Cyber Coverage Comparison

First Party and Third Party Coverage

Not all cyber insurance policies are created equal. We provide BOTH first and third party coverage and have a ZERO dollar deductible.

First Party Coverage – these are coverages to directly protect YOU and YOUR business as a result of a cyber breach claim.

Third Party Coverage – these are coverages purchased by YOU to protect YOUR clients as a result of a cyber breach claim.

Our privacy breach insurance policy provides coverage for privacy liability, which includes coverage for claims alleging actual or potential:

  • unauthorized access to private information

  • failure to comply with an organization’s publicly stated privacy policy

  • failure to notify people in a timely fashion about unauthorized access to their private information

  • release of information due to unauthorized access into a system operated by an organization or third-party service provider

Privacy Breach Expenses

Notification expenses – This covers expenses incurred by your company to comply with any “privacy law” requiring a person or organization storing “protected personal information”, either in paper or electronic format, to provide notice to an identified individual of any actual or potential exposure of their personal data.

Credit Monitoring – Provides funds for credit monitoring expenses for clients whose identifying data has been breached.

Data Recovery – Provides funds to help recover information which has been accessed without the identified customer’s permission. This coverage is designed to help minimize any compensatory damages.

Cyber Investigation – This coverage provides funds to cover costs incurred by your company to pay for an investigation into your computer system from which protected personal information has been accessed. This is to determine when and how such information was accessed.

Crisis Management – Proper public relations responses to cyber intrusions are paramount if a company is to survive a privacy breach. This coverages provides funds to pay a public relations firm, law firm or crisis management firm to perform crisis management services to minimize the potential harm to the your company’s reputation or business.

Disclaimer LMI Canada and Erb and Erb provide these informational articles to educate the public about insurance and investment related matters. This article does not substitute for broker advice regarding your specific insurance or investment needs. For a comprehensive strategy to tackle what you, your family, or your business, may need we invite you to speak directly to a broker who can guide you through all the options available to you.