Zeguro Insurance FAQ

About Zeguro

We are a diverse team of cybersecurity and insurance experts dedicated to helping our customers withstand the rapidly evolving threats of the digital age.

Zeguro gives you the ability to manage and monitor security continuously, without the overhead of consultants and security executives. Our virtual cybersecurity platform identifies risks and mitigates them with technology, training and process. In addition, we keep you in compliance with data regulations and contractual obligations.

We know that hackers and cyber attackers never rest. If they succeed, Zeguro’s tailored cyber insurance will help your business recover with minimal disruption. Ongoing assessment, mitigation and remediation for small and medium enterprises keeps risk, and premiums, in check.

Cyber Insurance 101

What is Cyber Insurance?

Cyber insurance protects businesses against Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. There are generally two levels of cyber liability coverage: first-party and third-party. First-party coverage encompasses direct losses to an organization or individual, whereas third-party coverage extends to claims and legal action taken by customers or partners.

Coverage varies by provider, but most cyber policies cover expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, regulatory fines and penalties, and loss resulting from identity theft. Some policies may also include coverage for extortion, funds transfer fraud, and loss of business resulting from an attack or systems failure event.

Why do I Need Cyber Insurance?

According to the 2016 Cyber Claims Study published by NetDiligence, the total cost of cyber and privacy-related claims last year topped $114 million. Personally identifiable information was the most reported data breach, with credit and payment card information being one of the most frequently stolen pieces of data.

Premiums on a cyber liability insurance policy that's designed to support your business's unique risks and budget will cost a fraction of the amount you could spend recovering from a cyber attack out-of-pocket. Maintaining cyber liability insurance will help keep you operational after an attack, and it demonstrates to your customers that you care about their well-being and privacy.

The raw legal costs for being sued while uninsured or underinsured can be catastrophic, with the average claim for 2016 coming in at $665,000. For small and mid-sized businesses, not having cyber liability insurance in the event of an attack could threaten the basic sustainability of your business.

How Much Does it Cost?

The cost of cyber insurance varies greatly depending on the type of business you have and depth of coverage you require. Though it can seem costly, it is miniscule compared to the out of pocket costs your business could incur in the event of an attack. Various studies have averaged the cost per record breached as $190-$200, which can add up to thousands or millions of dollars very quickly.

Can I protect my business without purchasing Cyber Liability Insurance?

There are many ways to mitigate the risk of cyber threats, including staff education, encryption, bring-your-own-device policies and password policies. However, even the most prepared businesses can be significantly impacted by the damages caused by cyber attacks. Cyber Insurance can help you recover from a data breach or systems failure by mitigating the associated costs that arise following these events and should complement cybersecurity technology as part of an overall cyber risk management plan.

Our Policy & Coverages

The Zeguro Difference

Zeguro's insurance policy is designed specifically for small to medium enterprises and is automatically tailored to your business. One size does not fit all - pay for only the coverage you need, knowing that you get the best coverage at the best price.

Your business is unique. Your insurance should be, too. Zeguro makes cyber insurance that’s easy to understand and manage – customized to your business needs. With Zeguro, you’ll get the coverage you need with just a few clicks. No more long telephone calls or application forms.

What Coverages are Provided by Zeguro’s Policy?

Our policy includes the following areas of coverage:

Loss of Customer or Employee Data

If your business handles customer and employee data, like credit card details and personal information, your cyber insurance policy covers the following in the event of a loss resulting from a cyber attack or cyber crime:

  • Computer forensic services
  • Legal advice
  • Breach notification
  • Breach services to affected individuals
  • Identity recovery services
  • Crisis management
  • Regulatory fines & penalties
  • PCI fines & penalties
  • Defense and settlement costs if sued by customers

Coverage Against Third-Party Lawsuits

Third parties can sue your company when a network security incident impacts their business. They can also sue your company if any of your electronic communications result in their defamation, infringe their trademarks and copyrights, or violate their privacy policies. With Zeguro, you’re covered for defense and settlement costs related to:

  • Electronic Media Liability
  • Network Security Liability

Business Interruption & Extortion

Cyber crimes and attacks could impact the day-to-day operations of your business, resulting in lost revenue. Your cyber insurance policy covers for such incidents, including:

  • Loss of Business
  • Data restoration and re-creation
  • System restoration
  • Crisis management
  • Costs to respond to an extortion incident

Payment Fraud

Criminals may try to deceive your employees or financial institutions into transferring or diverting money to a fraudulent destination. Zeguro covers the funds lost in those scenarios.

How Are Premiums Determined?

Zeguro uses data-driven and evidence-based technology to analyze a company’s security posture and identify key areas of risk. This assessment is then used in conjunction with information taken from our simplified insurance application to develop appropriate rates for the requested coverages.  

Billing and Payment Options

How can I pay for my policy?

Payment can be made via ACH transfer or Credit Card. Financing options are available through Imperial Premium Finance.

Endorsements & Certificate of Insurance Requests

How do I Request an Endorsement?

If you need to make changes to your policy, contact insurance@zeguro.com or call Toll Free (855) 980-0660 and a member from our insurance team will respond promptly. Please note that we are required to submit certain requests to our carrier partner for review and approval, which can take up to 24 hours. If you need to add an additional insured endorsement, please include the name and address of the entity, a brief description of your business relationship, and a copy of the contract requiring the endorsement.  

How do I Request a Certificate of Insurance?

If you need to obtain a Certificate of Insurance, contact insurance@zeguro.com or call Toll Free (855) 980-0660 and a member from our insurance team will respond promptly. Please include the name and address of the entity requesting the certificate in your request.

Policy Renewals and Cancellations

How do I renew my policy?

We will send you a short renewal questionnaire to complete 120 days from the expiration date of your current policy. A renewal quote will be provided after the completed questionnaire is returned to us.

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