Travelers Cyber Liability Insurance

Travelers cyber liability insurance can help cover costs incurred to respond to and recover from a data breach. These include repairing databases, strengthening security procedures, and contacting affected customers.

If your business stores data such as customer names, addresses, and Social Security numbers, or if you operate in an industry that requires you to protect privacy information like healthcare or finance, you need to consider cyber liability insurance. Travelers offers a broad range of cyber insurance products for small businesses to Fortune 500 companies and organizations in between.

Cyber liability policies typically include first-party coverage covering data breach costs, including legal fees, expenses for restoring lost files and income, computer forensic services, and notification costs to affected customers. It may also cover costs to implement improvements to your computer systems following a cyber attack.

What Is Covered Under Cyber Liability Insurance?

A typical cyber policy provides coverage for the costs of addressing a data breach or other cybersecurity incident. This typically includes the cost of legal fees, forensic services, business interruption expenses, and credit monitoring fees. It may also cover the cost of restoring a company’s reputation.

In addition, cyber liability policies usually include Network and Information Security Liability coverage. This coverage protects you if your failure to follow procedures for protecting sensitive or private information results in unauthorized access to, use of, or disclosure of such information. It also covers damages you’re found liable for under privacy and consumer protection laws.

Cyber Insurance Policies Offered by Travelers
Travelers Cyber Liability Insurance 1

Cyber Insurance Policies Offered by Travelers

Travelers offers a range of cyber policies to fit different types of businesses. Smaller businesses that use a lot of customer data, such as online retailers, credit agencies, and financial services companies, can benefit from the company’s CyberFirst Essentials coverage. It provides coverage for ransom payments, data recovery costs, customer notification expenses, and legal defense fees. You can get a quote and buy this product online.

Broader cyber insurance policies, like Travelers CyberRisk Tech and CyberRisk for Public Entities, offer more coverage for forensic services, call center response, and the cost to restore your reputation. These policies can also cover costs related to regulatory proceedings and third-party lawsuits. These policies can include a per-occurrence limit and an aggregate limit. Both of these limits can help keep your premiums down by limiting the amount of money you’re liable for in a single incident. 

Travelers’s cyber policy also often includes technology E&O (errors and omissions) insurance, which is designed to meet the unique needs of technology companies. For example, many E&O forms exclude delays caused by a cyberattack, but Travelers’s cyber policy does not.

The 2023 Travelers Risk Index shows that nearly 25% of businesses have been victims of a cyberattack. While 74% of business leaders think having a cyber liability policy is critical, few have it. You can get quotes for a cyber liability policy online in minutes.

How Much is Cyber Liability Insurance
Travelers Cyber Liability Insurance 2

How Much is Cyber Liability Insurance?

Cyber insurance costs depend on many factors, including the types and volume of data you store, how reliant your business is on technology, and whether your business handles sensitive personal information. The cost can also vary depending on your policy limits and deductibles.

In addition to covering legal defense and regulatory expenses, a cyber insurance policy can cover the cost of repairing databases, strengthening security protocols, and addressing any required customer notification requirements. Most policies also offer value-added pre-breach services like cyber coaches, one-on-one consulting with a security expert, and employee training tools. These services can be bundled with the policy as part of technology errors and omissions coverage or purchased as a standalone cyber liability policy.

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