What Does Cyber Insurance Cover (and Not Cover)?

The Nowell Agency Offers Answers

While nations across the world are taking measures to deal with the outbreak of the Coronavirus (COVID-19,) some unscrupulous individuals will continue to prey on unsuspecting people. It is not surprising to see new scams and hacks emerging even amid all this uncertainty and fear of the virus. It seems no matter where you turn, something appears to be out to get you, including cyber thugs bent on ruining your hard-earned reputation. In today’s social media-saturated world, one slip, and your customer’s private information is stolen, and you are left holding the remains of your ruined business. Even when you take all the steps with firewalls and super secure passwords, it will be difficult to recover if a cyberattack hits your computers.

Thwart data thieves and hackers when you purchase cyber insurance for your Texas company. The team at The Nowell Agency knows how to help you get the best coverage for reasonable rates. We can assess your current policies and look for gaps, then offer suggestions and a tailored plan to plug the cracks. Give us a call and rest assured that you have help when an attack occurs.

Understand What Cyber Liability Insurance Covers

To better understand why you want the peace of mind that comes with cyber insurance in Texas, consider what it covers:

  1. First-party: These are your immediate expenses after you experience a cyber breach. It helps with things like:
    • The cost associated with notifying employees and the public
    • Repairing your damaged software and hardware
    • Protecting your company’s reputation through marketing and public relations responses
    • Cost from business interruption and missed income from your suspended operations
    • Payment of extortion money for those hackers that hold your data or systems for ransom
    • Ancillary costs such as credit monitoring for customers
  2. Third-party: This coverage helps when you are being sued and need to defend against lawsuits and legal claims:
    • Can be privacy lawsuits against you for allegedly breaching the privacy of your customers or employees
    • Any fines from governments and other regulatory entities
    • Liability claims for copyright infringement, libel, or slander
    • Allegations of breach of contract or negligence

Understand What Is Not Covered

Your cyber insurance is helpful in the realm of data breaches and hackers. It does have a few limits, such as:

  • It doesn’t cover claims of bodily injury or property damage. You will want a general liability policy for that.
  • It is not for the loss of property, like your phone or laptop. This is usually covered by commercial property insurance.
  • While it covers cyber theft, it does not cover fraud or employee theft. You will want a different type of coverage, like commercial crime, for that.
  • Talk with a broker about coverage for social engineering. It is not automatically part of a cyber insurance policy.

Play It Safe – Buy Cyber Insurance in Texas from The Nowell Agency Today!

Don’t be left picking up the pieces of a broken reputation. Talk with the knowledgeable brokers at The Nowell Agency about your risks and how cyber insurance can help your Texas company. We have decades of experience to put to work for you. Give us a call, and let’s give cybercriminals a run for their money.

Call one of our offices near you to schedule a meeting with a knowledgeable and experienced broker at The Nowell Agency about cyber insurance coverage. Request a quote online.


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