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What you need to know
upcover specialises in providing Aussie businesses with a range of options suited to small businesses, startups or independent contractors.
upcover is one of the few Australian companies that offer comprehensive cyber & privacy liability insurance.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Here's the rundown on upcover cyber & privacy liability insurance:
Cyber & privacy liability insurance
Both SME business owners and contractors are able to benefit from cyber & privacy liability cover. The importance of insurance in this area can't be understated: according to The Australian Cyber Security Centre (ACSC), 47,000 cyber incidents were identified over the previous financial year.
This product is suitable for companies with up to 100 employees. Limits as high as $5 million may be available and here are the main cover benefits:
Cyber Incident Response. Protects you and your business from any financial loss as a result of a cyber incident
Cyber Extortion Reimburses you for a ransom payment made as a direct result o a cyber extortion
Data and Application Restoration Costs Pays restoration costs incurred as a direct result of a cyber incident
Cyber Crime. Provides cover for any direct financial loss as a result of a cyber crime committed by a third party
Business Interruption. Offers indemnity for any business interruption losses incurred due to outage from a security failure.
Make sure you read the PDS
2022 Finder research shows that 23% of Australians can't be bothered reading the product disclosure statement. It may be boring but it's worth it in the long run.
Do you need cyber insurance?
A cyber crime happens every 8 minutes in Australia and can absolutely devastate a business if they are not adequately prepared or covered for it. Cyber insurance refers to common forms of cyber security breaches, and can include cover for ransomware, data breaches, privacy breaches or personally identifiable information as well as litigation that might arise from a cyber security breach.
As with any type of insurance policy, not everything is covered by upcover Cyber & Privacy liability insurance. You can find a full list of exclusions in upcover's product disclosure statement . Here is an overview of what is not covered:
Anti-competitive behaviour
Intellectual property
Property damage
Chargeback
Dishonest of wilful acts
Infastructure failure
Bankruptcy or Insolvency
Intellectual Property
Bodily Injury
Assumed Liability
Frequently asked questions
To make a claim on your upcover Business Insurance, you can access the online claim form on its website. Here are a few points to be aware of before making a claim:
Notify upcover of the event as soon as reasonably possible
Take measures to avert or minimise loss or damage even if it's covered
Prepare copies of any supporting documents that may be useful including legal documents, communication and photographs
Work with upcover in any investigation, negotiation, defence or settlement of any claim
Don't appoint lawyers, admit liability or attempt to settle or defend any claim without speaking to upcover first
Don't release other parties from liability
Comply with your policy terms and conditions
Upcover insurance products are backed by Professional Risk Underwriting Pty Ltd (ProRisk).
Each business will have different needs depending on the type of service or products offered, but generally, you're required to have at least third-party personal injury insurance and worker's compensation insurance if you have any employees.
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share.
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