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Commercial Insurance

Corporate Cyber Insurance

CorporateCyberInsurance

Key Features

Safeguard your business from cyber threats with comprehensive protection

Inclusions

What’s covered?
  • Third Party Liability - Privacy and Data Breach Cover

Pays agreed amount for all Damages, Defence Costs, and Response Costs for Privacy or Data Breach Claims first made or discovered during the Period of Insurance or Discovery Period

  • Network Security Claims Cover

Pays agreed amount in case of all Damages and Defence Costs from Claims first made during the Period of Insurance or Discovery Period for a Security Wrongful Act

  • Media Liability Claims Cover

Pays agreed amount in case of all Damages and Defence Costs from Claims first made during the Period of Insurance or Discovery Period for a Media Wrongful Act

  • Regulatory Costs and Fines Cover

"Pays agreed amount in case of all Fines, Penalties, and Defence Costs from Claims by a Regulator first made during the Period of Insurance or Discovery Period for a Data Breach or Privacy Breach

  • E-Payment / Contractual Penalties

"Pays agreed amount in case of all Damages, Contractual Penalties, and Defence Costs from Claims by an E-Payment Service Provider first made during the Period of Insurance or Discovery Period for a negligent breach of PCI DSS compliance

  • First Party Business Interruption Loss and Restoration Costs Cover

Pays agreed amount in case of Business Interruption Loss and Restoration Costs due to a Business Interruption Event first discovered during the Period of Insurance

  • Hacker Theft Cover

Pays agreed amount in case of IT Theft Loss sustained as a direct result of IT-Theft first discovered during the Period of Insurance

  • Cyber Extortion Cover

Pays agreed amount in case of Cyber Extortion Loss incurred due to a Cyber Extortion Threat first discovered during the Period of Insurance, with conditions for confidentiality, law enforcement notification, and mitigation efforts

  • Crisis Communication Cover

Pays agreed amount in case of Public Relation Expenses to prevent or reduce negative publicity from an event covered under this Policy

  • Consultant Services Cover

Pays agreed amount in case of Consultant Costs incurred to prove and mitigate a covered Loss, or investigate a suspected Privacy Breach, Cyber Attack, or Business Interruption Event and its causes

  • Note

Please read policy wording for detailed inclusions

Exclusions

What’s not covered?
  • Dishonest or Improper Conduct

Excludes claims from deliberate, criminal, fraudulent, or malicious acts, intentional violation of duties, or intentional business interruption by key executives. Defence Costs are advanced until a final decision or written admission proves such behavior, after which repayment is required

  • Bodily Injury and Property Damage

Excludes claims for bodily injury, sickness, mental anguish, emotional distress, disease, death, or damage to tangible property, except for mental anguish from a Privacy Breach or Media Wrongful Act, and loss or theft of the Company’s Computer Systems

  • Contractual Liability

"Excludes liability under any contract, agreement, guarantee, or warranty unless such liability would have attached in the absence of the contract

  • Prior Claims and Circumstances

Excludes claims, data breaches, privacy breaches, cyber extortion threats, wrongful acts, or any related circumstances notified to prior policies or known before the insurance period

  • Trade Secrets and Intellectual Property

Excludes claims of actual or alleged plagiarism or infringement of trade secrets, patents, trademarks, trade names, copyrights, licenses, or any other form of intellectual property

  • War, Terrorism and Governmental Acts

War, Terrorism, looting and Governmental Acts.

  • Trading

Excludes losses or liabilities connected with purchase or sale transactions or dealings in securities, commodities, derivatives, Federal funds, currencies, foreign exchange, and similar activities

  • Unauthorised Collection of Data

Excludes claims for unlawful or unauthorized collection of personal data or Client Information, except when collected by employees without directors' or officers' knowledge or approval

  • Licensing Fees

Excludes claims for actual or alleged licensing fees or royalty payments, including any obligation to pay such fees or royalties

  • Antitrust

Excludes claims for actual or alleged antitrust violations, restraints of trade, or unfair competition

  • Unsolicited Communication

"Excludes claims for distribution of unsolicited correspondence or communications, wire tapping, audio or video recordings, or telephone marketing

  • Note

Please read policy wording for detailed exclusions

Additional Covers

What else can you get?
  • Discovery Period

Pays agreed amount in case the Policy is not renewed or replaced, granting a 60-day Discovery Period, extendable upon written request and additional premium payment within 60 days of expiry

  • Emergency Costs

Pays agreed amount in case of retroactive approval for reasonable Defence, Response, Restoration, or Consultant Costs when prior written consent isn't possible

  • Note

Please read policy wording for detailed extenions.

Protecting Businesses from Digital Threats with Corporate Cyber Insurance

Corporate cyber insurance provides businesses with protection against the financial consequences of cyber-attacks, data breaches, and other digital threats. As cybercrimes continue to rise in frequency and sophistication, this coverage is essential for safeguarding sensitive data, ensuring business continuity, and maintaining a company’s reputation.

What is Corporate Cyber Insurance?  

Corporate cyber insurance is specifically crafted to shield businesses from the financial losses associated with cyber threats, data breaches, and network security vulnerabilities. This coverage helps businesses manage legal fees, financial losses, and reputational damage resulting from cyber incidents.
By providing financial support for recovery and mitigation efforts, cyber insurance ensures that a business can quickly bounce back from a breach or attack, minimizing downtime and protecting its brand. In today’s interconnected world, it’s a critical investment for maintaining business continuity and securing sensitive information.

Key Features of Corporate Cyber Insurance 

Corporate cyber insurance provides essential protection for businesses facing a wide range of cyber threats. It offers coverage for:

●      Third Party Liability: Protects against privacy and data breach claims, including defense costs and damages.

●      Network Security Claims: Shields businesses from wrongful acts related to network security.

●      Media Liability: Covers claims like defamation or misinformation in digital media.

●      Regulatory Costs: Includes legal fees and fines due to regulatory violations in the event of a breach.

●      Business Interruption: Covers loss of profit from operational disruptions caused by cyberattacks.

●      Hacker Theft : Provides protection from theft resulting from cybercriminal activity.

●      Cyber Extortion: Protects against incidents such as ransomware attacks.

●      Crisis Communication: Helps cover public relations expenses to manage negative publicity following a breach.

●      Consultant Services: Ensures coverage for expert services to help mitigate and manage the fallout from cyber incidents.

This comprehensive coverage ensures businesses can recover swiftly from cyber crimes, minimizing financial loss and reputational damage. Corporate cyber insurance is a vital investment to secure a business’s digital infrastructure in an increasingly vulnerable landscape.

Benefits You Deserve

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Business Continuity

Ensures business continuity and resilience

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Financial Security

Covers data breaches and financial losses

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Shield from Cyber Threats

Protects your business from cyber threats

Benefits of Corporate Cyber Insurance

Risk Mitigation

Corporate cyber insurance protects businesses from financial losses due to cyber-attacks, data breaches, and network security failures. It covers the costs of repairs, legal fees, settlements, and associated expenses, ensuring businesses are shielded from significant financial impact.

Regulatory Compliance

With evolving data protection regulations like GDPR and CCPA, businesses must comply with strict legal standards. Cyber insurance helps cover legal costs, fines, and penalties (subject to insurable by law) ensuring that businesses remain compliant even after a breach.

Business Continuity

Cyber-attacks can disrupt operations, causing downtime and financial losses. Cyber insurance covers loss of profit from business interruption, data restoration enabling quick recovery and ensuring that businesses can resume normal operations swiftly.

Reputation Management

Cyber incidents can damage a company’s reputation. Insurance helps cover crisis communication expenses, aiding businesses in managing public relations and restoring trust with stakeholders.

Peace of Mind

With a solid cyber insurance policy, businesses can focus on growth, knowing they have a structured plan in place to handle cyber risks effectively. Corporate cyber insurance is essential for safeguarding against the growing threats in today’s digital world, helping businesses recover quickly and maintain operational integrity. Coverages of Corporate Cyber Insurance

● Data Breach Coverage

Protects against the financial impact of unauthorized data access or breaches, including notification costs and potential legal claims which includes response cost, credit monitoring expenses

● Cyber Liability

Covers claims resulting from cyber-attacks, data breaches, or system failures, helping businesses manage legal and operational repercussions.

● Business Interruption Coverage

Compensates for lost income due to operational disruptions caused by cyber events, ensuring financial stability during recovery.

● Cyber Extortion

Covers ransom payments and related costs in case of cyber extortion, such as ransomware attacks, ensuring a company can respond effectively to such threats.

● Regulatory Defence

Helps cover legal defence costs, fines, and penalties related to data breaches and non-compliance with data protection laws, supporting businesses in managing the financial burden of regulatory violations.

● Consultant Services Cover (Forensic cost)

Policy covers Consultant Costs incurred by the Insured in order to prove the amount and the extent of a covered Loss and to investigate the source of such Loss and adequate steps to mitigate it. These types of coverage are crucial for businesses to manage the wide-ranging risks posed by cyber threats.

Why Do You Need Corporate Cyber Insurance?

Corporate cyber insurance is essential for businesses to manage the financial risks of digital threats. With the rise in cyber-attacks, data breaches, and evolving security risks, having a solid insurance policy helps mitigate the costs associated with these incidents. It protects businesses from the financial impact of data loss, hacking, and regulatory fines (insurable by law), business interruption loss of profit, forensic expenses incurred. This coverage is particularly vital for businesses dealing with sensitive data or operating in industries prone to cyber threats, providing peace of mind and helping manage potential financial setbacks effectively.

Who Needs Corporate Cyber Insurance?  

Corporate cyber insurance is crucial for businesses that handle sensitive data, particularly in industries such as healthcare, finance, retail, manufacturing and technology. With the increasing frequency of cyber-attacks, businesses that operate online or store confidential information—such as personal, financial, or medical data—are at significant risk. Even small businesses are vulnerable to cyber threats, making it essential to have cyber insurance to protect assets and ensure continuity. This coverage helps maintain operational integrity, minimize financial losses from data breaches or system failures, and facilitates a swift recovery after a cyber incident, safeguarding both reputation and operations.

Eligibility Criteria for Corporate Cyber Insurance  

Eligibility for corporate cyber insurance typically requires:

●      A registered business entity

●      A functioning IT infrastructure with basic cybersecurity measures in place

Each insurance provider may have specific requirements based on your business size, industry, and risk profile.

Documents Required for Corporate Cyber Insurance  

Documents typically required to obtain corporate cyber insurance include:

●      Proof of business registration

●      List of subsidiaries

●      Projected revenue with geography wise break up

●      Information about your IT infrastructure and cybersecurity measures (ISMS, BCP, DRP documents, VAPT report)

●      Risk assessments report

●      Records of any previous cyber incidents or claims (if applicable) along with forensic report etc.

These documents assist insurers in evaluating the potential risks and setting an appropriate coverage level for your business.

How is Corporate Cyber Insurance Premium Calculated?  

Premiums for corporate cyber insurance are calculated based on several factors:

●      Business Size: Larger businesses with more extensive operations and data volumes may face higher premiums.

●      Cybersecurity Measures: Strong security protocols and proactive risk management can help lower premiums.

●      Industry Type: Sectors with a higher risk of cyber threats, like healthcare and finance, may face increased premiums.

●      Claim History: A history of previous cyber incidents or claims can raise premiums.

The premium also reflects the level of coverage selected, such as adding data breach protection or cyber extortion coverage. Insurance providers evaluate these factors to determine the overall cost of the policy.

Download Policy Document

Get instant access to your policy details with a single click.

Why Choose Bajaj Allianz General Insurance for Corporate Cyber Insurance Policy?

Bajaj Allianz General Insurance provides comprehensive corporate cyber insurance solutions designed to meet the needs of businesses of all sizes. With customizable coverage options, expert claims assistance, and fast response times, we ensure that businesses are safeguarded against a broad spectrum of cyber threats.

Bajaj Allianz General Insurance’s customer-centric approach offers businesses peace of mind, knowing they have a reliable partner in managing digital risks. Whether you're protecting against data breaches, network security failures, or cyber extortion, we are a trusted provider for robust and reliable cyber protection.

Trusted Risk Advisor

Mobile Self Risk Assessment

PRIME Inspection app helps to evaluate quality of your property (Shop, Office, Plant or Others) having SI upto INR 50 crs. It is simple to navigate having multiple Q & A designed for client

Instant Generation of Risk Report

It helps Provide Risk Recommendations, Risk Quality Rating (RQR), Peer Comparison & GAP Analysis for the client

Step-by-Step Guide

To help you navigate your insurance journey

How to Buy

  • 0

    Visit the Bajaj Allianz General Insurance website

  • 1

    Fill in the lead generation form with accurate details

  • 2

    Get quote, make payment and receive the policy documents

How to Renew

  • 0

    Contact the Policy Issuing Office

  • 1

    Review expiring policy and share necessary details

  • 2

    Receive renewal quote

  • 3

    Make renewal payment

  • 4

    Receive the renewed policy documents via email

How to Claim

  • 0

    Contact us through our customer service touchpoints

  • 1

    Submit the claim form along with the necessary documents

  • 2

    Provide details of the incident and any supporting evidence

  • 3

    Cooperate with the claims investigation process

  • 4

    Receive the claim settlement as per the policy terms

Know More

  • 0

    For any further queries, please reach out to us

  • 1

    Toll Free : For Sales :1800-209-0144

  • 2

    Email ID: bagichelp@bajajallianz.co.in

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What Our Customers Say

Business Eligibility

The policy caters to businesses, from small shops to large commercial establishments. Coverage is designed to protect property, stock, and essential business assets.

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Raj Kapoor

Gujarat

4.9

22nd Dec 2024

Coverage Benefits

The policy provides coverage against fire, burglary, natural disasters, and accidental damage. It ensures complete protection for business premises and assets, giving peace of mind to business owners.

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Meena Sharma

New Delhi

4.7

10th Jan 2025

Buying Bajaj Allianz Commercial Property Insurance

Buying my Commercial Property Insurance from Bajaj Allianz was effortless. The process was clear, quick, and hassle-free. I received my policy instantly, ensuring my business is well-protected. 

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Rajesh Malhotra

Andhra Pradesh

4.8

5th Feb 2025

Customisation and Add-Ons

The policy offers various add-ons like loss of rent cover, debris removal, and architect fees, providing enhanced protection tailored to your business needs.

alt

Rohit Mehta

Uttar Pradesh

4.9

5th Oct 2024

Claim Settlement Process

Bajaj Allianz ensures a quick and transparent claims process. With proper documentation, claims are processed efficiently, minimising business downtime.

alt

Anjali Verma

Rajasthan

4.8

15th Nov 2024

FAQ's

What does pollution mean under liability insurance?

‘Pollution’ under liability insurance refers to the contamination or pollution of air, water, soil, or other tangible property by solids, liquids, gases, thermal irritants, and other contaminants including smoke, vapours, or soot including materials intended for recycling, reconditioning, or reclamation.

What is an absolute asbestos exclusion under liability insurance?

Absolute asbestos exclusion in liability insurance means the policy does not cover any liability related to asbestos exposure. It also excludes coverage for decontamination, treatment, or legal defence costs related to asbestos claims. Essentially, any direct or indirect claim involving asbestos is entirely excluded from coverage under the policy.

What is the indemnity clause under liability insurance?

The insurer indemnifies the insured, beyond the deductible & within the indemnity limit, against legal liability (including defence costs) for third-party claims due to bodily injury or property damage. Coverage applies if the incident occurs on the insured premises, during business operations, and within the policy period, as per the policy terms.

What is the meaning of damage under liability insurance?

In liability insurance, "damages" refer to monetary compensation, including the claimant’s costs, payable through judgments, or awards. It excludes fines, penalties, punitive or exemplary damages, non-monetary relief, taxes, uninsurable amounts under Indian law, and any sum for which the insured has no legal or financial liability.

What is the meaning of defense cost under liability insurance?

Liability insurance covers all costs, fees, and expenses incurred for investigating, defending, or settling a claim, provided they have given prior written consent. This includes legal representation at civil inquests or inquiries related to the claim. Please note that the coverage is subject to the policy's limit of indemnity.

How much liability coverage should I purchase?

The amount depends on your business size, industry risks, and contractual obligations. Assess potential lawsuit costs, client expectations, and industry standards. A higher coverage limit protects against costly claims, preventing financial losses.

Can liability insurance cover employees’ mistakes?

Yes, professional liability insurance covers errors employees make while performing work duties. If a client sues over financial loss due to an employee’s mistake, the policy covers legal expenses, settlements, and claims. However, intentional wrongdoing or fraudulent actions are typically excluded from coverage.

Does liability insurance cover cyber-related risks?

Standard liability insurance does not cover cyber risks like data breaches or hacking incidents. Businesses handling sensitive customer data need cyber liability insurance. This policy covers legal fees, customer notification costs, regulatory fines, and recovery expenses.

What’s the difference between occurrence-based & claims-made policies?

Occurrence-based policies cover claims from incidents during the policy period, even if reported later. Claims-made policies cover only claims reported during the policy’s active term.

How is liability insurance different from other business insurances?

Liability insurance specifically covers claims from third parties for injuries, damages, or negligence. Unlike property insurance, which protects assets, or workers’ compensation, which covers employee injuries, liability insurance focuses on legal claims from external individuals or businesses against you.

How do I file a liability insurance claim?

To file a liability insurance claim, notify your insurer immediately, provide details about the incident, gather evidence such as photos or witness statements, and complete the claim form. The insurer will investigate, assess the damages, and determine coverage eligibility before processing the settlement based on policy terms.

Can a liability claim be denied?

Yes, a liability claim can be denied if the policyholder is found not liable, the incident is excluded from coverage, there’s insufficient evidence, or the claim is fraudulent. Reviewing the policy terms and providing accurate documentation can help avoid unnecessary claim rejections.

How does a liability claim affect my insurance premium?

A liability claim may increase your insurance premium, as insurers assess risk based on claim history. Multiple claims or high-value payouts can label you as a higher risk, leading to higher renewal costs.

How long does it take to settle a liability claim?

The time to settle a liability insurance claim varies based on its complexity, documentation, and insurer policies.

What should I do if my claim is denied?

If your liability claim is denied, review the denial letter and policy terms to understand the reason. You can appeal by providing additional evidence.

When should I renew my liability insurance policy?

You should renew your liability insurance before expiration to avoid coverage gaps. Most insurers send renewal notifications a few days before expiration. Reviewing your policy early allows time for adjustments if needed.

How do I check my liability insurance renewal date?

You can check your renewal date on your policy documents, insurer’s website, or mobile app. Insurers usually send renewal reminders via email, SMS, or post. If you’re unsure, contact your insurance provider or agent to confirm

Can I switch insurers while renewing my liability insurance?

Yes, you can switch insurers at renewal if you find a better policy. Compare coverage, premiums, exclusions, and customer service before switching.

What documents are needed for liability insurance renewal?

Insurers typically require your current policy details, claim history, updated business information, and financial records. Some may request risk assessment reports or compliance documents.

Are there discounts available when renewing liability insurance?

Yes, insurers offer discounts for claim-free records, risk management measures, bundling policies, and long-term loyalty. Some also provide reduced rates for businesses with strong safety protocols or low-risk profiles.
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