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

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 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

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.

  What cyber insurance covers
  • Data breach
  • Legal expenses
  • Cyber extortion
  • Virus transmission
  What cyber insurance excludes
  • 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:

What kind of business needs cyber risk liability insurance? The answer: pretty much all of them. As businesses and technology evolve, there’s become an increased dependency on electronic data, virtual operations, and so on. Unfortunately, cybercriminals have tailored their efforts to become more sophisticated. This is why businesses need cyber insurance to protect their bottom line from any consequential financial loss as a result of a data breach, cyber extortion event, or other digital events. See below for some examples of the businesses and business sectors that may benefit from a cyber insurance policy.
Financial Industry


  • Commercial banks
  • Insurance brokerages
  • Financial advisors
  • Accountants & bookkeepers
More info
Real Estate Industry

Real Estate

  • Estate agents
  • Real estate developers
  • Property management
More info
Construction Industry


  • HVAC construction
  • Commercial construction
  • Residential construction
  • Demolition
  • Electrical installers
  • Highway construction
More info
Maintenance Industry

Personal Services

  • Garage repair shops
  • Autobody stores
  • Auto servicing
More info
Education Industry


  • Online courses
  • Driving schools
  • Primary education
  • Universities
More info
Manufacturing Industry


  • Metal manufacturers
  • Autobody part manufacturers
  • Chemical manufacturers
  • Food manufacturers
More info
Transportation Industry


  • Airlines
  • Freight road transportation
  • Courier companies
  • Railways
  • Trucking companies
More info
Organizations Industry


  • Chairities
  • Organizations
  • Fundraisers
More info
Agriculture Industry


  • Hobby farms
  • Commercial farms
  • Beef farms
  • CBD plantations
More info
Entertainment Industry


  • Bowling alleys
  • Amusement parks
  • Theatres
  • Arcades
  • Minigolf
More info
Healthcare Industry


  • Occupational therapists
  • Counselors
  • Massage therapists
  • Dentists
More info
Retail Industry

Retail Industry

  • Liquor retail
  • Grocery retailing
  • Furniture retailing
  • Garden supplies retailing
  • Auto parts retailers
More info
Hospitality Industry


  • Hotels and motels
  • Travel agents
  • Lodging agencies
More info
Publishing Industry


  • Printers
  • Publishers
More info
Personal Care Industry

Personal Care

  • Hair salons
  • Weight loss services
  • Nail spas
  • Dry cleaners
More info
Wholesale Distribution Industry

Wholesale distribution

  • Agricultural machinery wholesale
  • Audio and video equipment retailers
  • Bakery product wholesale merchants
More info
Professional Services Industry

Professional Services Industry

More info

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.

Get an Instant Quote

Want to Get Started on Your Cyber Insurance? Start with a Cyber Insurance Quote.

Get Quote

Most Frequently Asked Questions about Cyber Insurance:

A: Any business that handles electronic data, has an e-commerce website, communicates with clients and other team members virtually, or does deliveries requires cyber insurance. Cyber insurance is necessary to cover a business’ liability for financial losses resulting from data breaches and the loss of private information. Cybercrimes can cost even the smallest Mom and Pop shops upwards of several million dollars in liability lawsuits.

A: The cost of your cyber insurance is largely dependent on your business and its exposures. The size of your business, its online presence and the way it handles electronic data, existing cyber security measures, industry, projected annual revenue, staff, and so on are all variables that will impact your overall cost.

A: Cyber insurance is designed to cover your business for financial losses that result from loss of electronic data and data breaches. It will not cover liability claims due to everyday business practices, negligence, or physical losses.

A: It depends on your business. Your business’ size, the way it handles electronic data, existing cyber security efforts, and more will all be a factor in your coverage needs. An LMBF cyber insurance broker may be able to give you further insight based on your unique enterprise.

A: Cyber liability insurance isn’t just worth its cost - it’s an essential purchase for any business that utilizes electronic data. More and more, cybercriminals are advancing their efforts and targeting smaller businesses that they perceive will have limited security resources to handle an attack. Cyber insurance, on top of adequate cyber security management, is critical for your business’ wellbeing and continued survival.

A: Your business’ E&O policy is designed to cover lawsuit expenses resulting from claims of negligence, malpractice, misinformation, or omissions. Unfortunately, this does not include legal action expenses that arise due to a data breach event. In order to have coverage for cyber-attacks, your business will need a cyber insurance policy.