Cyber Insurance in Massachusetts

WHAT IS IT? WHO NEEDS IT? COVERAGES OFFERED

Cyber insurance policies are specialized policies designed for the modern digital age. This form of insurance is specifically designed to help shield Massachusetts businesses from covered risks associated with online threats and data breaches.

Contractors - send invoices, process credit cards, maintains customers personal information.
Auto body shops/Garage ops/Inspection Stations - process credit cards, RMV services, maintains customers personal information.
Restaurants - accept online reservations that contain personal information, process credit cards.

Lost revenue caused by a halt or slowing of operations
Lost revenue caused by a damaged reputation
Reparations that must be paid to affected clients or customers

What is Cyber Insurance?

Businesses are quickly adopting these policies as the risks that come with using digital data increase.

What Massachusetts Businesses Need a Cyber Policy?

Because almost every business uses a computer and the internet in some capacity, cyber coverage is something that all Massachusetts businesses should carry. Some examples of businesses that may benefit from having a policy include:

Contractors - send invoices, process credit cards, maintains customers personal information.
Auto body shops/Garage ops/Inspection Stations - process credit cards, RMV services, maintains customers personal information.
Restaurants - accept online reservations that contain personal information, process credit cards.
Retailers - process credit cards (POS), maintains customers contact information.
Financial Institutes - house peoples bank accounts and other financial data.
Medical practices - have sensitive medical data protected by law, process payments, personal information.

This insurance is for any business that could suffer an online attack, data breach of customers information, business halt and ransomware.

Medical practices, which have sensitive medical data that’s protected by law
Financial institutions, which have people’s bank account and other financial data
Retailers, which process customer’s credit card numbers
Restaurants, which accept online reservations that contain personal information

This insurance is for any business that could lose data in a breach or suffer an online attack.

TESTIMONIALS

Customers Love Us

When I called the staff at Paul T. Murphy Insurance, they explained how auto reform would allow me to increase coverage and save money at the same time. I moved my home and umbrella insurance to my current auto carrier and saved over $350. In July 2008 when my auto insurance renews with Safety Insurance, I will save another $300 just for having my auto and home insurance with the same company. The staff at Paul T Murphy Insurance Agency really understands the new Massachusetts reform and how to pass savings and additional coverage to their clients.

Frank

Winchester, MA
After many years of doing business with the Paul T. Murphy Insurance Agency, I am thrilled to learn of this relationship with Northrup to service the Lynnfield area. I have trusted both my personal and business policies with Paul and have never received less than the best of service. I like the face that they service as professionals but treat you like a friend. Recently during a complicated Workers Comp claim, Paul showed up to walk me through what I thought would be a mess of paperwork and confusion – the personalized service I receive spoke volumes. I have never gotten service like that from anyone else. I also like the fact that they are always ready to save me money without ever compromising my coverage.

Tony Bartolo

Lynnfield, MA
One of the best business and personal decisions I ever made was to collaborate with Paul Murphy Insurance Company for our families insurance needs. Starting with our business policies, then eventually all of our personal policies, we have slowly transitioned all to be managed by PMI. Many companies loosely tout that they treat you as one of the family; PMI proves it in their actions. We are glad we are part of their family.

Kelly Ilebode

Boston, MA

What Protections Does Cyber Liability Insurance Offer?

Cyber Liability Insurance policies are non-standard/specialized policies with many coverage options. Some of these options items include:

Lost revenue caused by a halt or slowing of operations
Lost revenue caused by a damaged reputation
Reparations that must be paid to affected clients or customers
Expenses associated with providing complimentary credit monitoring
Expenses associated with hiring programmers to address any security issue

To find out what specific protections a particular policy will provide in the event of a covered incident, business owners should contact one of our Business Lines agents to review a cyber liability policy.

Are Ransomware Attacks Covered by Cyber Liability Insurance Policies?

Ransomware attacks are online attacks that seize a business’ data and hold the data hostage for a ransom payment. These attacks are becoming increasingly common, and they’re a threat that many businesses need to take seriously.

Businesses that want to protect themselves against this specific risk can work with a knowledgeable agent to find a policy that does provide coverage for ransomware attacks.

Does Cyber Liability Insurance Duplicate Commercial Property Insurance Coverages?

Even though most Commercial Property insurance policies provide at least some coverage for computers and electronic devices, there’s usually no coverage overlap between Cyber Liability, Business Owners, and Commercial Package policies.

Cyber Liability policies are generally designed to protect data that’s stored on hardware, while Commercial Property policies tend to protect the hardware. In other words, a Cyber Liability policy may safeguard files on a computer while a Commercial Property policy might cover the computer itself.

To protect both hardware and data, businesses will need a Cyber Liability policy as well as a Commercial Property Policy.

How Can Massachusetts Businesses Get Cyber Insurance?

Since Cyber policies are non-standard, it’s especially important to review a policy’s terms and conditions carefully before purchasing the policy. For help reviewing and comparing policies, business owners should contact one of our agents today!

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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.

What is Cyber Insurance?

What Massachusetts Businesses Need a Cyber Policy?

Receive a Free Quote!

TESTIMONIALS

Customers Love Us

Frank

Tony Bartolo

Kelly Ilebode

What Protections Does Cyber Liability Insurance Offer?

Are Ransomware Attacks Covered by Cyber Liability Insurance Policies?

Does Cyber Liability Insurance Duplicate Commercial Property Insurance Coverages?

Receive a Free Cyber Insurance Quote!