Cyber liability insurance

Third-party cyber liability insurance provides liability coverage for businesses, including tech companies, that handle other people's sensitive data.

First-party cyber liability insurance helps cover expenses resulting from a data breach or cyberattack on your business's own network.

Business data stored in a digital format online or on a hard drive are considered digital assets.

Cyberextortion is an online crime in which hackers hold your business data hostage or disable your websites or computer systems until you pay a ransom.

The average premium for cyber liability insurance is about $145 per month. Your exact cost will depend on several factors, including the type of data you handle and your policy limits.

Technology errors and omissions insurance (tech E&O) and cyber insurance are two forms of protection against cyberattacks for small businesses. While tech E&O focuses on cybersecurity errors that harm your clients, cyber insurance offers financial coverage for breaches that directly affect your business.

Commercial insurance protects businesses, freelancers, and independent contractors against liability lawsuits, property damage, cyberattacks, and other risks that could devastate your company.