Is Hiscox Cyber and Data Risks Insurance right for your business?

As businesses become ever more reliant on technology and hold more and more data, the risks from suffering a loss related to problems with their computer systems or from holding sensitive customer data continue to grow. 

This can lead to costs from handling a data breach, lost revenue, a damaged reputation, and legal and regulatory costs, not to mention the associated business disruption.

But is your business eligible for cyber insurance? Here, we outline the factors we consider such as your industry, and your business size.

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Cyber insurance eligibility: Your line of work

Hiscox Cyber and Data Risks Insurance is available to businesses operating in a wide range of sectors, including:

  • accountancy
  • advertising and marketing
  • construction
  • consultancy
  • education
  • manufacturing
  • publishing
  • recruitment
  • technology
  • telecoms
  • transport.

We assess cyber insurance applications based on the nature of the work you do. Although we cover a wide range of sectors and professions, not all business types have eligibility.

Find more information on Hiscox Cyber and Data Risks Insurance, or start a quote to see if your trade is eligible for this type of business insurance. If you have questions about where your business fits, you can also call us to talk things through.

Cyber insurance eligibility: Your business size

As well as the nature of your work, we take your business size into account when assessing eligibility.

If your business has an annual turnover of less than £2.5m, then you may enter into a slightly different product pathway if you opt-in for cover for cyber business interruption.

This means: 

  • Small businesses with turnovers below £2.5m are eligible for an indemnity period of 30 days to make a cyber business interruption claim within, depending on the level of cover purchased. 
  • Larger businesses with turnovers above £2.5m are eligible to receive payment from this optional cover in another way. This might include paying directly for your loss of income or increased costs of working.

Learn more about cyber insurance and how it works with our product-specific cyber FAQs.

The benefits of cyber insurance

Cyber and data insurance helps to mitigate the impact of cyber risks and crime.

If you hold customer data such as names, addresses or banking information, or if your business is dependent on or uses computer systems as part of its activities, then it is important to understand the impact of a data breach, interruption to your systems or a claim for failing to keep customers’ personal data secure.

It could come as a result of a lost laptop or memory stick, a hacker attack or an email sent to the wrong person.

How would your business react: would it be able to cope? With Hiscox Cyber and Data Risks cover, your business would get the practical support it needs to get to the root of a problem and the security of knowing that losses and costs would be covered.