Cyber Insurance

Won’t my general liability policy cover cyber liability?  General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
What is cyber insurance?
Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records.
What does cyber insurance cover?
•    Besides legal fees and expenses, cyber insurance typically helps with:
•    Notifying customers about a data breach
•    Restoring personal identities of affected customers
•    Recovering compromised data
•    Repairing damaged computer systems

Most states require companies to notify customers of a data breach involving personally identifiable information2– a process that can be very expensive. And even though most states don’t require companies to offer free credit monitoring following a breach, such a gesture goes a long way with public relations.

Computers, networks and electronic data are essential to managing farm operations and doing business, yet our reliance on these digital tools brings serious cyber risks like hacking and data breaches.  Small and mid-sized businesses are particularly enticing targets for cyber thieves.  Now more than ever, getting comprehensive cyber protection in place is critical for any business and farm operation.  So what’s available?

Cyber Risk Protection Farm

This is a new, comprehensive coverage with multiple layers of insurance defense against the complex, ever-evolving cyber risks that businesses face every day.  FMH is among the first farm insurance companies to offer protection designed specifically for precision ag equipment and software.
This includes five available coverages to help businesses affected by data breaches and cyber attacks:
•    Data Compromise Response Expense – Coverage designed to provide the resources to respond to a breach of personal information.
•    Computer Attack – Coverage designed to provide resources to a computer attach.
•    Cyber Extortion – Coverage designed to respond to an extortion threat.
•    Data Compromise Liability – Coverage designed to provide defense and settlement costs in the event of a suit related to a breach of personal information.
•    Network Security Liability – Coverage designed to provide defense and settlement costs in the event of a suit alleging that a system security failure on the part of the insured caused damage to a third party.
This insurance is offered through Farmers Mutual Hail Insurance Company of Iowa.  For more information on this insurance contact us today at 888.873.2851
(Information regarding Cyber Risk Protection Farm was provided by Farmers Mutual Hail Insurance)

Cyber insurance from Nationwide

Nationwide, together with Hartford Steam Boiler (HSB), offers cyber security coverages and services to small business owners.

We offer three cyber insurance coverages and services:
•    Data compromise protection, which includes credit monitoring and services provided by a public-relations firm.
•    Identity recovery protection, which helps victims of identity fraud restore their credit history.
•    CyberOne protection, which protects your business against damage caused by a virus or computer attack, as well as helping with the cost of restoring and recreating data.
We also offer tips to help you manage your computer and technology risks resulting from data loss, data breaches, denial of service attacks, malware, viruses and more.
Cyber Liability insurance is offered through Nationwide.  For more information on this insurance contact us today at 888.873.2851
(Information regarding Cyber Liability Insurance was provided by Nationwide)
1http://www.insurancejournal.com/news/national/2014/11/24/347795.htm
2http://www.ncsl.org/research/telecommunications-and-information-technology/security-breach-notification-laws.aspx