Cyber Insurance: Is it worth it?

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Cyber Liability Insurance: the safety net small businesses need

It may have taken some time for the reality to hit, but the wider public is now starting to realise that hackers aren't just fictional brooding movie villains - they ... freemium' model, whereby basic features are free, and the premium version is available for a small fee (currently $24 per ... minimise the chance of a cyber-attack occurring, Cyber Liability insurance will help to reduce ...

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Cyber Liability Insurance

... 2018 it might be time to bite the bullet and get the right cover for your business. i Cyber Liability insurance * is designed to help protect you from claims and support your profitability in the event of a ...

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Cyber Security For Small Business

... is the Notifiable Data Breaches Scheme? What to do in the event of a cyber attack or data breach What is Cyber Liability Insurance and why do small businesses need it? Download the White Paper Now Did ...

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Is Your Businesses Target for Cyber Criminals?

... have become a target for cyber criminals, but there are simple ... managing director Michael Gottlieb explains. Cyber crime is one of the ... ... breach notification laws have been in place for some time, resulting in 25 per cent of listed companies purchasing cyber insurance in the same way they buy protection against fire, flood and theft. The poor take up of ...

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Insurance for IT Professionals

... more of building, contents, machinery breakdown, repairs, theft, restoration or even business interruption insurance. Cyber Insurance* Consider the client information or data you may be storing. Do you have plan ...

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Understanding Insurance for Real Estate Agents

... consider the appropriate kinds of insurance you may require to keep ... ... or it was s tolen or hacked could be devastating. Get peace of mind with Cyber Liability insurance . Cyber Liability insurance is designed to help protect you from claims and support your profitability in the ...

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Small Business Insurance: Why you might want to ensure you're covered!

Running a business can be rewarding, challenging but also stressful. While you will are taking control of your earning potential and the upside can be great, there are ... all resulted in a significant impact in cost, time and disrupted focus occurred. The cyber crime is on the rise, cyber insurance may be required Many small businesses think their business is too small to attract ...

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Stay Smart Online Week: Q&A with experts on Small Business Cyber Risks

This week is Stay Smart Online Week; a government initiative that aims to reverse the threat of cybercrime. Small businesses are some of the biggest growing targets ... .gov.au/get-involved/stay-smart-online-week-2018/sign-our-free-alert-service ) · Buy cyber insurance Small Businesses are often short on time and resources. What should a small business prioritise in their ...

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Insurance for Accountants

... the client data you are storing and if there was a breach of confidentiality by your system being hacked. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a ...

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Business Horror Stories

... are the victims of a cyber [] ... policy which covered them for $155,000 of ransom and associated costs. Find out more about Cyber Insurance here. THE DEREGISTERED DISMAY Threats are also just as real in the physical world. Any ...

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Insurance for Restaurants

... for the costs of accountants and other nominated professional fees incurred in the course of an audit. Cyber Insurance* As a restaurant owner your exposure could be at the payment desk - with your EFTPOS machine ...

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Insurance for Real Estate Agents

... agent was unable to run the business for 7 days whilst their data was being restored. Fortunately, they had Cyber insurance and were able to claim $7,440 to cover the cost of restoring the information and payment of the ...

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The Risky Business of Insurance

What are the Real Costs to Australian Small Business? Small business owners tend to be juggling many balls - managing clients, cash flow, staff, stock and future planning ... from unexpected events or damage. If you have valuable or substantial assets you should insure them Cyber Insurance - Protects your business against the expenses and legal costs associated with data breaches, being ...

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7 Ways You Can Protect Your Business and Personal Information Online Today.

Its Privacy Awareness Week, and in recognition of our support weve outline a few ways that individuals and their businesses can keep their important information safe ... of these things but if it is too overwhelming it's worth considering cyber insurance for your business . Most cyber insurance policies will not only cover your business financially but will help organise the retrieval ...

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5 Tips for an Insurance Health Check

If your insurance is due for renewal or ... a health check of your insurance to ensure that if the ... ... personal assets against legal costs for allegations of mismanagement, misconduct or legislative breaches. Cyber Insurance Protection against the expenses and legal costs associated with data breaches, which may ...

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BizCover Celebrates Third Consecutive Fast 50 Ranking

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Insurance for Restaurants & Cafes

... to keep you busy day and night. Take the stress out of an ATO investigation with this insurance. Cyber Insurance As a restaurant owner your exposure could be at the payment desk - with your eftpos machine hacked ...

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Insurance by Industry

... and professionals and that's why our comprehensive insurance offerings include: Professional Indemnity, Public Liability, Business Insurance , Management Liability, Cyber Insurance and Tax Audit. At BizCover, we are ...

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Triumph after Tragedy for QLD Fitness Trainer Latest Winner of Bizcover.com.au $60,000 'Small Business Buddy Program'

Latest Winner of Bizcover.com.au $60,000 'Small Business Buddy Program' Michelton resident Charlotte Hansen last week marked a major milestone when she went from cancer ... sized businesses buy Professional Indemnity, Public Liability, Business Insurance, Management Liability and now Cyber Insurance. BizCover provides multiple insurance quotes instantly online and the ability to select and ...

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Doggone Great! Local QLD Business Selected in the $60,000 'Small Business Buddy Program'

Small Business Buddy Winner! Local QLD Business Selected in the $60,000 'Small Business Buddy Program' Woofwatchers, a local dog grooming and pet caring business is ... businesses buy Professional Indemnity , Public Liability , Business Insurance, Management Liability and now Cyber Insurance. BizCover provides multiple insurance quotes instantly online and the ability to select and ...

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Insurance Premiums for Retailers Continue to Climb

Insurance Premiums for Retailers Continue to Climb The latest BizCover Small Business Insurance Price ... an increase in small business insurance< Insurance Premiums for Retailers Continue to Climb The latest BizCover Small Business Insurance Price Index has been released (Graph 1), and similar to quarter 2 of last financial year, the index is showing an ...

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Steady as she goes - still no increases in Insurance Premiums!

... The BizCover Small Business Insurance Price Index is indicating ... market for small business insurance continues to benefit from ... stability in ... the June renewal season, as forecast in the last BizCover Small Business Insurance Price Index. “Insurers have managed to retain these premium increases due to the complex nature of these products and also the lack ...

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PI Index: Premiums Decline 10 Straight Quarters

Business Insurance Premiums Decline 10 Straight Quarters, but ... 's continue to benefit lower premium rates due to the abundance ... business insurance ... due to the abundance of supply and healthy competition in the business insurance market. The BizCover Small Business Insurance Index has shown premiums continuing to fall in the first quarter of the financial year with ...

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Despite Insurers Talk, Premiums Won't Walk

Despite Insurers Talk, Premiums Won't Walk SME Insurance Premiums Stay Flat Over the ... quarters the BizCover Small Business Insurance Price Index ... seen very little change (Graph 3). The likely reason for this is the increased premiums for property related insurance which is more commonly bought by those businesses with stock. Another area starting to show ...

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Small Business Insurance Index Q2: 5 point increase, largest in 10 quarters

The Quarterly BizCover Small Business Insurance Index has shown that Australian ... enjoyed the end of declining insurance premiums with an increase ... Index has shown that Australian SME's may have enjoyed the end of declining insurance premiums with an increase of 5 points in the second quarter of FY2015/2016, the first increase seen in 10 quarters. This brings ...

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Small Business Insurance Price Index Q3

Insurers hold on to SME Insurance Premium Price Increases! Despite a drop ... BizCover Small Business Insurance Price Index has shown insurance Insurers hold on to SME Insurance Premium Price Increases! Despite a drop in some rates, some insurers are holding on to pricing gains made last quarter. The latest Quarterly BizCover Small Business ...

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Protecting your Business from Cyber Risks - Part 2

In Part 2 of our cyber risk series, we take a ... from a cyberattack. We also explain what Cyber Liability insurance is and ... security ... take a look at what steps you can take to protect your business from a cyber – attack. We also explain what Cyber Liability insurance is and why you should consider it as part of your business security plan ...

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Business Insurance Guide for the Self-Employed - Part 4

... piece of our Business Insurance for the self-employed ... Accident and Illness insurance and Cyber Liability insurance. We share the ... . This allowed him to recover without worrying about his lost income. Cyber Liability What is Cyber Liability insurance? Cyber Liability insurance* is designed to help protect you from claims and support your ...

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What are the Insurance Options for Land Surveyors?

... yourself and your company with insurance is a smart investment. Land ... ... covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to ...

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Insurance for Civil Engineers- what you need to know

... about what kinds of business insurance coverage you may need to ... ... on storing sensitive client information and data, then you may want to consider Cyber Liability insurance. A Cyber Liability insurance policy is designed* to help protect you from claims and support your profitability ...

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Insurance for Gift Shops

... for a data breach, something your business can do without. This is where Cyber Liability insurance* can help. Cyber Liability insurance is designed to help protect your gift shop business from claims and support your ...

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Understanding Insurance for Mortgage Brokers

... the appropriate types of business insurance. [] ... your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.  Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss ...

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Protecting your Business from Cyber Risks - Part 1

... at the common types of cyber risks that SMEs face and ... with potential scams. Types of cyber risks Cybercrime Spotting [] ...  through BizCover. We offer a range of business insurance options to suit your business needs, including Cyber Liability insurance * . Cyber Liability insurance *   is designed to help protect you from ...

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7 Types of Insurance Your Small Business Should Consider

... is Small Business Insurance. But what kind of insurance do you actually ... ... business, not to mention the damage it can cause to your reputation. Cyber Liability Insurance explained. Tax Audit Insurance With an increase in the number of small businesses being subjected to random ...

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Understanding Insurance for Retailers

... , and that's where business insurance can help save the day ... ... of an interruption to your business caused by an insured event (such as fire).   Cyber Liability Insurance * As more and more retailers do their business electronically , the real risk of ...

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5 Surprising Things Business Insurance Can Cover

When looking for Business Insurance, most small business owners typically ... ... if you store sensitive information about your employees or clients you're an exceptionally prime target. Cyber Liability insurance is a 'must have' policy for all kinds of businesses that have an online presence. And ...

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How the cost of Professional Indemnity insurance is calculated

... of a Professional Indemnity (PI) insurance policy is calculated and why ... the cost of Professional Indemnity insurance. Insurance policy pricing ... cover, you will not necessarily see an excessive increase in the premium. For example, looking at the data of almost 5,000 BizCover customers with PI insurance during the 2016/17 financial year, the average monthly cost ...

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SMEs continue to benefit from low premiums; despite talk of price rises.

... seems to be hardening for insurance for larger businesses, the latest ... BizCover Small Business Insurance Price Index is showing no ... ... and instead insurers have managed to push up premiums for large business. These increases have resulted from ... is unlikely SME's will see material rises in their insurance cost anytime soon and not before the end of the ...

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Small Business Continues to Win on Insurance Prices!

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BizCover SME Insurance Price Index Q2 FY20

More larger businesses with simple insurance needs are using BizCover for ... their insurance, while smaller businesses benefit from ... this quarter ... the increased number of larger businesses with higher premiums using the platform. Bigger businesses are now ... no increases in the overall price of their insurance, there have been changes within product groups and ...

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5 Questions to ask yourself before buying Insurance for your Small Business

Know you need business insurance but aren't sure how ... while and looking to buy insurance for the first time; there ... ... accidental damage, as well as financial loss for business interruption due to an insured event Cyber Liability insurance protects businesses against the costs associated with data breaches, being hacked or the theft ...

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5 Things to Consider When Buying Public Liability Insurance

Public Liability insurance. It's one of those ... ... restaurant. It may be tempting to go with a lower premium to save on costs but the cheaper option may not ... long run, so don't be afraid to ask your insurance agent what certain features and benefits are if you are ...

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Things you didn't know about small business insurance

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BizInsure Capitalizes on the Paradigm Shift in Commercial Insurance!

... .com), a leading-edge online insurance model that connects independent professionals ... critical Professional Liability (E&O) insurance solutions ... revenues under 2.5 million dollars) have not had many alternatives when it came to buying business insurance. BizInsure has entered this space to satisfy the needs of this important and growing market; small business ...

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How Does Professional Indemnity Insurance Benefit You?

... advisable that you have professional insurance, which can also be referred ... to as professional indemnity insurance. Professionals are expected ... , which can be filed against them by their clients. It is advisable that you have general business insurance in order to protect you from financial losses caused by property damage or bodily injury. In addition to ...

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A Guide to PI Insurance

... to make Professional Indemnity Insurance simple (also known as ... errors and omissions insurance, PI or Professional Indemnity ... is Professional ... know if they are getting the best deal. This is where BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes , and purchase in only ...

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Small Business Insurance Index

... price increases in the business insurance market, SMEs are continuing to ... the cost of business insurance, the BizCover SME Insurance Price ... and Retail & Hospitality. Whilst all three groups saw have seen no increases in the overall prices for their insurance, there have been changes within product groups and industries. The Full Report can be viewed here . ...

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iSelect partners with BizCover to launch business insurance comparison

... expanded their general insurance offering to include business insurance, through a partnership ... , Australia's leading small business insurance ... with one of BizCover's trained consultants. Mark Pangrazio, iSelect's Head of Commercial for Health & General Insurance, said the company was thrilled to be partnering with BizCover to assist it in focusing on the SME ...

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Dishing up the facts on food business insurance

... you have the right business insurance. When it comes to insuring ... ... can do to help prevent your business from crumbling if a disaster was to strike? Fortunately, there's an insurance policy for that! With a whole menu full of cover for your business, you can find protection for your ...

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Keep calm and stretch on with Yoga Teacher insurance

... of arranging your yoga teacher insurance go. As a yogi or ... business. Let us centre your insurance chakra by exploring some of ... Breathe in, breathe out, and let a wave of calm wash over, letting the stress of arranging your yoga teacher insurance go. As a yogi or yogini, you don't have time to be worrying about having the right cover in ...

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Insurance for Disability Workers

... help your clients. Whether you a sole trader, contractor or carer possibly as part of the National Disability Insurance Scheme (NDIS), you could be exposed to risks which may result in a Professional Indemnity or Public ...

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Understanding Insurance for Interior Designers

... where having the right business insurance in place is vital. Let ... and outs of how business insurance can protect your interior design ... ... saves the day, by providing financial protection when you need it the most. Personal Accident  and Illness (PA) insurance covers you for loss of income if you were unable to work as a result of an injury or ...

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Understanding Insurance for Graphic Designers

... , that's when your business insurance comes into play. We've ... ... you delivering on projects . W hen things don't go to plan, that's when your business insurance comes into play. We've put this simple guide together to help graphic designers get a better understanding ...

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BizCover SME Insurance Price Index Q1 FY21

... clients buck the trend of insurance price hikes. Whilst the Australian ... the availability and pricing of insurance for SMEs, BizCover can report ... there were some clear winners and some losers. The Full Report can be viewed here: SME Insurance Price Index Public Liability insurance is an essential cover for SME's and one that most can't afford to operate without ...

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What Tradies Need to Know About Public Liability Insurance

... the most common types of insurances for tradies, but do you ... and outs of Public Liability insurance and what you need to ... . So what is Public ... go plan. As a tradie, it can even be a contractual requirement that you have Public Liability insurance in place well before picking up the tools and putting boots on site. Always check the level of ...

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Business Insurance Guide for the Self-Employed - Part 3

... in the world of business insurance, it can feel like you ... guide on all things Business Insurance for the self-employed. In ... back to basics ... to suit your business and protect it from potential risks . A way to look at what business insurance options your business may need is by gauging what you couldn't afford to be without. These are ...

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Business Insurance Guide for the Self-Employed - Part 2

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Insurance for Furniture Manufacturers

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BizCover SME Insurance Price Index Q1 FY20

... reductions on their Public Liability insurance, while prices have remained steady ... ... its highest in five years and transport costs increasing steadily. The increase did not affect the cost of insurance for small businesses on the BizCover platform as prices dropped to the lowest point in 24 months. The ...

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Public Liability Insurance for Cabinet Makers

... the right kind of business insurances in place. Regardless [] ... ... contract or as a condition of entry to a worksite. If so, make sure you have your Public Liability insurance policy sorted before you pick up the tools and that you have the right level of cover required. What can ...

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Professional Indemnity Insurance for Civil Engineers

... a professional, considering Professional Indemnity insurance to protect* you and your ... ... Policies for Civil Engineers When it comes to insuring civil engineers, there's no one size fits all insurance solution because every business is different and no two businesses are the same. Each business has its own ...

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Legal Requirement for Public Liability Insurance

Public liability insurance covers your business for losses ... . Failure in obtaining public liability insurance policy can expose a business ... ... damage to a third party as a result of your business' activities. Failure in obtaining public liability insurance policy can expose a business to a range of risks. As a business, you will inevitably have interactions ...

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The difference between Public Liability and Professional Indemnity insurance

... most common types of business insurance, but do you really know ... . What is Public Liability insurance*? Public Liability Insurance is designed ... th e n this is an important form of cover to consider. What is Professional Indemnity insurance * ? Professional Indemnity protects you against losses claimed by a third – party due to alleged ...

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Management Liability Insurance

... ’s included & what’s not? Get the right cover Could this happen to you? What is Management Liability Insurance?* Everyone loves a surprise, except when you are a company director. If you own or are involved in the ...

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A guide to Plasterer's insurance that won't leave you, board

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Insurance for pharmacy and pharmacists

... errors, breaches of privacy and investigations/actions brought by AHPRA and other regulatory bodies. Public Liability insurance * is another type of cover likely to be relevant for pharmacy owners . It is ...

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STABLE INSURANCE RATES A REASSURANCE FOR SMEs

BizCover's SME Insurance Price Index has unveiled a ... the COVID-19 pandemic with insurance rates remaining flat for a ... acquired from BizCover's ... year and fell a further seven per cent this quarter,” he said. “Key sections of business pack insurance that are frequently used by retailers such Contents, Glass and Theft all showed noticeable price declines. “The ...

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Tax Audit Insurance

... audited at the same time. If you are running a business or filing tax returns you should consider Tax Audit insurance. Could this happen to your business? No-one ever knows when the ATO will conduct an audit of a ...

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Business Insurance

... riskiest for you. Pick and choose the cover options that suit you best. And you can include Public Liability Insurance to ensure you are not financially responsible for the costs of a legal claim should a third party get ...

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What Limit of Professional Indemnity Insurance Do I Need?

... 'What limit of Professional Indemnity insurance do I need?' While this ... ... a good idea to contact the association and check whether there is a minimum limit of Professional Indemnity Insurance you are required to maintain to comply with their compliance requirements. They may also be able to ...

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Misconceptions Around Professional Indemnity Insurance

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Insurance for Nurses

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Insurance for Bakers

... a third-party 's property or if your baking tools were to be stolen. This is where business insurance comes into play and provid es the peace of mind you need with cover that can protect ...

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Social Media Insurance

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Business Interruption Insurance: Your 'Get Out of Jail Free' Card

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Additional Cover for Professional Indemnity Insurance

... Fernando for his certificates of insurance - it's just part ... ... cover option of public liability. Hish says his clients expect his business to be covered by professional indemnity insurance to ensure there is cover in place in the case of any potential legal action they may take ...

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Professional Indemnity Insurance 101: For Allied Health Professionals

... yourself is with professional indemnity insurance. This type of policy provides ... ... their lives are also properly protected. One of the best ways to protect yourself is with professional indemnity insurance . This type of policy provides cover for people who risk legal action as a result of carrying ...

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Sometimes Professional Indemnity Insurance is Needed

Professional indemnity insurance is handcrafted to provide coverage ... ... any potential policy holder needs to consider when deciding upon whether or not they should buy professional indemnity insurance is the potential financial loss that can occur as a result of legal fees whether or not ...

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Common Small Business Insurance Claims and How to Prevent them.

... . Whilst you've got the insurance to help you out, you ... ... and have a big impact on the running of your business and your bottom line. Whilst you've got the insurance to help you out, you'd ultimately rather avoid the disruption to your business that these unexpected events can ...

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Michael Gottlieb Featured on the Insurance Business Hotlist for 2014

... successful in taking out the Insurance Business Brokerage of the Year ... ... the broking world, and not just because his Mega Capital business was successful in taking out the Insurance Business Brokerage of the Year award and featured in the Deloitte Technology Fast 50 Australia ranking for the ...

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Michael Gottlieb featured in Insurance Business

In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The Year Ahead

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Business Insurance the Smart Way

... suits all kinds of start-ups and small businesses - over 6,000 occupations. BizCover instantly provides multiple insurance quotes online and you can select and purchase the right cover, at the right price on the spot ...

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Professional Attire Insurance

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Insurance for Finance & Mortgage Brokers

... information you hold and the consequences if your business systems were to be compromised. A cyber liability insurance policy is designed to help protect you from claims and support your profitability in the event ...

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Insurance for Consultants

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Insurance for Marketing Consultants

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What is Cyber Liability Insurance

Hackers. These are not just dodgy movie characters but real life people, doing real damage to businesses across the globe, including Australia. If you’re thinking your small business down under is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber attack and with cyber crime claiming  6 million victims in 2018it might be time to bite the bullet and get the right cover for your business.i 

Cyber Liability insurance* is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.  Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event. 

In a nutshell, your customer data is sacred. If you don’t protect it properly, your business may be fed to the wolves. 

If you’re still not convinced your business may be at risk, here are the cold hard facts about doing business in today’s technically advanced world: 



Independent feedback from our customers rated our service at excellent.

What is included?

  • Business interruption costs 
  • Investigation and data recovery costs 
  • Fines and penalties 
  • Extortion costs 
  • PR and crisis management costs 

What is typically NOT covered?

  • Replacement equipment 
  • Property damage 
  • Prior known facts / circumstances (before the policy commenced)  
  • Intentional acts 

Download Cyber Liability Insurance Fact Sheet

Get the cover that is right for you

With the policies available through BizCover you can choose coverage amounts between $50,000 to $2 million 

Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline?  Could your business survive the reputation damage, and the losses associated with a data breach 

You should consider what your business requires including by reference to 

Who benefits from this type of Insurance:

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  The information contained on this web page is general only and should not be relied upon as advice. 

 

Could this happen to you?

Hackers are alive and well and get a thrill out of making business owners sweat. Cyber Liability Insurance can reduce your risks and help you rest easy knowing your business is covered from even the craftiest of criminals. 

Here are is an example: 

The cost of lost data

An insured accountant had an employee who accidentally misplaced a company laptop that contained a list of 1000 client tax records and credit card details. A policy payment totalling $250,000 was made to cover the costs involved with notifying the affected individuals and the Privacy Commisioner of the data breach. The cost of hiring a Public Relations firm to assist the insured with re-building their business reputation was also included.iii 

 


[i] Australian Cyber Security Centre, 2019, https://www.cyber.gov.au/news/sso-launch
[ii] Australian Criminal Intelligence Commision, Cybercrime, 2019, https://www.acic.gov.au/about-crime/organised-crime-groups/cybercrime
[iii] Dual Australia, Cyber Claims Examples, Accessed 2019

 

Cyber Security For Small Businesses

With more and more cyber criminals targeting SMEs, how can small businesses protect themselves?

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice

Cyber Liability Insurance Infographic