Abram Interstate Insurance Services, Inc., CMGA

Helping Independent Insurance Agents Since 1996

Who needs Cyber Liability Insurance? | Product Highlight

Published on December 6, 2016

Internet Security System

Internet Security System

When’s the last time you looked at your cell phone? Used a credit card? Did anything on the internet? If you’re reading this, the obviously you’ve done at least one of those within the last 60 seconds.

As our lives are propelled further and further into the digital age with each nano second, the we use and rely on technology more and more — and where there is commerce, use, or presence, there is risk.

Over the course of the past few years, cyber breaches have grown in number, and the number of potential customers who need Cyber Liability Insurance has grown as well.

Cyber Liability Insurance exists to protect business owners in case of a cyber breach. For your insurance customers who own businesses, cyber liability insurance is a must-have, though it can be hard to help them understand their risk if they choose to do business without it.

For starters, there are 3 types of exposed data:

  • PCI – Payment Card Information  (credit and debit card information)
  • PHI – Personal Health Information (think HIPAA, health records)
  • PII – Personally Identifiable Information (Zip code, email address etc.)  CA has the most broad definition of PII in the country.
  • Most breaches expose PCI and PII. 

You can use this Risk Calculator to help your clients understand just how great their exposure really is.

Let’s take a business that has 1,000 customers’ credit card information. What would it cost if that data was stolen? This calculator helps you to see the full breakdown of exposure and see that the bottom line cost of that breach is $689,785. That’s definitely an exposure worth ensuring against, and this calculator can help your customers see that for themselves. It’s just not worth risking doing business without the Cyber Liability Coverage they could have.


Cyber Liability Insurance Highlights:

  • Minimum premiums starting at $925
  • Retentions start at $2500.
  • Separate aggregate limit of liability per Coverage Part with option to combine into one aggregate limit.
  • Data Breach, Website Liability and Identity Theft expense paid as incurred.
  • Free access to a eRisk Hub Cyber Liability web portal, webinars & newsletter.
  • Security of an insurance carrier rated A++ by A.M. Best

Click here to Quote Cyber Liability Insurance Online Now

Abram Interstate Insurance Services, Inc. is a California wholesale insurance broker (CMGA) that has licensing and expertise to place business in both admitted and non-admitted markets for Personal Lines Insurance, Commercial Lines Insurance, and Agribusiness Insurance in California and surrounding areas.

Quote Online Today.