This guide provides all the essential information to help you understand our Cyber Liability Insurance plans and secure the coverage that best suits your needs. It also outlines clear steps to guide you through the process of getting started, including the claims process and other important reminders.
Here are quick links to the sections in this guide:
- Choosing Our Cyber Liability Insurance Plans
- Our Role as Your Trusted Partner
- Cyber Liability Insurance Options
- Inclusions and Exclusions
- Extensions
- Applying for Cyber Liability Insurance
- Making a Claim
- Key Reminders for Policyholders
- Cyber Liability Insurance Providers
- Contact Information for Inquiries and Support
Choosing Our Cyber Liability Insurance Plans
Obtaining your Cyber Liability Insurance Policy through Reliable Insurance Brokers comes with significant advantages. Our expertise ensures that you get the best possible coverage, backed by our commitment to exceptional service.
- Comprehensive Coverage: Enjoy extensive coverage, protection against data breaches, cyber extortion, business interruption due to cyber incidents, and more.
- Access to Multiple Insurance Providers: As a trusted broker, we partner with a network of accredited insurance providers to give you the best options available. This allows us to offer you competitive rates and a range of coverage choices suited to your business.
- Tailored Solutions for Your Business: Policies are customized to meet the specific risks associated with your industry, whether in construction, retail, or professional services, ensuring the right level of coverage.
- Ease of Process: We simplify the insurance process, making it easy for you to understand your options and select the best plan. Our experts handle all the paperwork, ensuring a smooth and hassle-free experience.
- Representation and Support: We represent you to the insurers, advocating for your best interests. Our role extends beyond choosing the right coverage; we also manage your policy and provide ongoing support.
- Emergency and Claims Assistance: As our valued client, you receive dedicated assistance during emergencies and claims. Our team is available to help you navigate the claims process and ensure you get the support you need when it matters most.
Our Role as Your Trusted Partner
At Reliable Insurance Brokers, our goal is to make navigating the complexities of Cyber Liability Insurance straightforward and stress-free, ensuring your business is protected from cyber threats, including data breaches and digital attacks. In today's digital landscape, these risks can be costly and disruptive, which is why we help safeguard your business operations and sensitive information.
From the moment you contact us, our team of experts is by your side. We start by understanding the details of your business's digital environment and any specific vulnerabilities you face. Based on that, we recommend personalized Cyber Liability Insurance options from our network of trusted providers.
Once you choose the coverage that suits your business best, we handle all the paperwork and ensure everything is processed smoothly. But our service doesn’t stop there—we’ll also make sure you fully understand your policy and feel confident in your coverage. Our process is designed to be seamless, so you can focus on running your business, not dealing with insurance complexities.
As your trusted Cyber Liability Insurance partner, we provide expert guidance, secure the most suitable coverage options, and offer ongoing support throughout your coverage. With Reliable Insurance Brokers, you can operate your business confidently, knowing that you’re covered by a team dedicated to protecting what matters most.
Cyber Liability Insurance Options
We offer a range of cyber liability insurance options that can be tailored to meet your specific needs and risk profile. Our experts at Reliable Insurance Brokers can help you choose one or a combination of the following coverages to ensure comprehensive protection:
Third-Party Liability
Third Party Liability options cover claims made by external parties against the insured business. This includes coverage for breaches of privacy, confidentiality, and security that impact third parties, as well as associated regulatory costs and fines.
- Privacy and Confidentiality Breach: Covers damages and defense costs for claims related to unauthorized access or disclosure of personal or confidential information, made against an insured or an outsourced service provider.
- Network Security: Covers damages and defense costs for claims resulting from a security wrongful act, such as unauthorized access or cyber-attacks impacting third parties.
- Media Liability: Covers damages and defense costs for claims arising from media wrongful acts, including defamation or intellectual property issues related to digital media content.
- Regulatory Costs and Fines: Covers fines, penalties, and defense costs resulting from regulatory claims due to a privacy or confidentiality breach.
- Internal Investigation: Covers defense costs from internal investigations into potential breaches, initiated by regulators or in preparation for a self-report.
- Consumer Redress Fund: Covers funds that the insured is legally required to set aside for consumer claims due to breaches, excluding criminal fines or penalties.
- Payment Card Industry Data Security Standards (PCIDSS): Covers penalties and defense costs related to non-compliance with PCI DSS requirements for handling payment card data.
Business Interruption
Business Interruption options provide coverage for financial losses resulting from disruptions to business operations due to cyber incidents. This option is crucial for businesses that rely on continuous access to their digital systems and networks.
Business Interruption Loss: Covers income losses incurred within the indemnity period due to the total or partial unavailability of the company’s computer system caused by a business interruption event. Coverage applies once the unavailability surpasses a specified waiting period.
Crisis Management
Crisis Management options support businesses in managing and mitigating the aftermath of a cyber incident. Coverage includes various costs associated with forensic investigations, data breach responses, and reputational protection.
Crisis Management Costs: Covers expenses for crisis management services, including forensic costs to determine the cause of an incident, data breach response actions, loss adjustment, and reputation management.
- Forensic Costs: Covers fees for IT experts to analyze the computer system, determine the cause and scope of a cyber incident, and recommend mitigation measures.
- Data Breach Response Costs: Covers costs for data identification, legal and regulatory advice, notifications to affected parties, and call center operations.
- Loss Adjustor Costs: Covers expenses for an external expert to assess the extent of the loss and damages following an incident.
- Reputation Advice Costs: Covers expenses for crisis communications consultants to manage negative publicity resulting from a cyber incident.
First Party Loss
First Party Loss options cover direct financial losses suffered by the insured due to cyber threats or attacks. This includes coverage for theft resulting from cyber-attacks and costs related to extortion threats.
- Hacker Theft: Covers financial losses due to funds being wrongfully or erroneously transferred as a result of a cyber attack committed by a third party without collaboration with the insured.
- Cyber Extortion: Covers losses incurred as a result of a cyber extortion threat, including extortion payments and costs related to mitigating the threat. Coverage may require confidentiality and cooperation with law enforcement.
For more detailed guidance and to explore the best combination of coverages for your cyber liability insurance policy, contact Reliable Insurance Brokers today. Our team is here to assist you in making an informed decision that ensures your business is adequately protected against cyber risks.
Inclusions and Exclusions
When considering cyber liability insurance, it's essential to understand what is included in your coverage and what is not. We offer plans that provide extensive coverage to meet a variety of needs. However, there are also certain exclusions to be aware of. Below we detail the typical inclusions and exclusions in our cyber liability insurance plans to help you make an informed decision.
Inclusions:
Core coverage regardless of the specific coverage type chosen:
- Damages and Defense Costs: Covers expenses associated with legal defense and damages for claims arising from third-party liability, security breaches, and data confidentiality incidents.
- Fines and Penalties: Covers regulatory fines, penalties, and associated legal costs stemming from privacy or confidentiality breaches, up to specified sublimits.
- Business Interruption Loss: Provides coverage for income loss due to disruptions in business operations caused by cyber incidents impacting the insured's systems.
- Crisis Management Costs: Covers essential crisis response expenses, including forensic investigations, data identification and preservation, and legal notifications following a data breach.
- Cyber Extortion Loss: Covers expenses related to managing and responding to cyber extortion incidents, including extortion payments if required.
- Data Breach Response and Monitoring: Provides coverage for data breach response activities, including notification costs, account monitoring, and credit monitoring services for affected individuals.
Exclusions:
- Dishonest or Improper Conduct: Excludes coverage for losses arising from intentional, fraudulent, or dishonest actions by the insured.
- Bodily Injury and Property Damage: Excludes claims related to physical harm or damage to tangible property not related to data or cyber incidents.
- Contractual Liability: Excludes liabilities that are assumed solely under a contractual obligation unless they would exist regardless of the contract.
- Prior Claims or Known Circumstances: Excludes coverage for claims based on incidents or circumstances known before the policy period started.
- Intellectual Property and Trade Secrets: Excludes claims involving intellectual property disputes or trade secrets, except where specifically covered under media liability.
- War and Governmental Acts: Excludes losses resulting from war, civil unrest, or actions taken by government authorities.
- Pollution and Natural Perils: Excludes losses caused by environmental pollution or natural disasters, such as earthquakes and floods.
- Operational Interruptions Outside Insured’s Control: Excludes losses resulting from infrastructure failures, such as power outages or external network disruptions, that are not within the insured’s control.
Extensions
We offer additional coverage options to customize your policy, meeting your specific needs and providing extra protection in various situations, such as:
- Discovery Period: Allows for an extended period after the policy expires during which claims can still be reported if the incident occurred during the policy term.
- Emergency Costs: Covers urgent defense and response costs incurred without prior insurer consent when timely approval could not be obtained due to the immediacy of the situation.
- Mitigation Costs for Claims: Covers expenses incurred to minimize potential damages or defense costs following a cyber incident.
- Mitigation Costs for Business Interruption: Covers additional expenses needed to reduce business interruption losses during or after a cyber incident.
- Restoration Costs: Provides coverage for restoring data and computer systems after a cyber breach or data loss incident.
- Betterment Costs: Covers expenses for upgrading or enhancing security systems following a covered cyber event to prevent future incidents.
- Voluntary Notification Costs: Covers costs for voluntary notifications to individuals or regulators about a breach if deemed beneficial in mitigating losses.
- SCADA Systems Extension: Expands coverage to include certain industrial control systems, such as SCADA, used in operational technology environments.
- Business Interruption Due to Human Error or Technical Failure: Extends business interruption coverage to include losses from internal human errors or technical malfunctions.
- Business Interruption Due to Legal/Regulatory Compliance: Covers losses resulting from operational downtime due to compliance with legal or regulatory requirements.
Making a Claim
Our simple claims process ensures you can get the support you need quickly and efficiently when it matters the most. Follow these steps to initiate your claim:
Required Documents:
- Required Claim Form: A fully completed form the insurer requires to initiate and efficiently process your claim.
- Written Notice of Claim: A formal written notice detailing the claim, provided as soon as practicable and no later than 30 days after the end of the Insurance or Discovery Period.
- Proof of Loss: A detailed, written proof of loss that includes an explanation of the circumstances and a calculation of the loss, prepared by the insured and submitted to the insurer.
- Invoices for Defense Costs: Detailed invoices supporting any defense costs incurred, required by the insurer to advance defense payments.
- Supporting Documentation for Business Interruption: For claims related to business interruption, documentation showing evidence of business operations and the specific interruption’s impact on financial performance.
- Evidence for Subrogation and Recoveries: Documentation necessary to assist the insurer in any recovery efforts, including signed rights assignments if required.
- Additional Supporting Evidence: Other documentation as requested by the insurer to provide comprehensive details on the incident and mitigate losses.
Claims Process:
- Report Your Claim: Report your claim by calling or messaging +63 917 175 9028, contacting us via FB Messenger, or using our Online Claim Report.
- Complete Claim Requirements: Gather the necessary documents. Our Policy and Account Manager (PAM) will help you collect and organize everything needed to ensure your claim is completed successfully.
- Submit Required Documents: Submit all required documents to us. We will forward them to the insurance provider for review and approval. Payment or reimbursement will be processed according to your policy terms.
Complete Guide: For more detailed steps and additional information, refer to our Complete Guide to the Reliable Claims Process.
Additional Provisions for Claims Settlement:
To ensure smooth and efficient claims processing, we have outlined specific provisions that need to be adhered to:
- Timely Reporting: Promptly report any incident within the specified timeframe to initiate the claims process without delays.
- Accurate Documentation: Ensure all required documentation is complete, accurate, and submitted promptly for faster processing.
- Comprehensive Reporting: Provide detailed accounts of incidents, supported by police reports, medical records, and photographs as necessary.
- Preservation of Evidence: Retain any damaged goods or supporting evidence until the claim is fully processed and settled.
- Professional Estimates: Secure clear and professional estimates for repair or replacement of damaged items, ensuring all documentation is thorough and detailed.
- Open Communication: Stay in regular contact with your Policy and Account Manager (PAM) to receive updates and guidance throughout the claims process.
- Compliance with Policy Terms: Ensure all claims adhere to the terms, conditions, and coverage limits outlined in your insurance policy.
- Adherence to Legal Requirements: Follow all relevant legal guidelines, including obtaining necessary permits, and certifications, and complying with any regulations tied to the claims process.
By adhering to these provisions, you can help ensure that your claim is processed efficiently and in accordance with your policy.
Procedures for Claims
Understanding the claims process is essential to ensure you receive the benefits you are entitled to under your travel insurance policy. Reliable Insurance Brokers is here to guide you every step of the way, ensuring a smooth and efficient process.
Making a Claim:
- Report Your Claim: You may report your claim directly by calling or messaging +63 917 175 9028 or online via our FB Messenger or our Online Claim Form.
- Complete Required Claim Documents: Our Policy and Account Manager (PAM) will help you gather and organize the required documentation, ensuring that everything is properly completed for a successful claim.
- Submit Required Documents: Submit all required documents to us. Once your claim and supporting documents are submitted, we will forward the information to the insurance provider for review and approval. Payment or reimbursement will be processed according to the policy terms and conditions.
- Complete Guide: For more detailed steps and additional information, refer to The Complete Guide to the Reliable Claims Process.
Required Documents:
- Claim Form: Fully completed form outlining the incident and claim details.
- Written Notice of Claim: A formal written notice detailing the claim, provided as soon as practicable and no later than 30 days after the end of the Insurance or Discovery Period.
- Proof of Loss: A detailed, written proof of loss that includes an explanation of the circumstances and a calculation of the loss, prepared by the insured and submitted to the insurer.
- Invoices for Defense Costs: Detailed invoices supporting any defense costs incurred, required by the insurer to advance defense payments.
- Supporting Documentation for Business Interruption: For claims related to business interruption, documentation showing evidence of business operations and the specific interruption’s impact on financial performance.
- Evidence for Subrogation and Recoveries: Documentation necessary to assist the insurer in any recovery efforts, including signed rights assignments if required.
- Additional Supporting Evidence: Other documentation as requested by the insurer to provide comprehensive details on the incident and mitigate losses.
Additional Provisions for Claims Settlement:
To ensure smooth and efficient claims processing, we have outlined specific provisions that need to be adhered to:
- Timely Reporting: Promptly report any incident within the specified timeframe to initiate the claims process without delays.
- Accurate Documentation: Ensure all required documentation is complete, accurate, and submitted promptly for faster processing.
- Comprehensive Reporting: Provide detailed accounts of incidents, supported by police reports, medical records, and photographs as necessary.
- Preservation of Evidence: Retain any damaged goods or supporting evidence until the claim is fully processed and settled.
- Professional Estimates: Secure clear and professional estimates for repair or replacement of damaged items, ensuring all documentation is thorough and detailed.
- Open Communication: Stay in regular contact with your Policy and Account Manager (PAM) to receive updates and guidance throughout the claims process.
- Compliance with Policy Terms: Ensure all claims adhere to the terms, conditions, and coverage limits outlined in your insurance policy.
- Adherence to Legal Requirements: Follow all relevant legal guidelines, including obtaining necessary permits, and certifications, and complying with any regulations tied to the claims process.
By adhering to these provisions, you can help ensure that your claim is processed efficiently and in accordance with your policy.
Key Reminders for Policyholders
To make the most of your Cyber Liability Insurance policy and ensure continuous coverage, it's important to keep the following reminders in mind. These tips will help you manage your policy effectively and avoid any unexpected issues:
- Read Your Policy: Make sure to thoroughly read your policy documents to understand the specific claims procedures of your insurance provider and know what's covered.
- Understand Coverage: Coverage is subject to policy terms and conditions, so be familiar with these to avoid surprises.
- Timely Premium Payments: Ensure your premiums are paid on time to avoid lapses in coverage.
- Emergency Contacts: Keep emergency contact numbers and policy details handy for quick access during emergencies.
- Keep Records: Maintain copies of all relevant documents and correspondence related to your policy and trips.
- Stay Updated on Policy Changes: Be aware of any updates or modifications to your policy, as terms and coverage may change over time.
- Claims Deadlines: Always submit claims and required documents within the deadline specified in your policy to avoid delays or denial of coverage.
Cyber Liability Insurance Providers
Protect Your Business from Cyber Threats Today
Cyber liability insurance is essential for protecting your business from digital threats and ensuring financial security. Reliable Insurance Brokers offers a variety of plans designed to meet diverse needs, providing comprehensive coverage and quality support. For more information or to get started, contact Reliable Insurance Brokers today.
Contact Information for Inquiries and Support
Should you have any questions or require further assistance in applying for cyber liability insurance:
- Call: +63 2 8631 9285 to 86
- Mobile: +63 917 138 5120
- Email: info@reliable-insurance.ph and support@reliable-insurance.ph
- Messenger: m.me/reliable.insurancebrokersph
Note
The coverage details provided in this guide are for informational purposes only and are subject to change. Reliable Insurance Brokers advises all clients to request a detailed proposal and thoroughly read and understand their insurance policy. Coverage terms and conditions may be updated or modified by our partner insurance companies, which may supersede the information contained in this guide. Additionally, because our offerings can be custom-fitted to your specific needs, the details may vary from what is stated in this article. For the most accurate and up-to-date coverage details, and to understand how different providers might affect your policy, please contact us directly or refer to your policy documentation.
