Cyber Insurance: Is it worth it?

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Cyber Liability Insurance: the safety net small businesses need

It may have taken some time for the reality to hit, but the wider public is now starting to realise that hackers aren't just fictional brooding movie villains - they ... features are free, and the premium version is available for a ... the chance of a cyber-attack occurring, Cyber Liability insurance will help to ...

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The Remaining Risk: What Isn't Covered and Why it Matters

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Cyber Liability Insurance: the safety net small businesses need

It may have taken some time for the reality to hit, but the wider public is now starting to realise that hackers aren't just fictional brooding movie villains - they ... features are free, and the premium version is available for a ... the chance of a cyber-attack occurring, Cyber Liability insurance will help to ...

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The Remaining Risk: What Isn't Covered and Why it Matters

... most common issues with Business Insurance is that policy owners often ... ... you can work again. Cyber Liability Insurance – Cyber Liability Insurance protects against the expenses ... for insurance purposes, in an effort to minimise their premiums and save ...

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Is Your Businesses Target for Cyber Criminals?

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Stay Smart Online Week: Q&A with experts on Small Business Cyber Risks

This week is Stay Smart Online Week; a government initiative that aims to reverse the threat of cybercrime. Small businesses are some of the biggest growing targets for ... controls. · Lack of understanding of cyber threats. SMEs are particularly susceptible ... -our-free-alert-service) · Buy cyber insurance Small Businesses are often short ...

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Business Horror Stories

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The Risky Business of Insurance

What are the Real Costs to Australian Small Business? Small business owners tend to be juggling many balls - managing clients, cash flow, staff, stock and future planning ... 'nice to have' insurance. Examples of “must have” insurance: Public Liability– protects ... assets you should insure them Cyber Insurance - Protects your business against the ...

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Cyber Liability Insurance

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Scams & Cybercrime at Tax Time

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Turn the spotlight on hackers and protect your data

Your business might pride itself on great service or friendly staff, but your success is really built on the trust your customers have in you. After all, when they hand ... potential costs. For example, Cyber Liability Insurance covers your business against the ... more about the benefits of Cyber Liability Insurance and also use these ...

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Insurance for architects- the blueprint to success

The career of an architect is an exciting one, yet it's not one without risk. From the ground up, your responsibilities are skyscraper high. Beginning with the first ... become a statistic.[i] Cyber Liability insurance provides essential financial protection if ... .com.au/underwriting/financial-lines-insurance/cyber-liability-and-privacy-protection

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Despite Insurers Talk, Premiums Won't Walk

Despite Insurers Talk, Premiums Won't Walk SME Insurance Premiums Stay Flat Over the ... quarters the BizCover Small Business Insurance Price Index Despite Insurers Talk, Premiums Won't Walk… SME Insurance Premiums Stay Flat Over the ... this is the increased premiums for property related insurance which is more ...

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5 Tips for an Insurance Health Check

If your insurance is due for renewal or ... a health check of your insurance to ensure that if the ... ... mismanagement, misconduct or legislative breaches. Cyber Insurance Protection against the expenses and ... to have Business Interruption Insurance. (Vero SME Insurance Index,2016) 3. Do ...

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Insurance for Restaurants

... business with Public Liability insurance. Public Liability insurance is designed to provide ... an ATO investigation with this insurance. Cyber Insurance* As a restaurant owner your ...

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Insurance Premiums for Retailers Continue to Climb

Insurance Premiums for Retailers Continue to Climb The latest BizCover Small Business Insurance Price ... an increase in small business insurance Insurance Premiums for Retailers Continue to Climb The latest BizCover Small Business Insurance Price ... not universal. Graph 1 – BizCover Insurance Price Index (Financial Year 2017 ...

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Insurance by Industry

... Indemnity, Public Liability, Business Insurance, Management Liability, Cyber Insurance and Tax Audit. At ... varying industries, often have specific insurance needs and so we aim ...

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Small Business Insurance Price Index Q3

Insurers hold on to SME Insurance Premium Price Increases! Despite a drop ... BizCover Small Business Insurance Price Index has shown insurance Insurers hold on to SME Insurance Premium Price Increases! Despite a drop ... BizCover Small Business Insurance Price Index has shown insurance rates dropping back ...

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The bricks and mortar of building insurance cover- what you need to know

Your business property is like your home away from home and is the place where you work your magic. Whether you're in the business of providing expert advice to clients ... What is Building Cover? Building Insurance provides protection for material damage ... when calculating your building cover premium. For example, some construction materials ...

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How the cost of Professional Indemnity insurance is calculated

... of a Professional Indemnity (PI) insurance policy is calculated and why ... the cost of Professional Indemnity insurance. Insurance policy pricing ... the cost of Professional Indemnity insurance. Insurance policy pricing is generally calculated ... to attract a higher policy premium. When applying for a Professional ...

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Things you didn't know about small business insurance

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Getting the Best Value on Your Business Insurance

The new year is now in full swing, and if you're like some of us in this office, you will probably have resolved to be a bit smarter with your money in 2016 and perhaps ... risky and price your policy premium accordingly another may see your ... making a claim having enough insurance could mean the difference between ...

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Insurance for Disability Workers

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Professional Indemnity Claims: when should I notify my insurer?

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Small Business Continues to Win on Insurance Prices!

... ; however the BizCover Small Business Insurance Price Index for the first ... ... small businesses! Prices across all insurance classes were stable across the ... changes were not substantial and premiums have remained high enough to ...

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6 Areas You May Not Have Thought Business Insurance Covers

Your business is your livelihood. So it's vital to protect your business assets and revenue against potential risks that may impact your business, such as fire, storms ... hoping to saving on some premium) the insurer could discount your ... Public Liability and Professional Indemnity insurance to ensure you are not ...

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5 Reasons to love Personal Accident Cover

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Public Liability Insurance in Perth

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Public Liability Insurance in Mandurah

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Public Liability Insurance in Hobart

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Public Liability Insurance in Darwin

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Public Liability Insurance in Brisbane

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Public Liability Insurance in Adelaide

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Insurance for Cleaners

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Insurance for pharmacy and pharmacists

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Insurance for Cabinet Makers

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Insurance for Sole Trader

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Insurance for Civil Engineers

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Insurance for Land Surveyors

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Insurance for Cafes

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Insurance for Lawn Mowing Services

... , the small business insurance specialists look after your insurance needs, providing multiple ... and compensation if awarded. Business Insurance* Portable Equipment Cover* A mower ...

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Insurance for Painters

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Government Interruption Insurance

... do more business? Government Interruption Insurance is a revolutionary first of ... the waves with Government Interruption Insurance. The policy will cover for ...

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Insurance for Project Managers

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Insurance for Dog Grooming

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Insurance for Dog Walkers

... business within a public park. Insurance for Dog Walkers Public Liability ... Insurance* Public Liability insurance is important for dog ...

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Insurance for Plasterers

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Insurance for Butcher Shops

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Insurance for Professionals

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Business Insurance FAQs

... FAQ's designed to make insurance easy to understand. Get Free ... to sort out your Business Insurance? Your small business is a ...

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What does Professional Indemnity Insurance cover?

... does Professional Indemnity Insurance cover? Professional Indemnity insurance provides essential financial protection ... which often require Professional Indemnity insurance include: Allied Health Professionals Management ...

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Public Liability WA

... monthly premiums. How much do Retailers pay for Public Liability Insurance in ... monthly premiums. How much do Professionals pay for Public Liability Insurance in ...

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Do I need Public Liability insurance?

Do I need Public Liability insurance? Public Liability insurance is essential for small ... small businesses. Is Public Liability insurance a legal requirement? Public Liability ...

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Insurance for Yoga Teachers

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Insurance for makeup artists

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Insurance for martial art teachers

... martial arts teachers Professional Indemnity Insurance* However careful you may be ... damaged anywhere within Australia. Contents Insurance* protects the contents and stock ...

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Social Media Insurance

... is where Social Media Indemnity Insurance comes in, you can now ... a politically charged bandwagon. The insurance will cover your costs of ...

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Public Liability NSW

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Public Liability QLD

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Employment Practices Liability

... notThings to considerBack to Business Insurance Employment Practices Liability Cover* Employment ... Practices Liability (EPL) Insurance is designed to help employers ...

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Portable Equipment

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Goods in Transit

... notThings to considerBack to Business Insurance Goods in Transit Protects you ... and experienced? ← Back to Business Insurance

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Statutory Liability

... notThings to considerBack to Business Insurance Statutory Liability This option covers ... Local Government? ← Back to Business Insurance

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Money

... to considerBack to Business Insurance Money Money insurance protects your business money ... ? ← Back to Business Insurance * As with any insurance, cover will be subject ...

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Business Interruption

... notThings to considerBack to Business Insurance Business Interruption Cover Most small ... to its knees. Business interruption insurance is designed to provide compensation ...

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Machinery Breakdown

... to considerBack to Business Insurance Machinery Breakdown This insurance covers the cost ... machine referred to on your insurance certificate that suffers insured damage ...

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What is Product Liability Insurance?

... Product Liability Insurance? What is Product Liability Insurance? Product Liability insurance* protects your ... I need Product Liability Insurance? Product Liability insurance is an important consideration ...

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Insurance for Handyman

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Insurance for Electricians

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Insurance for Nurses

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Business Insurance the Smart Way

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What is Business Insurance?

... need business insurance?Claim Example What is Business Insurance? Business Insurance can provide ... business. The options include: Building Insurance which covers any physical buildings ...

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Public Liability PPC

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Insurance Glossary

Important Terms You Need To Know Continuous Cover Under this clause, the insurer agrees that if you provide notice of a claim that should or could have been notified under a previous policy period, then the insurer will ...

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Insurance for Tradesmen

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Insurance for Retailers

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Insurance for Registered Tax Agents

... Registered Tax Agents need Insurance? Professional Indemnity (PI) insurance is designed* to ... the table below). Professional Indemnity insurance can be complicated, but with ...

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Insurance for Furniture Manufacturers

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Insurance for Personal Trainers

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Insurance for Mobile Food Vans

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Insurance for Marketing

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Insurance for Manufacturers

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Insurance for Psychologists

... the Psychology Board of Australia. Insurance for Psychologists Professional Indemnity* Psychologists ... due to an insurable event. Cyber Liability* Consider the client data ...

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Insurance for Gift Shops

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Insurance for Hair & Beauty Services

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Insurance for Engineers

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Insurance for Consultants

... systems were compromised. A cyber liability insurance policy is designed to help ... of the types of risks Cyber Liability insurance can assist with are ...

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Insurance for Bookkeepers & BAS Agents

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Tax Audit Insurance

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Management Liability Insurance

... having the right Management Liability Insurance in place? Independent feedback from ... to any claimants. Management Liability Insurance benefits: Private companies Company directors ...

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Personal Accident and Illness

... income With Personal Accident & Illness Insurance* As the old saying goes ... . Having Personal Accident & Illness (PA) insurance covers you for loss of ...

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Insurance for Architects

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Small Business Champions

... effective way to purchase business insurance. BizCover understands that small businesses ... down the cost of business insurance for all Australian small businesses ...

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Why BizCover

... businesses, need a faster, simpler insurance experience. We help you compare ... some of Australia's leading insurance companies. Fast, hassle-free experience ...

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What is Professional Indemnity Insurance?

... What is Professional Indemnity Insurance? Professional Indemnity insurance protects professionals against claims ... allegation is true, Professional Indemnity Insurance seeks to protect your assets ...

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What is Public Liability Insurance?

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Business Insurance

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Professional Indemnity

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Public Liability

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ET Circus is the latest winner of the BizGiver Grant

ET Circus, a much loved entertainment business in the sunshine coast community has won the BizGiver grant and will soon be receiving a brand new air track to add to their ... , Australia's leading online business insurance service, started the grant of ...

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Small Business Index July 2015

SMEs benefiting from declining insurance rates but is the tide ... capacity and competition in the insurance market over the last few ... the price of ... the price of professional/business insurance for Australian SMEs. Since the ... with capital chasing returns in insurance.” The Professional Indemnity rates reduced ...

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Latest Small Business Buddy Winner: Evermore Memories

MEMORY MAKING BUSINESS GETS A MEMORABLE PRIZE. Latest Winner of Bizcover.com.au 'Small Business Buddy Program' Evermore Memories, a new unique business based in Geelong ... , Australia's leading online business insurance service, started the $2000 monthly ...

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Accountant saved from paying $200K with Professional Indemnity Insurance: A Case Study

An Accounting firm in Western Sydney with 5 staff, has been covered for a $221 000 payment after the Tax Office fined a client. The firm was insured with a Professional An Accounting firm in Western Sydney with 5 staff, has been covered for a $221 000 payment after the Tax Office fined a client. The firm was insured with a Professional Indemnity Policy to the value of $2 million dollars ...

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Childers Local wins the latest Small Business Buddy Grant

HELPFUL HAND TO CHILDERS LOCAL PET BUSINESS Meet the latest winner of the Bizcover $60,000 Small Business Buddy Program Grant Queensland,February 17, 2015: Childers resident ... years have embraced our online insurance services over more traditional methods ... of buying insurance. Having someone literally change their ...

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Additional Cover for Professional Indemnity Insurance

... Fernando for his certificates of insurance - it's just part of ... ... options to her professional indemnity insurance. Lynn purchased public and products ... to change this, making business insurance simpler than ever. Providing multiple ...

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Public Liability Insurance

Just imagine: A phone call out of the blue. The caller has a voice you don't recognise. He's telling you he is hurt - badly - and you're responsible. You hang up. He ... Janine needed was public liability insurance or insurance that protects you and ... simple process. Purchasing public liability insurance online, where quotes are instant ...

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5 Financial Goals Before 40

In your 30s, retirement may seem an unthinkably long way away, but the brutal truth is that if you desire any kind of financial freedom in your future, it requires forward ... #3: Contribute to a life insurance policy That valuable investment property ... to accumulate), then Professional Indemnity Insurance is worth exploring, too. Goal ...

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Michael Gottlieb featured in Insurance Business

In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The Year Ahead

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BizInsure Capitalizes on the Paradigm Shift in Commercial Insurance!

... .com), a leading-edge online insurance model that connects independent professionals ... critical Professional Liability (E&O) insurance solutions ... critical Professional Liability (E&O) insurance solutions. With unprecedented convenience, reliability ... Professional Liability (E&O) insurance. BizInsure - business insurance just got smarter! About ...

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BizCover expands into New Zealand and launches BizCover.co.nz

... , 2011. BizCover, the pioneer online insurance marketplace in Australia and leading ... provider of online professional indemnity insurance, has announced ... provider of online professional indemnity insurance, has announced today the launch ... to quickly access information and insurance coverage specifically designed for their ...

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Professional Indemnity Insurance for Consultants

A large number of people that start businesses, in Australia have been experiencing a steady growth in business for the past few years. One area that is growing in magnitude ... purchasing something called Professional Indemnity Insurance, this is a very safe ... different companies offering Professional Indemnity Insurance. This way you are able ...

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What Limit of Professional Indemnity Insurance Do I Need?

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Sometimes Professional Indemnity Insurance is Needed

Professional indemnity insurance is handcrafted to provide coverage ... ... a concept like professional indemnity insurance, which can cover and protect ... they should buy professional indemnity insurance is the potential financial loss ...

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Misconceptions Around Professional Indemnity Insurance

... that the claims professional indemnity insurance covers are only the experiences ... ... that the claims professional indemnity insurance covers are only the experiences ... involved. Businesses or consultants whose insurance coverage is not sufficient may ...

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How Does Professional Indemnity Insurance Benefit You?

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Investec Acquisition of BizCover the Right Decision

... , an Australian-owned online professional insurance broker marks another key milestone ... ... , an Australian-owned online professional insurance broker marks another key milestone ... more products, including Business Insurance and Public Liability insurance. It has become ...

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Who is Covered Under an IT Liability Policy?

Information Technology Insurance Professionals in the information technology ... ... Liability Policy? An IT Liability insurance policy typically will cover the ... consultants and clients requiring these insurances in addition to professional indemnity ...

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A Guide to PI Insurance

... to make Professional Indemnity Insurance simple (also known as ... errors and omissions insurance, PI or Professional Indemnity ... is Professional ... ). What is Professional Indemnity Insurance? Professional Indemnity Insurance is a form of ... Thinking About Professional Indemnity Insurance? Professional Indemnity Insurance forms the largest percentage ...

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Tips for making a Stress-Free Claim

Making an insurance claim can be stressful but ... ... ? This is where Business Interruption insurance comes in handy, providing that ... out more about Business Interruption insurance here. When Disaster Strikes Call ...

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Personal Accident and Illness Insurance for Tradies

Does the thought of being off work for three months due to a major mishap with a nail gun horrify you? As far-fetched some accident stories may sound, the reality is ... where Personal Accident and Illness Insurance comes in to play. Designed ... contractor, Personal Accident and Illness insurance is an important type of ...

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Help Protect your small business' reputation

When it comes to running a small business, your brand and its reputation are priceless. No doubt you've spent countless hours establishing your name by building strong ... Regulatory Event or Investigation, Cyber Liability Insurance Can you imagine trying to ... the victim of a cyber attack, Cyber Liability insurance is there to help ...

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How to hire quality tradesmen for your small business with Oneflare

When hiring tradesmen for your small business, you don't have any room for error so every tiny detail counts. It can be daunting and time-consuming sorting through the ... common and essential form of insurance for tradespeople. It covers the ... have caused. Professional Indemnity Insurance Professional Indemnity insurance is not commonly required ...

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Comparing Portable Equipment & Electronic Equipment Cover

Business insurance isn't always straightforward, and ... nitty-gritty to understand what insurance is being offered and which ... especially the case ... especially the case with Business Insurance options like Portable Equipment and ... your insurer. Portable Equipment This insurance provides repair or replacement for ...

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Customer Spotlight: Being Brands

For this week's Customer Spotlight we look at creative brand agency, Being Brands. Being Brands is a creative agency located just outside of the Sydney CBD in Hunter ... -level clients, that makes their insurance a must. “As a business ... for new clients, so having insurance is an essential requirement. “ “BizCover ...

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Prevention & Protection - The Big Burglary Buffers

If you've ever arrived at your shop or store to find a smashed window or broken door, you'll remember the sinking feeling and the despair that follows. Having your business ... theft can also reduce your insurance costs considerably. Insurers appreciate the ... as a tax deduction. THE INSURANCE INFLUENCE Ultimately, every business with ...

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BizCover wins dual accolades over two big nights

... experience in the Small Business Insurance space. On Tuesday night, BizCover ... award recognised the Small Business Insurance [] ... experience in the Small Business Insurance space. On Tuesday night, BizCover ... award recognised the “Small Business Insurance Made Even Easier” campaign for ...

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Customer Spotlight: Elite Words

On today, International Women's Entrepreneurship Day, we celebrate with one entrepreneurial BizCover customer, Natalie Dawson of Elite Words. After over ten successful ... mind that Dawson justifies her insurance with BizCover. “I insure my ... worry about the cost of insurance.” “In the short term, organisations ...

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Customer Spotlight: Cheaper Buy The Dozen

After working 22 years in the car industry, Mansel Milne made the jump to the wine industry and started the online wine delivery company Cheaper Buy The Dozen. In its ... of a comprehensive and robust insurance plan for his business. “I ...

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The Risks of Growing Your Small Business

The only strategy that is guaranteed to fail is not taking risks. Mark Zuckerberg There comes a time when every successful enterprise needs to ditch the baby steps, ... or even a year. Consider Cyber Liability insurance, especially if your business ... attacks and session hijacking. Cyber Liability insurance may not prevent an attack ...

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A $2,000 Wish for Your Small Business

Ask any small business owner about the most difficult aspect of running a business and you'll most likely get an array of answers. However, one thing in common that most ... in 2008, BizCover, an online insurance service for small businesses, knows ... more traditional methods of buying insurance,” said BizCover Founder and Managing ...

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Pet Stays, becomes the 32nd BizGiver winner

... the 32nd Winner of BizCover Insurance's BizGiver $2000 Small Business ... ... , who have embraced our online insurance services over more traditional methods ... of buying insurance, said Michael Gottlieb, Founder and ...

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5 Surprising Things Business Insurance Can Cover

When looking for Business Insurance, most small business owners typically ... ... an unforeseen event. Business Interruption insurance is designed to compensate you ... 're an exceptionally prime target. Cyber Liability insurance is a 'must have ...

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Comparethemarket.com.au and BizCover Announce White Label Partnership

... online provider of small business insurance, having helped over 90,000 ... businesses compare and buy their insurance online. Their White Label solution ... businesses compare and buy their insurance online. Their White Label solution ... compare and purchase their business insurance through the platform, but they ...

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BizGiver finds it's latest winner in Wild Forage

The latest winner of the $2000 BizGiver Grant is crowned; Wild Forage, a small business supplying seasonal wild edible plants, herbs and seaweed to high end restaurants ... , who have embraced our online insurance services over more traditional methods ... of buying insurance, said Michael Gottlieb, Founder and ...

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A Close Shave with Underinsurance

... to make sure that your Insurance grows with your business and ... ... , covered her business with Business Insurance. For the next 4 years ... closed. Luckily, the Business Interruption insurance that Samantha had added to ...

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Reviews related to cyber insurance premiums

  • Ran smoothly apart from trying to obtain premium breakdown

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    Computer Programming Service

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What is Cyber Liability Insurance

Hackers. These are not just dodgy movie characters but real life people, doing real damage to businesses across the globe, including Australia. If you’re thinking your small business down under is of no interest to these criminals, think again. Every business with an online presence is at risk of a cyber attack and with cyber crime claiming  6 million victims in 2018it might be time to bite the bullet and get the right cover for your business.i 

Cyber Liability insurance* is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered.  Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber crime, cyber extortion/ransomware and business interruption due to a cyber event. 

In a nutshell, your customer data is sacred. If you don’t protect it properly, your business may be fed to the wolves. 

If you’re still not convinced your business may be at risk, here are the cold hard facts about doing business in today’s technically advanced world: 



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What is included?

  • Business interruption costs 
  • Investigation and data recovery costs 
  • Fines and penalties 
  • Extortion costs 
  • PR and crisis management costs 

What is typically NOT covered?

  • Replacement equipment 
  • Property damage 
  • Prior known facts / circumstances (before the policy commenced)  
  • Intentional acts 

Download Cyber Liability Insurance Fact Sheet

Get the cover that is right for you

With the policies available through BizCover you can choose coverage amounts between $50,000 to $2 million 

Sit back for a minute and think about this….it might be the first time you have considered the impact on your business if your website was taken offline?  Could your business survive the reputation damage, and the losses associated with a data breach 

You should consider what your business requires including by reference to 

Who benefits from this type of Insurance:

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.  The information contained on this web page is general only and should not be relied upon as advice. 

 

Could this happen to you?

Hackers are alive and well and get a thrill out of making business owners sweat. Cyber Liability Insurance can reduce your risks and help you rest easy knowing your business is covered from even the craftiest of criminals. 

Here are is an example: 

The cost of lost data

An insured accountant had an employee who accidentally misplaced a company laptop that contained a list of 1000 client tax records and credit card details. A policy payment totalling $250,000 was made to cover the costs involved with notifying the affected individuals and the Privacy Commisioner of the data breach. The cost of hiring a Public Relations firm to assist the insured with re-building their business reputation was also included.iii 

 


[i] Australian Cyber Security Centre, 2019, https://www.cyber.gov.au/news/sso-launch
[ii] Australian Criminal Intelligence Commision, Cybercrime, 2019, https://www.acic.gov.au/about-crime/organised-crime-groups/cybercrime
[iii] Dual Australia, Cyber Claims Examples, Accessed 2019

 

Cyber Security For Small Businesses

With more and more cyber criminals targeting SMEs, how can small businesses protect themselves?

Cyber Liability Insurance Infographic
Infographic explaining what is Cyber Liability Insurance