As a business owner, you know that protecting your company is important. You have insurance to cover your physical property in case of damage, and you may even have liability insurance in case someone is injured on your premises. But what about your digital property?
In today’s increasingly connected world, your business is at risk for cyber attacks. Cyber liability insurance can help protect your business in the event that your systems are breached, customer data is stolen, or you are the victim of cyber extortion.
Why You Need Cyber Liability Insurance
No business is immune from cyber attacks, and the costs of recovering from a data breach can be significant.
If your business stores customer data, accepts credit card payments, or uses cloud-based applications, you are at risk for a cyber attack. And even if you take steps to secure your systems, your employees and contractors may not be as diligent about cyber security. That’s why it’s important to have cyber liability insurance.
Cyber liability insurance options vary from policy to policy, but most will cover the following:
• First-party expenses, such as data restoration and business interruption costs
• Third-party expenses, such as litigation costs and settlements
• Cyber extortion
• Regulatory fines and penalties
• Public relations expenses
The bottom line is that a well-crafted cyber liability insurance policy can help you recover from a data breach and protect your business from the financial devastation that can result from a cyber attack.
Choosing a Cyber Liability Insurance Policy
Making the final choices on what kind of cyber protection your enterprise requires can be tricky, but we can help. Not only can we help you perform a risk analysis of your operation and determine which types of coverage are most important, we can also take your plan to multiple carriers and find you the lowest rates for your coverage.
To learn more about how we can help, call today for a free consultation.
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