cybersecurity attack that leads to the theft of important financial reports and leaves your data system vulnerable to future cyber attacks.
Your insurance package will cover expenses needed to restore your systems and legal costs, amounting to $455,000.
Leading Provider of Cyber Liability Insurance
With a customer-centric approach to insurance solutions, Contractors Insurance takes pride in maintaining strong relationships with our clients.
We offer them the following benefits:
Personalized Insurance Plans
Only pay for the coverage you need. We can assist you in setting up your cyber insurance without unnecessary (and expensive) riders.
Utmost Transparency on Coverage and Limitations
We offer full transparency when it comes to insurance, ensuring you understand your policy as well as we do. We’re happy to explain the full details of your plan, including its exclusions and limitations.
Thorough and Straightforward Insurance Education
We are clear and concise with our clients. This means avoiding using technical terms and prioritizing clarifying any confusion surrounding our services.
Frequently Asked Questions About Cyber Insurance
Contractors who store confidential files or require a higher limit could purchase standalone cyber insurance in Ontario for $750 to $1,000 per year.
However, several factors are taken into consideration in determining the cost of your premium: your industry, your existing security systems, and what measures you have already taken to improve the cybersecurity of your business.
This insurance type will not provide coverage for loss or damages arising from the following:
- An employee that hacked into your data or damaged your files
- Power outage resulting in damage to your data
- Patent/IP infringement
Some of the cyber crimes covered by your insurance policy include:
- DDoS: Also known as Distributed Denial of Service, it is a type of cyberattack that bombards your business’s server with numerous simultaneous requests.
- Malware: Malicious software that could be sent through a downloadable attachment or by clicking suspicious links.
- Phishing or fraudulent emails: These are intended to encourage downloading malware, which then steals information from your computer.
Ready to Get the Coverage You Need?
Contractors Insurance is an award-winning insurance brokerage in Ontario dedicated to customizing our client’s insurance needs. We provide cyber insurance to business owners, contractors, and other professionals across trades and industries.
Whether you’re new to the construction industry or have been working in the same field for a decade, we’re confident we’ll fit an insurance package that’s perfectly designed to meet the unique needs of your business.
Contact us today to get a cyber liability insurance quote!