The cyber threat landscape never stands still, and neither should insurance. Businesses are increasingly at risk of facing multiple cyber incidents in a single policy term. But paying a deductible for each and every claim can quickly add up, particularly for SMEs. At a time when cyber incidents are already disrupting operations and driving up costs, the last thing any business needs is another financial burden.
That’s why Cyber Proactive Response (CPR)—our new cyber insurance product—comes with a nil deductible or single deductible as standard. Here’s how it works.
Less stress, less costs: The power of nil deductible
Dealing with a cyber attack is never easy. Even with good insurance cover in place, businesses face intense pressure to contain the damage, recover systems and return to normal operations. Now, imagine having to go through that process multiple times in a single year—a growing reality as cyber threats continue to escalate. The last thing any business wants to worry about is paying a deductible on top of everything else.
That’s where our nil deductible and single deductible is a game-changer. Instead of paying a deductible every time you make a claim, CPR offers the opportunity to pay none or at most one deductible,—no matter how many incidents occur.
Our cyber policy offers the opportunity to pay none, or at most, one deductible—no matter how many incidents occur.
This flips the traditional cyber insurance model on its head, with businesses typically having an aggregate limit in place and a deductible applying to each and every claim.
With our updated CPR product, we’re doing the opposite: not only do you have access to a full limit for each and every claim via our unlimited reinstatements clause, you’ll pay only one deductible or no deductible at all.
Business benefits: Nil deductible in action
Under a traditional cyber policy, businesses must pay a deductible for every individual claim they make. So if a company has a $5,000 deductible and experiences multiple unconnected cyber incidents in a year, they’ll need to contribute $5,000 per claim. If they file two claims, that’s $10,000 out of pocket—three claims, and they’re paying $15,000 in deductibles alone.
With our updated nil or aggregate single deductible, that changes. Now, businesses have the option to pay no deductible, or at most only pay once per policy period, no matter how many claims they submit. That means after the first claim, they would only have to pay up to $5,000 at most, to have full coverage for the rest of the year without having to worry about further payments.
Navigating your cyber policy
Our Cyber Proactive Response (CPR) product makes cyber insurance straightforward while delivering more value than ever. With the introduction of our nil or single deductible, policyholders will gain all the benefits of coverage without the financial burden of paying multiple deductibles over the policy period—and with cyber attacks on the rise, this is more important than ever.
Find out more about the aggregate deductible in the ‘Your Deductible’ section of the policy wording.
If you’d like to learn more about our proactive services or our new CPR product or have questions on anything cyber, contact us at cyber@cfc.com.
