PEO Cyber Liability Insurance
It’s Not a Matter of “If”, But “When”.
In today’s hyperconnected world, nearly every business has some form of cyber exposure. Across industry lines, cyberattacks have surged in frequency and sophistication, resulting in a rise in cyber losses.
To help protect your organization, it’s important to understand the importanace of cyber insurance. Libertate Insurance Services provides comprehensive Cyber Liability options that meet your unique organizational needs. Plus, we have access to multiple carriers.
We understand the Cyber eco system. Our proprietary PEO specific software is able to rank our PEOs’ against their peers. Libertate Insurance Services understands the cyber vulnerabilities in the PEO industry, including 3rd party vendors.
- Percentage of cyber attacks that target small businesses 43% 43%
- Percentage of small businesses that shut down within 6 months of a cyber attack 60% 60%
Our Cyber Liability Insurance Coverages
This option provides coverage for the PEO. Coverage details are:
- Access to 30+ cyber markets
- Deductible options from xx to $100K
- Rating basis is on gross revenues. This includes payroll pass
- Quotes offer cyber risk assessment, including how you compare
to your peers.
This option provides broader coverage for small to medium size businesses up to $25,000,000 in annual revenue. Coverage details are:
- Limits: $250K—$3M
- Streamlined enrollment process with less than 10 questions
- Funds transfer fraud coverage up to $100,000
- Ransomware data recovery and business interruption limit
up to $1M
Cyber Risk Management Exclusive Add On
- 24/7 monitoring of your cyber profile
- Weekly cyber report with notices of changes
- Security scoring compared to other PEO organizations
- Help desk to assist with improving and resolving cyber issues issues
- PEO specific peer comparisons
Client Company Coverage
This option is for client companies of the PEO. The coverage is perfect for small businesses. Coverage details are:
- No underwriting
- Claims Made
- No retention or exclusions
- Policy Limit of Insurance per enrollee-$250,000
- Cost is $15 per FEIN/per month
- Coverage is terminated when their PEO relationship ends
Checklight: A powerful and proactive endpoint detection and response (EDR) technology that detects potential threats to your network and alerts you early so attacks can’t take hold, reducing the impact in event of a breach. The product is backed by a $250,000 warranty should it fail the end user. Cost: $6 per month per computer to receive the checkpoint monitoring system.
Cyber Cube: A platform that enables a detailed view of risk profiles and industry benchmarks.
Ready to Secure Your Business Against Cyber Threats?
Here’s What Makes Libertate Different
Our team of experts provide our PEO clients a comprehensive marketing plan
Within 60 days of sending your submission to market, we're evaluating and addressing potential issues
We provide multiple options to fit you and your clients needs
We offer monthly cyber security resources and tools to help protect your business
Cyber Insurance FAQ’s
Why do I need Cyber coverage?
Businesses are exposed to such a large variety of cyber risks and it’s often difficult to put an exact dollar amount on intangible assets that may be lost-such as customer data and third-party liability.
Will the PEO coverage cover my client companies?
No, currently this covers only the PEO. This couples well with the client company product.
Is Cyber coverage added to my package policy? Why do I need a standalone policy?
These options typically don’t provide broad coverage and fall short providing pre-breach and post-breach resources.
What if my client already has a cyber policy in place?
The client’s policy will be primary, but the client company coverage will provide
for additional protection.
How do I know what limits to buy?
We work with our cyber experts to provide you options based on your company needs.
What does it mean that my cyber carrier is non-admitted?
Many carriers in the cyber space are non-admitted. Check their financial rating and backed by major reinsurers.