Which damages are covered?
- consequences of network security breaches and cyber attacks
- Financial damages from data breaches
- operational errors of the own IT
- reputational damage from cyber incidents
How much does this policy cost?
The cyber insurance is available
from 57.50 € / monthly
Covered in 9 minutes!*
Step 1 – Answer a few questions about your business
Step 2 – Get a product recommendation and personalized quote
Step 3 – Purchase your coverage immediately and manage 100 % online
*Depending on elected insurance product, desired start-date of policy and our insurance partners
Covering internet risks with cyber insurance for companies
Christian Gengler, MSc.
Insurance cover in the virtual space - simple with insureQ
Hacker attacks, data theft or computer viruses can compromise sensitive company data and cause enormous damage to your business. In such cases, cyber insurance comes into play to protect your business in the digital environment against various types of damage.
Your insurance does not only cover the damages: A team of IT crisis experts, PR consultants and data protection lawyers accompanies your company throughout the entire damage process and provides you with comprehensive support in the event of an emergency. InsureQ also works preventively by providing your company with cyber training to prevent potential risks.
Cyber insurance with insureQ - complete protection with just a few clicks
InsureQ can secure the entire digital infrastructure of your company within a few minutes. To do this, you first share the most important key data about your company with us. On this basis, our algorithm simply determines the insurance package that best suits your company and its actual risks. We take special care to integrate only those insurance aspects that you actually need. Of course, you can adjust the proposed protection yourself and also get personal advice from our insurance experts on the phone for this step.
As soon as the cyber insurance cover meets your expectations 100%, you can conclude your contract directly online. From now on, you are armed against all risks from the digital environment and can rely on the protection of insureQ day and night.
Your advantages with cyber insurance from insureQ:
customised cyber insurance for your business
100% digital - no admin or paperwork required
complete insurance quote, available within minutes
immediate cost calculation using the insureQ algorithm
incl. training for the entire company for preventive protection against cyber risks
direct online claims reporting & policy adjustments
personal advice from our insurance experts by email and telephone
insureQ: all commercial insurance from a single source
Hiscox as insurance carrier and experienced partner
If you have a claim, you can report it to us online at any time. Our team of experts is also available by email. If you need personal advice, we are of course available by phone.
Commercial cyber insurance - simply explained
What is cyber insurance?
Damage can also occur to your company in the digital environment: A damaged digital infrastructure and loss of data often result in high claims for damages - for example, because confidential information is leaked to the outside. In order to protect you and your company from attacks as well as from financial risks, cyber insurance (also known as IT insurance or cyber risk insurance) is one of the elementary components of modern insurance protection for self-employed persons and companies.
Good to know: By definition, cyber insurance is not a "classic" insurance product and does not count as liability insurance. It therefore covers not only third-party liability claims, but also own damage and business interruption claims:
self-damage includes all damage - material and financial - that a business can incur in the digital space. This includes, for example, the costs of restoring data or IT hardware.
liability damage includes all damage caused by a company to third parties. In addition to financial or property damage, immaterial damage (e.g. violation of personal rights) is also included.
if a business is paralysed for a longer period of time due to IT damage, loss of earnings may occur. These business interuption losses are also covered by cyber insurance.
Damage examples: When does a cyber insurance help?
The risks a company faces in the digital space can be diverse: In addition to well-known dangers of cybercrime (e.g. hacker attacks, computer viruses or IT failures), lesser-known risks such as ransomware damage, a lost laptop or a denial-of-service (DoS) attack can also have serious consequences for a company. These examples of damage show what this can look like:
IT operating error: one of your employees makes a mistake while operating the IT system and deletes important customer data. The data must be restored and the customer informed, which can result in high costs and damaged customer trust.
hacker attack: your IT infrastructure falls victim to a hacker attack and important customer data falls into the wrong hands. You and your customers incur financial damages that now have to be borne by you.
ransomware attack: hackers gain access to one of your servers and encrypt important data, which is only released for a high ransom. The data must now be decrypted again by an expert.
data breach: your company violates the legal confidentiality obligations of the GDPR. Claims for damages arise.
In addition to possible claims for damages (e.g. in the case of published customer data), the cyber insurance also covers costs for other services such as the restoration of data records or crisis management.
In cases where gross negligence or intent are responsible for damage, the insurance is not liable. Business interruption costs due to damage to inventory are also not covered by the cyber insurance for companies. This is where the separate cyber business interruption insurance takes effect.
Does my company need cyber insurance?
Taking out cyber insurance is not mandatory in any industry. Nevertheless, all companies and self-employed persons - not only digital service providers or e-commerce shops - should think about coverage in this area.
The majority of all businesses now work with digital tools and programmes; email traffic is an absolute must. The shift of work to the home office and remote work models also create new cybercrime risks that are no longer covered by outdated insurance models. Cyber insurance brings your insurance protection into the digital space, covers all expected dangers there and can therefore be future-proof in the event of an emergency.
For this reason, the German government recommends that entrepreneurs take out cyber insurance and considers it a useful addition to any existing insurance package.
How much does cyber insurance cost?
How high the monthly costs for a cyber or cyber risk insurance are depends on various factors and is therefore difficult to generalise. The following aspects, among others, play a central role in determining the costs:
desired sum insured
individual cyber risk
size of business and turnover
existing security standards
insureQ can use specific questions to create a comprehensive insurance package for your company that is tailored to all your needs. We work more accurately than a conventional premium calculator on comparison portals and can provide you with your insurance cover within just a few minutes. Thanks to the immediate cost calculation, you always know directly which premiums are associated with the individual components of the cyber insurance.
How high should the coverage amount of a cyber insurance be?
The coverage amount (also called the sum insured) is the maximum amount of money that an insurance provider will pay out in the event of a claim. This sum, just like the cost of cyber insurance, is highly dependent on individual factors. These include, among others:
industry and activity
existing IT security measures
potential risk of damage
potential repair costs
It is also essential to adjust the amount of cover to individual security needs before taking out cyber insurance for businesses.