For some of our mutual customers, cyber liability insurance is still a bit of a mystery. But let’s face it — computers, networks, and electronic data are essential for doing business, any business, in today’s economy and world. We all rely on digital tools to get the job done every day. It no longer matters whether you are a small, mid-sized, or large business; business today is conducted electronically, and no one today is safe from cyberattacks.
That’s why we’re working to make cyber liability insurance available to more and more of our clients. Many customers already have a limited cyber coverage built into their policies. Once we are approved to offer it in the last few states, we will be able to offer it to even more customers.
PLM’s Cyber Suite includes 5 essential coverages:
- Response and expense coverage
- Computer attack coverage
- Cyber extortion coverage
- Data compromised liability coverage
- Network security liability coverage.
Our standard policy offers $50,000 of coverage with a deductible of $1,000, but in certain instances more coverage at higher deductibles is indeed available.
Above and beyond coverages, we offer customers free access to cybersecurity services including eRiskHub®, a risk management portal designed to help business owners prepare and respond to data breach and cyberattacks. It includes an incident response plan, online training modules, risk management tools to manage a data breach if it occurs, a directory of helpful external resources, and a news center with current articles from industry resources as well as a learning center with white papers on best practices.
Other services in the portal include My Tech Support, which offers free computer diagnostics by phone from technical experts as well as competitive rates for virus removal, technical assistance and related digital security services.
As you know, the best kind of cyber event is the one that is avoided. The question you need to ask yourself is: what are you and your clients doing to deter cyberattacks?
If you want more information, talk to your PLM Underwriter, or contact us at 800-752-1895 or at firstname.lastname@example.org. We have more information on our coverages, including downloadable brochures and fact sheets, available here: https://www.plmins.com/products-services/coverages/.