Trusted Cyber Liability Insurance Broker
Biima
The Significance Of a Cyber Liability Insurance Policy
As digital threats surge, cyber liability insurance emerges as a crucial shield for businesses of all scales. This specialised coverage safeguards businesses and individuals against various tech-related risks, mitigating potential losses. Without the safety net of insurance, companies face heightened vulnerability to digital threats, risking operational disruptions, reputational damage, and severe regulatory consequences. Contrarily, when YOU have a cyber liability insurance policy, YOU will be able to navigate the digital world with greater confidence and resilience. YOUR business will be covered for a range of cyber crimes:
- Theft of sensitive information
- Data leaks due to employee negligence
- Hacking and phishing attacks
- Ransomware and extortion
- DoS (Denial-of-service) attacks
- Business interruption costs
- Data recovery costs
- Crisis management costs
- Legal fines and penalties
Recovering from these setbacks and operating effectively again without cybersecurity liability insurance is not only time-consuming but also financially draining. Thus, this insurance is no longer an option for businesses; it’s become a critical need—particularly for businesses trading via a website or online platform.
Contact our team right away to avail yourself of this vital insurance. We are one of the insurance brokers in Australia that assists clients in buying general or commercial insurance. As we receive YOUR request, we will analyse YOUR financial circumstances, compare diverse policies, and recommend the right fit for YOUR requirements. We also help with the paperwork and finalising the insurance coverage.
Email or phone today and secure YOUR business instantly!
Trusted Cyber Liability Insurance Broker
Insurances
Insurances We Provide
At BIIMA, we bring YOU a full spectrum of insurance policies from leading market players to protect YOU, YOUR assets and YOUR business – manage risks and live with added peace of mind.
Why Choose BIIMA For Cyber Liability Insurance In Australia?
01
Tailored Solutions
Providing personalised insurance support for businesses and individuals since 2015.
02
Diverse Portfolio
A rich insurance portfolio – 85% commercial and 15% personal insurance.
03
Customer-First
We keep YOUR interest, YOUR need, and YOUR satisfaction at the CORE of our Insurance Solutions.
04
Multilingual Experts
We have a multilingual team, so language would never be a barrier to us.
Find Insurance Solutions Tailored to Offer Maximum Coverage and Peace of Mind
Insurance by Industry
Industries We Cater
We assess risks and vulnerabilities inherent to YOUR industry and ensure YOU are covered where it matters the most. Whether YOU are a small enterprise or a large-scale business, access tailored insurance solutions with us. Diverse industries, ONE Insurance Broker firm!
Choosing the Right Cyber Security Liability Insurance
By now, the importance of having cyber risk liability insurance might be quite evident to YOU. Yet, it can be confusing when YOU have to choose one policy out of so many options. A little bit of expert guidance goes a long way at this juncture.
The first step is always to introspect and determine YOUR cyber security needs. What is the size of YOUR business? Do YOU work with third-party service providers? If YOU already have a cyber liability insurance policy, what makes YOU look for another? What are its shortcomings? Etc, etc, etc.
Secondly, it is crucial to look for a cyber insurance liability policy that covers both first-party and third-party risks. The first-party coverage is for direct losses suffered by YOUR company, while the third-party version protects YOU against claims made by people YOU are associated with.
Finally, once YOU have shortlisted a few policies, look into the specifics of each option and see how they benefit YOUR business.
- Coverage Limits: The policy must provide adequate coverage that matches the size and risk of YOUR business. If not, it can leave YOU vulnerable to substantial out-of-pocket expenses.
- Exclusions: Review the policy for possible inclusions and exclusions. For example, acts of war, property damage, or bodily injury are some common exclusions.
- Additional Services: Consider what additional services are offered by YOUR desired insurance policy. It can be legal counsel, public relations support, or some other relevant support.
- Cost-benefit Analysis: Finding affordable coverage is great, but remember it’s not everything. Prioritise policies that offer comprehensive protection with higher premiums over those with limited coverage with lower premiums.
Our expert team can do all these evaluations and analyses for YOU, helping YOU alleviate the extra work. YOU will surely find our guidance satisfying and competent.
Most Asked Queries
Frequently Asked Questions
Who should consider cyber liability insurance?
Cybercriminals are growing at a staggering rate. Targeting businesses at all scales, they formulate clever traps to gain huge ransoms. Therefore, any business that depends on a digital medium should consider taking a cyber liability insurance policy. The following people can particularly see great benefits from having this coverage.
- A business that trades primarily via a website or an online platform
- A company that relies heavily on IT systems to drive business
- A business that communicates through emails
- A business that deals with large amounts of consumer data
- A retailer who uses EFTPOS machines
- A company with a significant number of employees, where monitoring everyone’s digital activities is difficult
What are excluded from a cyber liability insurance policy?
Cyber liability insurance, as the title suggests, has its primary focus on protecting people from cyber-related crimes and risks. Anything irrelevant to this domain is categorically excluded from this insurance coverage. Here are some examples:
- Bodily injury
- Property damage
- Computer or hardware damage
- Application, network, or system upgrades
- Power outages
- Failure of telecommunication or utility services
Thus, it is vital to have a detailed discussion on what’s included and what’s not in an insurance policy before finalising it. This avoids any misunderstandings and confusion, enabling YOU to create a better solution.
If necessary, BIIMA is here to help YOU out.
How much does a cyber security liability insurance cost?
The cost of a cyber liability insurance policy varies for each business as premiums are often calculated considering diverse company-related factors. For instance, we will ask YOU for the following information if we’re YOUR insurance broker:
- What’s the industry YOUR company operates in?
- How many employees do YOU have?
- What is the scale of your business?
- How much do YOU wish to insure YOUR company for?
- How do YOU rate the sensitivity of YOUR stored data on a scale of 10?
- Do YOU want to make any additions to YOUR policy?
Last but not least, YOUR premiums will also be influenced by the insurance provider YOU choose.
How to compare cyber insurance?
Comparing different cyber insurance policies is where YOU need a professional’s assistance. YOU can try it yourself, but it can’t match the value added by an expert. However, to get a brief idea, YOU can follow three steps.
- Evaluate YOUR business and its need for cyber liability insurance. Consider angles such as the time when YOU fell for cybercrime, the loss you’ve incurred, and how it would have been different with insurance coverage.
- Research about different insurance policies, and the key features of each. Inclusions, exclusions, premiums, coverage, and deductibles are some of the important points to note down.
- Now, compare one with another.
Though we have broken it down into three easy steps, comparison analysis is a lot of work. It requires profound knowledge and experience. Feel free to consider our help whenever YOU need it.
How to reduce cyber risk?
Cyber risk is ever present in this digital age we’re living in. However, we can steer clear of it with some proven measures and strategies.
- Enable 2FA on all devices and online accounts
- Schedule regular password upgrades
- Ensure all employees undergo privacy training
- Update Antivirus & Malware protection regularly
- Tailor a cyber attack response plan
- Conduct regular data back-ups
- Review all security systems periodically and ensure safety
- Change third-party bank account details only after verification
Finally, take out a suitable cyber liability insurance policy from a reliable provider. When YOU follow all these expert tips, YOU can avoid cyber risk to a great extent and stay well-protected.