My E&O policy has some cyber coverage but I'm getting mixed signals from utilities about whether it's adequate. Mon Power wants proof of specific cyber liability coverage for their data breach notification requirements. Anyone dealt with this recently?
Do I need separate cyber liability or is E&O enough?
Wanda, I'd definitely get separate cyber coverage. The cyber provisions in most E&O policies are pretty basic. My standalone cyber policy covers breach response, forensics, credit monitoring, regulatory fines - stuff that E&O typically excludes. Worth the extra premium.
Randy's right. California utilities are requiring minimum $1M cyber liability now, and most E&O cyber sub-limits are only $100K-250K. I went with Coalition Insurance for standalone cyber coverage - they specialize in small professional services firms and understand our business model.