Cyber Insurance

SME Insurance

Cyber Liability Insurance

What is Cyber Liability Insurance?

Cyber attacks are rapidly becoming one of the largest risks that businesses face; it is our job to stay abreast of these new and emerging threats, including data breaches and cyber risks. Through robust cyber liability insurance policies, vital protection can be added to your cyber security and risk management plans.

Often, businesses feel that Cyber Insurance is reserved for corporate businesses, the big names who are seemingly more at risk of data breaches and attacks on network security, but in reality, simply opening an email with a virus or losing a laptop with confidential data on it can wreak havoc for all sizes and types of businesses, causing substantial business interruption.

With this type of liability insurance, a range of services and associated costs following a cyber attack are included in the insurance coverage, including: a 24/7 incident response line, IT forensics, public relations advice, legal advice, defence costs, credit and identity monitoring, data restoration, notifying clients, cyber business interruption and cyber extortion.

We work with a number of market leading, A-rated insurers who provide packages based on both first and third-party risks to ensure complete protection.

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Why do I need Cyber Liability Insurance?

Cyber attacks are rapidly becoming one of the largest insurance risks firms face - as such, cyber security is increasingly becoming a board-level agenda. Statistics show that 43% of cyber-attacks that occur target small businesses*.

Consider these facts which highlight the frequency and magnitude of attacks:

  • There is a hacker attack every 39 seconds
  • In 2018, hackers stole half a billion personal records
  • By 2020, there will be roughly 200 billion connected devices
  • An estimated 54% of companies say they have experienced one or more attacks in the last 12 months*


Statistically, smaller businesses are becoming increasingly vulnerable to cyber attacks:

  • 25% of small businesses have no cyber security governance or risk management measures in place
  • Only 9% of small businesses have cyber security insurance**
  • Every 91 seconds, there is a cyber attack on a small business*


The question is, should you be unfortunate enough to experience a cyber attack, would you have the cash flow and resources to afford a claim potentially running into dozens of thousands? How would the subsequent reputational impact affect your loyal client base?

*Cybint Cyber Solutions 15 Alarming Cyber Security Facts and Stats September 2019
**HM Gov Cyber Security Breaches Survey 2018

Where would I need Cyber Liability Insurance?

Employee opens a phishing email and introduces a virus into the system:
Possibly the simplest of scenarios, even just opening the wrong email can wreak havoc on a business’ system, corrupting data or potentially losing it altogether. This could include details on contracts, transaction records and coding.

Laptop accidentally lost containing customer data:
The litigation costs in this scenario could be considerable. Under the GDPR legislation, such an incident would have to be reported to the regulator as a ‘breach’.

Hacker installs ransomware having accessed your system:
This can bring your business to a halt as the hacker will demand a ransom payment before they allow you access to your system. This can cause serious business interruption issues, as well as the customer and reputational detriment.

How much does it cost?

Costs can vary based on the following criteria: level of cover required, turnover of company, business activities, sector, extent of data held on file and existing security in place.

However, there are a number of providers now in the market and it is quite common for SMEs to obtain a comprehensive policy from between £500 - £1,500.

What policies are on offer?

We work with a number of market leading insurers in the cyber market, so we can seek to find a policy that is suitable for your demands and needs.

We only work with A-rated insurers, and seek packages based on both first and third party risks.

For more information or a quote, please contact your dedicated account handler or email [email protected].

SME Insurance by Sector

Directors’ and Officers’

Often referred to ad 'D&O', this policy is designed to defend individuals against damaging claims.

Shops and Offices

From office blocks and home offices to hairdressers, florists and newsagents, we cover the entire scope of this sector.  

Commercial Property Owners

For property owners, investors or developers, single property to portfolio's, we have the solution.

Residential Property Owners

For property owners, landlords and associations, we deliver a policy that covers all related risks.

Fleet

One policy for fleets of all sizes. Our online platform compares insurers within minutes, so you know you have the right cover.

Professional Indemnity

Often referred to as 'PI', a profession-based risk management package.

Tradespeople

Our package covers every single trade. Simple, effective and delivered by the same or following working day.

Motor Trade

For dealerships, mechanics, valeters, bodyshops and everything in-between, we've got you covered.

Landlord

Including buildings, contents, liability, unoccupied and rental protection.

Golf Course

Golf courses possess specific risks which specialised golf course insurance can help protect you against.

Bakery

Whether you are a small independent bakery, or a larger chain, it is vital you consider your level of business insurance.

IT Contractors

From basic repairs and builds through to emergency cover, your clients call on you for your expert knowledge and skill.

Coffee Shop

There are many risks associated with not only running a successful business, but in serving hot drinks and food to the public.

Architects

Professional indemnity insurance is an important policy, as you are offering professional services to other people & businesses.

Surveyors

Your clients call on you for your expertise, knowledge and skill, whether you are a quantity or land surveyor.

Business Interruption Insurance

Business Interruption insurance, also known as BI, is a much-misunderstood cover which can often be overlooked by small business owners.

Wholesalers Insurance

Erskine Murray can help wholesalers to find the appropriate insurance to manage the risks to your industry and provide the right protection for your business needs.

Tech Start Up Insurance

Here at Erskine Murray, we make it easier for you to cover and protect your business with several appropriate policies packaged together.

Media Professionals Insurance

The media and marketing industries can be vulnerable to claims of negligence for what are in fact basic errors.

High Net Worth Insurance

High net worth insurance is ideal for people with high profile occupations such as sports people, actors, singers and other people in the public eye.

Graphic Designer Insurance

As the risks can be fairly wide ranging, there are lots of appropriate insurance policies which can be useful for graphic designers.

Civil Engineering Insurance

At Erskine Murray we understand the many risks associated with those involved with working at height, extreme depth and working with asbestos.

Business Owners Policy Insurance

An enhanced business insurance policy which combines property insurance alongside general liability insurance.e.

Contractors All Risk Insurance

Whilst all construction sites are different, there are still common risks and threats shared by them all.

Who do I

Contact? 

If you would like to talk more about your SME Insurance needs please contact Rob.

Rob Marshall

Head of SME

Who do I

Contact? 

Rob Marshall

Head of SME

Employee Benefits

Have you considered an Employee Benefits package? Such a policy can help you attract and retain a highly skilled and dedicated workforce.

Claims Support

We will act on your behalf, to manage your claim from initial notification to settlement. We will also make sure you are kept up to date throughout the entire process.