Cyber Insurance

How protected is your business against cyber risks? Buy insurance today.

What is Cyber Liability Insurance

The internet can pose a risk to anyone who utilizes it to run their business. Cyber Liability Insurance is a specialty lines insurance product that is intended to protect businesses as well as people from internet-based risks. 

Cybersecurity policies are likely to vary depending on the unpredictable nature of cyber risks online. At Brook Insurance Associates, LLC., we work with many popular insurance carriers that keep us updated on the best products. 

We want to help make sure that you are protected. If you would like to get a quote on Cyber Liability Insurance, please contact us via our contact page, or give us a call at 401-381-1350

You can contact us directly by clicking the button below.

Benefits of Cyber Liability Insurance

Covers direct financial loss due to data breaches and similar cyber attacks.

Builds a positive image of the business and wins customers’ confidence.

Helps in engineering remediation processes that prevent cyber attacks.

WHY Brook Insurance Associates, LLC.?

Brook Insurance Associates LLC

You Trusted Choice® agency in Rhode Island

    • Tailored Insurance Solutions
    • Fair and Honest Advice  
    • Low Interest Rates 
    • 24/7 Support

Who Needs Cyber Liability Insurance

Practically, no business or brand is wholly protected against internet-based attacks.

  • Public Health Service Providers
  • Banks and Financial Institutes
  • IT security and Software Companies
  • Energy companies
  • Government agencies

What Cyber Insurance Typically Covers

Cyberattacks are far more financially-damaging than one can think of. It can take months or even years to recover from the financial and reputation loss following a cyber attack. 

A typical cyber insurance policy covers 

  • Data Breach 
  • Customer Notification 
  • Investigating and upgrading cyber security 
  • Loss of public image and market reputation
  • Data Reconstruction

Few businesses can afford to pay this out of pocket but most need financial support that comes from cyber insurance. Brook Insurance Associates, LLC. helps you purchase insurance coverage that provides optimal protection against cyber threats.

Types of Cyber Insurance

First-Party Coverage

First-party coverage ( also known as data breach insurance) pays for direct business expenses involved with a data breach. 

It generally covers 

  1. Cyber extortion money 
  2. Notifying affected customers
  3. Online fraud investigating and monitoring services
  4. Public Relations
  5. Loss of Business such as outsourcing services and  hiring staff

Third-Party Coverage

Third-party coverage protects your business if the affected parties accuse you of causing harm and file a lawsuit. 

It generally covers 

  • Legal defense costs
  • Out Of Court Settlements
  • Compensation money as mandated by the court 
  • Extra Legal Fees

Determine Cyber Insurance Cost

Cyber liability insurance has become a need, especially if stakes are high for businesses.  There are several factors considered to calculate the cost of insurance coverage, including

  • The type of sensitive data or information, handled 
  • The industry 
  • The size of the company 
  • The type of commercial policy bought if any 

At Brook Insurance Associates, LLC., we help businesses, small or large, purchase the best cyber insurance in Rhode Island. From calculating the optimal coverage to shopping for the lowest insurance rates, we can help. 

Working in the best interest of your business, always.

Frequently Asked Questions

  • What is cyber insurance?

    Cyber insurance is a policy that covers financial losses incurred resulting from a cyber attack or similar events. Businesses which are handling highly-sensitive data or information like medical information and social security details are susceptible to cyberattacks. It thus becomes important for businesses to purchase suitable cyber liability insurance coverage and maintain optimal protection against unexpected losses like a data breach and loss of business reputation.

  • Why do small businesses need a cyber insurance policy?

    Small businesses have a lot riding on their shoulders. Incidents like a data breach can dig a hole in their pocket or even push them out of business. Cyber insurance thus protects small businesses from bearing high expenses resulting from a data breach or malicious software attack. It compensates for financial losses such as customer notification, legal fees, fines, and credit monitoring.

  • Is cyber insurance worth the cost?

    Yes, absolutely. As cyberattacks have become more rampant and destructive, it is important that businesses purchase and maintain an optimal level of cyber insurance to cover losses. Unfortunately, only 5% of US businesses consider cyberattacks to be the biggest business risk. It is important for businesses to realize the severity of cyber threats and cover it with a business insurance policy.

  • Which is the best cyber insurance for my business?

    We work with many insurance carriers, many of them specializing in cyber insurance policies. Our team will work with you to purchase the best insurance coverage at a lower interest rate in all of Rhode Island. Schedule a consultation with one of us at Brook Insurance Associates, LLC. and get started.