Cyber Insurance for Professional Advisory

Cyber Insurance policy for professional advisory is designed to offer insurance coverage to businesses providing professional consultants. The professional advisor may be a victim of a cyber attack. Hence professional advisors such as attorneys, accountants, etc., must purchase cyber insurance policies to avoid cyber threats.

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Who can Buy Cyber Insurance for Professional Advisory?

The following professionals may purchase cyber security policy for advisory.

  • A lawyer or solicitor must purchase cyber security policy
  • The professionals working in the accounting field should buy a cyber insurance policy
  • The cyber security policy can also be obtained by IT consultants
  • Chartered accountants may also consider purchasing cyber security policy
  • The bank may also purchase a cyber-security policy
  • The financial advisor should also obtain a cybersecurity policy
  • The cyber security policy can be purchased by an individual working professionally under a law firm, bank, etc.

Cyber Insurance for Professional Advisory: Inclusions

The cyber security policy for personal advisory includes the following.

  • Loss or damage caused due to an identified theft
  • Any reputational injury caused to the insured or advisor
  • The insurer shall cover the legal expense incurred by the insured due to a lawsuit instituted by a third party
  • Forensic expenses shall be covered by the insurer
  • Any loss or damage caused due to malware intrusion shall be covered by the insurer
  • Any loss caused due to an unauthorized transaction
  • The cyber security policy for professional advisory includes any loss caused due to the negligence act of the employee
  • Any consequential loss shall be covered under the cyber security policy for professional advisory

Cyber Insurance for Professional Advisory: Exclusions

The following losses shall not be included under the cyber security policy for professional advisory.

  • Any bodily injury caused to the insured
  • Any physical loss caused to the property of the insured
  • Any loss or damages caused due to electric short-circuit
  • Any loss or damage caused due to avoidance of precautionary measured
  • Any damages caused where the insured could have avoided such loss
  • Any loss or damages caused due to deliberate action of insured
  • Any loss or damages caused due to the involvement or participation of the insured in the malicious or criminal activity
  • Any loss or damages caused due to theft or burglary
  • No coverage shall be provided in the case or a legal suit instituted before the enforcement of cyber security policy for professional advisory
  • Any unexplained loss shall not be covered under the cyber security policy for professional advisory

Cyber Insurance for Professional Advisory: Claiming Process

The insured must follow the below-mentioned steps in order to file a claim under cyber insurance for professional advisory.

  • Step 1: The insured must notify the insurer about the loss or damages caused to him due to a cyber-breach
  • Step 2: The insured must lodge an FIR or complaints with regard to the cyber breach to the nearest police station or cyber branch
  • Step 3: The insured is also required to write a note or letter to the insurer explaining the incident took place
  • Step 4: The insurer shall appoint an investigator in order to investigate the validity or substantiality of the claim
  • Step 4: The insurer may also appoint a cyber-expert if the incident seems or appears to be of a severe nature
  • Step 5: The investigator shall submit the report to the insurer
  • Step 6: The insurer, on the basis of the report submitted by the surveyor, shall provide the appropriate damage to the insured

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Written By: PolicyBazaar - Updated: 17 May 2023
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Policybazaar for Business - Cyber Insurance - Customer Reviews
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4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
Agra
4.3 October 06, 2022
Amit
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
Nashik
4.5 October 04, 2022
Pinku
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
Surat
4.5 October 03, 2022
Aashish
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
Ahemdabad
4.5 October 02, 2022
Nishant
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
Udaipur
4.5 October 01, 2022
Puneet
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
Assam
4.5 September 30, 2022
Govind
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
Jharkhand
4.8 September 29, 2022
Rinku
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Ishan
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
Ajmer
4.5 March 17, 2022
Anurag
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.
Delhi