Cyber Liability Insurance

AmTrust Cyber Liability Insurance

Cyber liability insurance is still a relatively new coverage, gaining increased visibility in the past decade since it was introduced. Data breaches have become a fact of life, and AmTrust appointed agents have advanced tools at their disposal to help policyholders expand insurance coverage and protect their businesses from the fallout of cyber threats.

As an appointed agent with AmTrust, you can easily add cyber liability insurance to a policyholder’s existing coverage, such as BOP or workers’ compensation policies. With limit options available as low as $50,000, you will be able to place this important coverage for even your small business commercial customer.

AmTrust North America and its appointed agents offer three “towers” of insurance coverage for cyber liability policyholders:

• Policy Aggregate Limit of Liability
• Privacy Breach Response Services including notification services, call center services, credit monitoring, computer experts, legal services and public relations

Appointed agents have access to a risk management website for all AmTrust cyber liability insurance policies at no additional charge, which provides education and loss control content to prepare your customer and minimize the impact on your customer in the event of a breach.

Evolution of Cyber Liability

Cyber threats have evolved drastically over the past two decades. Cyber liability insurance is rooted in the errors and omissions insurance policies tech companies purchased 20 years ago. These policies covered events such as software crashing another company’s network or unauthorized access to client systems. Today, cyber liability insurance has expanded to cover network security issues that expose privacy concerns resulting from data breaches. Common components of cyber liability insurance include:

• First Party Coverage that responds immediately after a suspected incident. Coverage includes forensics, legal analysis, notification and credit monitoring as well as public relations.
• Third Party Coverage that provides a defense in the event of litigation against your customer. 

Protect Against the Costs of Cyber Breaches

AmTrust appointed agents understand the needs of their commercial customers, and have access to coverage options and innovative solutions that help protect policyholders against financial loss and damage stemming from cyber threats.

Our focus on providing small and mid-sized businesses with affordable, effective cyber liability insurance lets our appointed agents tailor policies and coverage options to the individual needs of insureds. AmTrust cyber liability insurance offerings help policyholders avoid the real costs of a cyber breach.

• In 2015, 43% of phishing attacks targeted small businesses, according to Symantec.
• 60% of small businesses closed within 6 months of a breach, notes the National Cyber Security Alliance.
• The average cost per stolen record was $217, according to the Ponemon Institute.

As an appointed agent of AmTrust, you can help your commercial customers get the cyber liability insurance coverage needed to avoid the financial cost and public relations hassle of cyber breaches. Appointed agents get access to innovative, agent-driven solutions that provide your commercial customers with peace of mind in the face of cyber threats. AmTrust works closely with all appointed agents to build tight-knit relationships, allowing us to understand your needs and those of your customers.