Many people find this class of insurance confusing and therefore may not consider this cover necessary. Most individuals and / or businesses will insure loss of, or damage to their property that they own and / or are responsible for, or the advice they give, but perhaps don’t consider insuring their digital assets.
However, as we embrace the digital age, cyber criminals are seeing more and more opportunities to attack websites and computer systems. The growth in cyber incidents is increasing and claims are being seen across all industries. It doesn’t matter what size of business you are, you could be a victim of an attack. If you are unfortunate, you not only have the immediate problem to deal with, such as being forced to trade without a computer system supporting you, but you may also suffer financially, suffer from a lack of consumer confidence and even suffer from reputational damage. Cyber policies are designed to support and protect your business.
Are you prepared for a Cyber-attack? Consider:
- Have you invested in Cyber security?
- Do you have a plan in place should you suffer a Cyber-attack?
- Are you compliant with the Data Protection Act for keeping data safe?
Cyber Insurance Options
Balens have access to a range of Insurers that can offer you cover at reasonable premiums to suit your business requirements.
The most important thing is to find the right level of cover for your business. Areas to consider:
- The amount and type of confidential, personal or sensitive data you hold.
- The size of your business.
- Your dependence on computer systems.
- Whether you have a website.
Each Insurer will offer a slightly different level of cover (and terms and conditions will apply). You can choose the level suitable for your business and insurance requirements or we can provide you with suitable guidance and advice.
A policy can provide practical support in the event of a data breach (electronic or otherwise) sometimes including forensic investigations, legal advice, costs of rectifying / restoring data, notifying customers or regulators, and offering support such as credit monitoring to affected customers.
Will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programmes or electronic data.
Unintentional transmission of a virus
The cost of informing third parties, the Information Commissioner's Office and other relevant bodies.
Ransomware - Cyber extortion
Will protect you if a hacker tries to hold your business to ransom by covering the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.
Cyber business interruption
Will provide compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.
Will provide expert support to mitigate reputational damage. In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation.
A firm’s email system became corrupted. An IT investigation confirmed that a virus was the cause. Former customers sued for damages after being infected via an email. Claim pay out £45,000.
Cyber Crime Insurance
This can be a stand-alone policy or it can form part of a Cyber Liability policy. Cyber-crime covers loss of money rather than data, commonly known as Theft of Funds; for example if criminals access your online accounts and just take your money or trick you into unwittingly wiring money to them. Although the situation is changing it is not always the case that your bank will support you following such incidents hence the consideration for insurance protection.
A financial controller of a Company receives a call from someone purporting to be the firm’s bank. The caller stated that funds had been accessed and in order to protect what was remaining in the account, they needed to put a freeze on the account and put a new password on the account. They would need the pin number to do so. The financial controller confirmed the pin code and password and when they checked the account later, it was discovered that £89,900 had been wired to overseas accounts in 9 separate transactions. The bank did not support the firm that suffered the loss due to the fact that the financial controller knowingly authorised it.
All policies are subject to Terms and Conditions.
Other policies services which may be useful:
Balens have a range of additional policies that you may wish to consider as part of your insurance portfolio.
- Balens Professional Liability Insurance policy – For individual therapists / health, well-being, fitness or beauty professionals, looking for an insurance solution to cover them, in the event they are held legally liable for any breach of their Professional Duty in connection with their business activities i.e. advice/treatments/therapies provided. Please also see our Article – Introduction to Insurance.
- Contents, Equipment & Employers Liability Insurance – Balens have devised a range of contents package options to cover contents stock and equipment which you own and / or are responsible for. Employers Liability is included as standard, plus you have the option to add additional sections of cover such as Business Interruption, Buildings Insurance, Products Liability and Terrorism. Please also see our Article – Risk Management for Salon Owners.
- Charities and Not-for-Profit Organisations - Are you a community Band or similar? Do you have volunteers or Trustees? Balens have a range of options to meet the insurance requirements for this business sector.
- Clinic / Salon Policy – As your business grows you may need to cover the business and business name for the work, treatments and / or advice of more than one person. Balens offer two options of cover designed to cater for this need, Contingent Cover and a Full Clinic Policy. The ‘Clinic’ policy can cover work performed by other qualified professionals, whether employed or self-employed that work under your corporate name. Please also see our Article – Do you run a Multi Profession Clinic?
- Directors and Officers Insurance – Offers financial protection for Directors, Officers or Partners of a company who require cover for personal liability, for errors or omissions they may make in the performance of their professional duties.
- Health Products Insurance Package – Balens have devised a package policy for Health, Well-Being, Fitness and Beauty Professionals that may be involved in the manufacture, sale and / or distribution of related products.
- Training School Insurance – If you hold a Professional teaching qualification and are a qualified Health, Wellbeing, Fitness or Beauty Practitioner who wants to train and certify others, Balens offer a Teaching School Insurance for an unlimited number of students.
If you are looking to offer training which issues certificates of attendance only, this is automatically included in our Balens Professional Indemnity policy with no limits and for no additional premium. If you are issuing certificates of competence, a Training School extension can be added to your Professional Liability policy for an additional premium (limits apply). Please also see our Article – Do You Treat & Teach or Do You Need A Training School Policy?