Cyber Insurance

Most small businesses run on email, invoices, and a login or two. That is exactly what cyber criminals target, and a general liability policy does not cover what happens when they get in. Cyber insurance pays for the money, the downtime, and the cleanup after a funds transfer scam, a ransomware attack, or a data breach. Do Right Insurance compares carriers to find cyber coverage that fits your business and your budget.

Who needs it

Any business that sends or receives invoices by email, takes card payments, keeps customer or employee information on file, or would struggle to work if its email or books were locked up. That includes contractors and trades, professional offices, retail, restaurants, and property managers, not just technology companies.

What it covers

• Funds transfer fraud and social engineering: a customer pays your invoice to a criminal’s account, or you pay a vendor’s bill to the wrong place
• Ransomware: the ransom, the forensics, and rebuilding your systems
• Business interruption: income lost while you can’t operate
• Data breach response: notifying customers, credit monitoring, legal and public relations costs
• Liability to customers, vendors, and regulators if their data or money is affected

What it doesn’t cover

Cyber insurance is not a substitute for general liability, property, or crime coverage. It doesn’t cover bodily injury or physical damage to your building, and most policies exclude losses from systems you knew were unprotected. Funds transfer fraud is often a sub-limit rather than the full policy limit, so the amount of social engineering coverage matters as much as the headline number. We’ll show you both before you buy.

The invoice scam

The most common cyber loss we see doesn’t involve any hacking. Someone gets into an email account, watches invoices go back and forth, and sends one message: “We changed banks, use this account.” The payment goes to the criminal and is usually gone within a day. It works whether you invoice through QuickBooks, Gmail, or Outlook. Watch how it happens and what to do about it.

Common questions

Doesn’t my general liability or business owner’s policy cover this?

No. Those policies cover injury and property damage. Money stolen through email and the cost of recovering locked systems are cyber losses, and most business policies exclude them.

How much coverage should I carry?

It depends on your largest invoice, your daily revenue, how many people’s information you hold, and your contracts. Most small businesses land between $500,000 and $1,000,000, with a separate funds transfer fraud limit sized to the biggest payment that could go astray. Call us and we’ll walk through it in a few minutes.

What does it cost?

Usually less than business owners expect. Premiums depend on revenue, employee count, and the limits you choose. Having two-factor login on email and a habit of verifying bank changes by phone can lower the price.

Get a cyber insurance quote

Call 801-352-7100 or request a quote online.