Computer Hacking is becoming one of the biggest threats to businesses globally, with a growing number of organisations experiencing Cyber Crime... and it is not just large companies that hold personal information who are at risk. Hackers are now targeting smaller businesses, threatening to cripple their systems and/or steal their data unless they are paid a ransom.
For those businesses who do hold personal information the risks are broader, with penalties now imposed for breaches of the Privacy Act of up to $340,000 for individuals and $1.7M for companies.
Following is a summary of what a typical Cyber Insurance Policy covers;
First-party cover, providing direct protection for your Business including reimbursement of costs associated with;
- Crisis management and reward expenses, including the cost of public relations consultants;
- Business Interruption as a result of a security failure or Internet virus, including any additional expenses incurred by you;
- Privacy notification expenses, including the cost of monitoring and restoration services for affected customers;
- Employing a professional negotiator and any ransom amounts paid; and
- Vandalism expenses.
Resultant loss to your clients ("Third Party Cover"), including coverage for;
- Lawsuits by clients or other third parties alleging unlawful dissemination of their private or personal information;
- Allegations relating to intellectual property infringement, trademark and/or copyright infringement;
- Alleged reputational infringement, including actions involving defamation and invasion of privacy; and
- Liability for any resultant harm to third party systems and business disruption as a result of your cyber security breach.
Cyber Insurance premiums are determined by your turnover, business activities, systems controls, and the degree in which you transact business online and hold third party records and data. All insurers charge a minimum premium in this regard.
We believe we have negotiated highly competitive Cyber Insurance premiums, and will continue to monitor premium levels available in the market to ensure this remains the case. Please click on the "Get Quote" link to obtain a quote quickly.
No matter how robust your IT controls are, chances are you will not prevent a Cyber-attack. A Cyber Insurance policy can assist in minimising the effect on your business, covering both direct losses suffered by you and any legal liability to your customers or other third parties.
We have designed the Cyber Insurance application process so that it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove to clients and prospects that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and policy wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if you do have prior claims or provide services to high risk industries we will contact you to facilitate completion of your application personally with the Insurer.
About Chubb in Australia
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide.
Chubb, via acquisitions by its predecessor companies, has been present in Australia for over 50 years. Its operation in Australia (Chubb Insurance Australia Limited) provides specialised and customised coverages, including Marine, Property, Liability, Energy, Professional Indemnity, Directors & Officers, Financial Lines, Utilities, as well as Accident & Health insurance, to a broad client base. Chubb is a major insurer of many of the country's largest companies. With five branches and over 500 staff in Australia, it has a wealth of local expertise backed by its global reach and breadth of resources.
Animals Australia is Australia's foremost national animal protection organisation, representing some 40-member societies and thousands of individual supporters. Animals Australia has an unprecedented track record in investigating and exposing animal cruelty and for conducting world-first strategic public awareness campaigns.
"Animals Australia's vision is a world where all animals are treated with compassion and respect and are free from cruelty. We believe that we can create a kinder world for all by fostering respect for animals and that our treatment of animals reflects who we are as individuals and as a society."
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer.
Please refer to our claim notification precedure.