Many agencies offer more general coverage and broad policies provided by cyber insurance companies. However, at Beacon Insurance Agency, we have dedicated years of service in meeting the highly specialized insurance needs of churches, nonprofits, and private schools. We offer them financial protection that allows them to more safely navigate the risks they face in serving their community and the world. Technology changes every day. For that reason, risks have significantly increased as the presence of cyber threats heightens the possibility of liability. So we offer a wide range of options in cyber liability insurance policies tailored to meet the specific needs of our clients.
The Internet is a very broad platform. Therefore, a cyber insurance policy must also be very broad. It must provide insurance coverage for non-electronic or written information as well as electronic information. This includes forms and applications. Cyber insurance coverage addresses the risks associated with the use of computers and the Internet. Further, it addresses privacy issues that may arise with the transmission or exchange of electronic and non-electronic information.
Cyber Liability Insurance Policies
At Beacon, we offer Cyber Liability Insurance policies designed for the coverage of churches, nonprofit organizations, and private schools that use electronic methods of communication. We cover you if you maintain a dedicated website or accept the transfer of electronic funds. In addition, we work with you if you acquire confidential information including health information, social security numbers, credit card numbers and bank account information. You need coverage if you store information electronically or otherwise. Due to the nature of its business, there are numerous situations that require a church to collect personal information from employees and members. All of these situations could potentially put the church at risk in the event of a security breach.
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Cyber Risk Insurance Policies
At Beacon, our cyber risk insurance policies cover expenses including:
Liability to Others (Third Party) Coverage:
- Network Security Liability provides coverage for errors, omissions, acts, negligence, or breaches of duty that have been allegedly or actually committed by an insured party that results in the transmission of a “computer virus” to a third party by a “computer system.”
- Privacy Liability covers acts, errors, omissions, negligence, or breaches of duty that have been allegedly or actually committed by the insured party and results in a breach of privacy.
- Electronic Media Liability provides coverage for the actual or alleged infringement of copyrights, slogans or service marks, trademarks, and trade dresses; plagiarism; libel and slander; and privacy rights violations by the insured party on the Named Insured’s website.
- Funds Transfer Fraud Liability covers actual or alleged errors, breaches of duty, acts, omissions, and negligence of the insured party that results in deliberate, unauthorized, and falsified instruction electronically transmitted to a financial institution for the withdrawal of funds from an account and to transfer, pay, or deliver money or securities from such account under the false use of the insured party’s identity without the knowledge or consent of the Named Insured.
Losses Incurred by the Named Insured (Privacy Breach Expenses):
- Associated fees, costs, or expenses to determine the individuals whose “personally identifiable information” is compromised.
- Costs of notification and other costs, fees, or expenses incurred in order to comply with “breach notification laws.”
- Expenditures associated with establishing and maintaining a call center dedicated to the use of those parties whose privacy is breached.
- Costs arising from the provision of credit monitoring services to individuals whose “personally identifiable information” is unlawfully accessed or acquired.
Make Sure Your Protected Against Cyber Threats
At Beacon Insurance Agency, we know that churches face many dangers in serving the world around them, but we’re fully committed to providing the clients in our care with the tools they need to navigate the liabilities that may arise as they minister to the worldwide community. We’re highly experienced and dedicated to meeting the needs of our clients so that technology can be a means of ministry, rather than a risk factor.
View this short video to learn more about protecting your church against cyber threats.
Give your organization the tools it needs to navigate the worldwide mission field! Call the dedicated agents at Beacon Insurance Agency to learn more about the insurance policies we offer today!