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Texas Independent Insurance

Cyber Liability

Cyber liability coverage is insurance coverage for liability that arises out of unauthorized use of, or unauthorized access to, electronic data or software within your network or business. Cyber liability policies also provide coverage for liability claims for spreading a virus or malicious code, computer theft, extortion, or any unintentional act, mistake, error, or omission made by your employees while performing their job.

The typical business insurance policy only covers so-called "tangible" assets and electronic data is not considered tangible under the typical policy definition. Cyber liability insurance fills that gap. As the number of risks has increased and as the networked world becomes more complex, so have cyber liability policies.

Most policies today can be built around the needs of the business. An online retailer will have different needs than a brick and mortar small business with a limited web presence. Factors like the size of the business, the number of customers, the type of data (financial records vs. medical records, for example), and so on will affect the cost of the premium.