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Cyber Liability Insurance

Data breaches. Viruses. Cyberattacks. The perils of the digital world grow greater every day. Fortunately, Paychex Insurance Agency can help you find cyber liability insurance coverage to protect your business from the potential financial catastrophe caused by a cybercrime.

Why You Should Choose Paychex Insurance Agency 

  • Liability coverage within 24 hours
  • Service agreement with no underwriting required for current Paychex customers
  • Online self-service for certificates
  • Expert assistance with claims
  • 24/7 crisis management
  • Access to top cyber security law firms

Cyber Attacks Are on the Rise

  • 500% more likely than a fire to affect small businesses1
  • $119,000 — average cost of cyber incidents2
  • 47% of small businesses are targeted at least once per 12-month period2
  • 54% of cyber attacks are due to a negligent employee or contractor3
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Protect Your Business from Financial Losses

Cyber Liability Insurance covers lost income when your business is locked down and its litigation costs are high. We’ll help you find coverage against a wide range of financial losses associated with online and ransomware attacks, as well as telecommunications theft and social engineering fraud.

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The Security of Uninterrupted Business 

A cyber liability policy protects you beyond the basics of general liability insurance, which does not protect against cyberattacks and data breaches. Also covered are legal fees stemming from civil suits, the cost of regulatory fines and penalties, and mandatory forensic examinations.

Security updates

Get help re-certifying your compliance with Payment Card Industry (PCI) security standards.

Customer Notifications

Get help creating a communications plan to inform and calm your customers after a data breach.

Protecting your Reputation

Our crisis management and public relations experts can help you maintain your business reputation, plus receive credit monitoring to give your customers peace of mind.

One Place for All Your Insurance Solutions

As a top 25 insurance agency*, we’re your single stop for property and casualty, health and benefits, and benefits administration. Find out more about what Paychex Insurance Agency can offer you, your business, and your employees.

Cyber Liability Insurance FAQ

  • What is cyber liability insurance?

    What is cyber liability insurance?

    Cyber liability insurance covers financial losses arising from data breaches, viruses, hacking, denial of service, cyber extortion and other cyber incidents.

  • Who needs cyber liability insurance?

    Who needs cyber liability insurance?

    Any business that maintains sensitive data needs cyber liability insurance. Sensitive information, or “personally identifiable information” (PII) includes the name, date of birth, email address, social security number, credit card number, bank account number, or other critical piece of personal information.

  • How much cyber liability insurance do I need?

    How much cyber liability insurance do I need?

    To determine the right amount of cyber liability insurance, you need a good idea of the value of your customers’ personal information, and the time and cost it would take to recover from a cyber breach. Your data infrastructure, internal cyber-security resources and public relations capabilities also play a role in determining your coverage.

  • How much does cyber liability insurance cost?

    How much does cyber liability insurance cost?

    The cost of a comprehensive cyber liability policy depends on different underwriting factors based on your potential risk. Ultimately the cost of cyber liability will largely depend on the type business, its annual revenue, and the level of coverage desired.

  • What does cyber liability insurance cover?

    What does cyber liability insurance cover?

    Cyber liability policies protect businesses from claims and expenses (including loss of income, related expenses, and damage to your company's reputation) resulting from a data breach, hacking or cyber-attack. These policies are flexible and can be customized to meet the specific needs of your business.

  • What is not covered by cyber insurance?

    What is not covered by cyber insurance?

    Examples of what is not covered by cyber liability insurance include the loss of or damage to property (physical assets covered by property insurance); robbery or theft (covered by a commercial crime policy); bodily injuries (covered by general liability insurance), and expenses beyond the coverage limits of the policy.

Business Insurance to Meet Your Needs

Paychex Insurance Agency offers a wide range of business insurance policies to help protect your business and employees from costly claims and losses. 

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Insurance sold and serviced by Paychex Insurance Agency, Inc., 150 Sawgrass Drive, Rochester, NY 14620. CA License 0C28207.

1 The State of the Cybersecurity Workforce and Higher Education, Champlain College, 2018

1. 2015 Small Business Success Study, The Hartford
2. Hiscock Cyber Readiness Report, 2019
3. Keeper Ponemon Report, 2017