Your Insurance Questions Answered

Often, yes. Lenders typically require proof of builder's risk insurance to protect their financial interest in the project.

First-Party Coverage: Covers your business's own losses. Third-Party Coverage: Covers claims against your business by others affected by a cyber incident.

It covers costs related to data breaches, such as notification expenses, legal fees, forensic investigations, public relations, and liability claims from affected parties.

Yes, policies often cover ransomware incidents, including ransom payments (where legal) and costs to restore data.

Factors include business size, industry, types of data handled, security measures in place, and prior cyber incidents.

Generally, premiums are considered a business expense and can be deducted for tax purposes.

Exclusions may include pre-existing breaches, intentional acts by insiders, and failure to maintain basic security measures.

Implement robust cybersecurity measures, employee training, regular system updates, and incident response plans.

Yes, small businesses are often targets for cyber attacks due to potentially weaker security systems.

It's a scam where criminals trick employees into revealing confidential information; coverage varies by policy.

It covers threats from hackers demanding payment to avoid or stop a cyber attack, including negotiation expenses.

Notify your insurer immediately, follow their instructions, and engage cybersecurity experts as needed.

Soft costs include expenses like interest on loans, legal fees, architectural costs, and lost rents due to project delays from a covered loss.

Clients may want assurance that you have financial protection in place to cover potential losses from breaches involving their data.

Some policies may cover fines and penalties imposed by regulatory bodies, subject to policy terms and legal allowances.

It's the date from which coverage applies to incidents, even if they are discovered later during the policy period.

Any business that handles sensitive data, conducts online transactions, or relies on digital systems should consider this coverage.

It covers lost income and extra expenses when a cyber incident disrupts your business operations.

Yes, it covers legal fees associated with defending against lawsuits resulting from a cyber incident.

Yes, coverage typically extends to data stored on third-party servers, but verify specifics with your insurer.

Yes, policies often cover ransomware incidents, including ransom payments (where legal) and costs to restore data.

Factors include business size, industry, types of data handled, security measures in place, and prior cyber incidents.

It covers costs related to data breaches, such as notification expenses, legal fees, forensic investigations, public relations, and liability claims from affected parties.

Some policies may cover fines and penalties imposed by regulatory bodies, subject to policy terms and legal allowances.