Small Business Cyber Protection
Cyber Liability Insurance
Cyber threats are growing more sophisticated every year, making it critical for small and midsize businesses to safeguard their sensitive data and digital assets. PrimePay Cyber Liability Insurance provides comprehensive protection to help your organization prepare for, respond to, and recover from unexpected cyber incidents.
For HR administrators, managing the people-related fallout of cyber incidents can quickly become overwhelming, especially when employee data is compromised. Coordinating communications, supporting affected staff, and ensuring compliance with notification requirements adds stress to an already demanding workload. Without proper protection in place, a single breach can expose the organization to risk, disrupt operations, and place a heavy administrative burden squarely on HR’s shoulders.
61%
61% of SMBs were hit by a cyber attack within the past year.
43%
43% of all data breaches target small and midsize businesses.
75%
75% of SMBs could not continue to operating if hit with ransomware.
Data Breach Response Support
Immediate Response
Get fast, expert support designed to minimize damage and maintain business continuity when a breach occurs.
- Activate crisis response teams quickly.
- Coordinate notifications to affected individuals.
- Conduct forensic investigations professionally.
Financial Loss Protection
Financial Safeguards
Protect your organization from significant financial loss related to cyberattacks, extortion, or fraud.
- Reimburse extortion and ransomware expenses.
- Recover losses from technology fraud or theft.
- Offset direct expenses resulting from an attack.
Comprehensive Cyber Coverage
Robust Coverage
Gain peace of mind with broad coverage that helps ensure your business remains operational through cyber threats.
- Cover global incidents with worldwide protection.
- Utilize a $250,000 annual aggregate limit.
- Rely on $50,000 sub-limits for key expense categories.
Security Risk Mitigation
Stronger Defense
Strengthen your company’s ability to prevent cyber incidents and reduce long-term exposure to digital threats.
- Improve data confidentiality and integrity.
- Enhance resilience against sophisticated cyberattacks.
- Reduce operational downtime after an incident.
What Our Clients Say About Us
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Payroll
Automated, compliant payroll that streamlines tax filing, worker’s comp, and built-in error alerts.
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Payroll-connected tracking that manages time off, holidays, accruals, absences, and scheduling.
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Integrated add-on services that automate record-keeping & reporting and makes HR legally compliant.
Applicant Tracking
Intuitive online recruiting that simplifies job postings, and manages applicants & hiring of employees.
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HR Services that you need and expect like Performance Management, Learning Management and HR Legal Advice.
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Comprehensive employee programs refined for modern workforce needs, delivering confidence and compliance.
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Frequently Asked Questions
What is cyber liability insurance coverage?
Cyber insurance, also known as cyber risk or data breach insurance, safeguards a business from the costs of cyber-attacks, hacking incidents, or data loss. It helps companies recover quickly by covering technical recovery, legal assistance, and customer notification efforts. Learn more about cyber liability insurance here.
Which businesses should consider cyber insurance?
Any business that relies on digital systems or stores personal, financial, or health data should consider this cyber liability insurance. From startups storing payroll information to large corporations managing client databases, cyber insurance helps reduce the financial risk of cybercrime.
Specifically, cyber liability insurance is crucial for companies that:
● Collect, store, or transmit sensitive data (personal, financial, or health information).
● Operate in high-risk industries like healthcare, financial services, e-commerce, technology, and professional services.
● Are small businesses, which are often targeted due to weaker defenses.
● Depend on digital systems for daily operations, such as retailers, service providers, and healthcare providers.
● Employ remote staff or third-party vendors with access to critical systems.Smaller companies are especially vulnerable, as 46% of small and medium-sized business owners report they have experienced a cyberattack on their current business.
Why is cyber liability coverage important for businesses?
Cyber threats are increasing in frequency and complexity, and pose serious financial harm. The global average cost of a single data breach is now $4.4 million. Cyber insurance ensures your company has financial and professional support to respond to a breach, investigate the cause, and restore operations. It’s an essential layer of protection alongside cybersecurity software and employee training.
What does a cyber insurance policy usually include?
Cyber insurance generally covers financial loss from a cyber attack or data breach including costs for legal defense as well as expenses associated with data restoration, ransomware payments, and notification to affected customers. These policies can also cover third-party liabilities, such as lawsuits from customers or partners whose data was compromised. Some plans also assist with regulatory compliance and crisis communications.
Who gains from having cyber liability coverage?
Companies of all sizes with a digital footprint, especially small businesses without dedicated cybersecurity teams, gain crucial protection. Their customers and partners also benefit by knowing that the business can handle a cyber-attack transparently and efficiently.
What does PrimePay’s cyber liability insurance policy cover?
The Cyber Liability Policy available through PrimePay protects businesses from the financial impact of cyber-attacks such as data breaches, ransomware, and network interruptions.
Our policy includes an annual aggregate limit and a per-claim retention amount. It also covers direct expenses related to:
● Notification and customer communication costs
● Crisis management costs
● Cyber breach recertification
● Forensic investigation costs
● Extortion
● Data restoration and recovery
● Technology fraud or theft lossThis coverage helps employers respond quickly, minimize financial loss, and restore operations after a cyber event.
*Please refer to the actual policy for complete terms and conditions