Cyber Risk Liability Insurance for Enterprises with LMBF
Every business uses electronic data in some form or another. The usage of technology - whether that’s to handle deliveries, answer customer questions, or store financial data - is a daily function of thousands of enterprises across Canada. Too few companies recognize the importance of cyber insurance, a policy designed to protect businesses against losses resulting from the loss of their electronically stored data or data breaches. For many enterprises, this coverage can mean the difference between the loss of hundreds of thousands of dollars and having the protection you need to get back on your feet easier. LMBF has partnerships with some of the top cyber insurance providers in Canada and is confident it can help your enterprise secure a cyber insurance plan fitted to its unique needs.
What Cyber Risk Liability Insurance Covers
Data Breaches
Many businesses assume they will never be the victims of a data breach because their enterprise is too small. Unfortunately, data breaches largely impact companies that lack the security resources to protect their sensitive data. Cyber insurance can cover the costs resulting from a loss due to a computer hack or data breach.
Ransomware
Ransomware is when a cybercriminal holds “ransom” your sensitive data or private client in exchange for a large sum of money. Cyber insurance can help a business recover from burdens resulting from a ransomware event, including coverage for resources to reinstate a business following significant reputational harm.
Legal Action
If your business should experience a cyber-attack or ransomware event and a client or third-party takes legal action against your business due to the private information that has been stolen from them or the financial loss as a result, your cyber insurance may cover any incurring legal expenses, including defense costs and settlement fees.
- Data breach
- Legal expenses
- Cyber extortion
- Virus transmission
- Physical losses
- Claims of negligence
- Decreased valuation
- Future profits
What is cyber insurance?
Cyber insurance is a commercial insurance policy that is designed to protect businesses that utilize technology and electronic data to perform everyday tasks. This insurance policy kicks in should a data breach event occur, resulting in financial loss to the business and potentially a lawsuit from affected clients or third-party. Cyber threats are continually evolving every day, which is why cyber insurance is a necessity for any enterprise that utilizes technology.
Cyber Risk Liability Insurance for These Business Sectors:
Construction
- HVAC construction
- Commercial construction
- Residential construction
- Demolition
- Electrical installers
- Highway construction
Manufacturing
- Metal manufacturers
- Autobody part manufacturers
- Chemical manufacturers
- Food manufacturers
Transportation
- Airlines
- Freight road transportation
- Courier companies
- Railways
- Trucking companies
Retail Industry
- Liquor retail
- Grocery retailing
- Furniture retailing
- Garden supplies retailing
- Auto parts retailers
Wholesale distribution
- Agricultural machinery wholesale
- Audio and video equipment retailers
- Bakery product wholesale merchants
Professional Services Industry
LMBF’s Cyber Insurance Providers in Canada
Cyber insurance is an often overlooked but crucial form of coverage for many businesses, thanks to our growing dependence on technology in order to do business. Due to the risk that cyber threats pose, LMBF recognizes the importance of comprehensive cyber insurance. That is why we partner with some of the top cyber insurance providers in Canada to ensure you can get a uniquely tailored plan that you can be comfortable with for the right price.
