Cyber
Insurance

The right amount of coverage depends on the size, structure, and risk level of your business. Some things to consider:

• The Type of Data You Store: Sensitive information like health or payment data increases exposure.
• How Many Records You Hold: A data breach involving 5,000 records is very different from one involving 50,000.
• Your Industry: Fields like healthcare, finance, and retail tend to face more cyber threats.
• Your Company’s Size and Value: Larger businesses usually need higher limits due to greater potential losses.
• Regulatory Risk: Some industries face more severe penalties for breaches, depending on local and federal laws.
• Your Security Posture: Good cybersecurity practices can sometimes help lower your premiums or justify higher coverage limits.

Most small to mid-sized businesses select coverage between $250,000 and $1 million. Larger companies or high-risk operations often carry $5 million or more. A Rollo Insurance advisor can help you assess what’s appropriate for your situation.

Yes, most cyber liability policies include protection for ransomware attacks. These involve hackers locking your systems or data and demanding payment to restore access. Cyber insurance may help cover:

• Ransom Payments: If needed, though insurers often try to negotiate or avoid payment where possible.
• System Recovery: Getting your systems back online and restoring data.
• Business Interruption Losses: Covering income lost during the shutdown.
• Digital Forensics: Hiring specialists to understand how the attack happened and how to protect against a repeat event.

Not usually. Errors & Omissions (E&O) insurance is focused on the professional services or advice you provide. It protects you if a client claims your work caused them financial harm. But it doesn’t typically cover cyberattacks or data loss.

Here’s a quick breakdown:

• E&O Insurance: Covers service-related mistakes or negligence.
• Cyber Liability Insurance: Covers risks involving your computer systems, networks, and electronic data.

Even if you already carry E&O insurance, a cyber-specific policy is still important if your business uses digital systems or stores sensitive information.