Cyber Policies
On the liability side, there are a variety of insurers and underwriters offering products, which vary significantly in coverage, definitions, exclusions, and terms and conditions. The better cyber liability products address:
Security Liability:
- Covers liability and defense costs for claims arising out of breaches of security including identity theft, negligence, etc.
- Includes transmission of computer viruses and denial of service attacks.
- Covers the costs associated with notifying consumers of a breach, including credit monitoring and crisis management (typically a sublimit).
- Covers physical records as well as electronic data.
- Includes breaches of security involving employee information, as well as third parties.
- Civil suits and sublimit for regulatory defense/indemnity for payment of civil fines and penalties.
Privacy Liability:
Similar to security liability but covering collection, use, access, etc. of personally identifiable information.
- Direct liability, as well as contractual liability for violation of privacy policy.
- Civil suits and sublimit for regulatory defense/indemnity for payment of fines and penalties.
Lockton Service
The key to our success is working in close partnership with each of our clients. Our specialists take time to listen and to understand your specific goals so that we deliver insurance solutions tailored to your requirements. This approach has earned us the trust of clients all over the world.
The same team that designs, negotiates and implements your business insurance plan with the carrier is also responsible for managing your service needs. This dedicated team approach increases our understanding of your business, allows us to anticipate your needs, and creates accountability and ownership by the team throughout the entire process.
Most insurance brokers promise a high-level of personalized service, but our unique structure allows us to actually deliver on that promise everyday. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
We firmly believe we get business based on our expertise, creative solutions and outstanding service. Just as importantly, our client retention rate of 95 percent reflects our commitment to each and every client.