According to Insurance Journal Magazine, more than half of America's small businesses have been affected by a data breach - and for small businesses, a single cyber security breach can be absolutely devastating. From customer notification costs to legal liability costs, the finacial toll of such a breach can be extremely high. That's why it's important for business owners to protect themselves with Cyber Liability Insurance.
What is Cyber Liability Insurance?
Cyber liability insurance protects small businesses by helping them cover the costs associated with cyber threats - such as customer notification, legal liability, investigation costs, data recovery and repairs.
Why do I need it?
If your business stores or processes sensitive information - such as names, addresses, social security numbers, medical records, or credit card information - then you are at risk for a data breach. This can cause a major headache for you and your clients, and without cyber liability insurance, you may be financially responsible for any damages caused.
How does it work?
Cyber liability insurance will help cover costs associated with a data breach. These costs can be divided into two broad categories: first-party coverage for yourself and your business, and second-party coverage for your customers or partners.
First-party coverage ensures that your business itself is protected. Customer notification costs, business interruption coverage and data recovery services are covered by first-party coverage.
Second-party coverage, on the other hand, covers damages in case your clients, customers, or partners are affected by the breach. Legal fees and settlement costs are covered by second-party coverage.
How do I get Cyber Liability Insurance?
Each business has their own set of needs when it comes to getting protection from cyber security threats. Our team can help you find te best coverage for your business, keeping you and your customers safe. Don't wait - you never know when a data breach could strike. Contact us today!
