6 Reasons to Invest in Cyber Liability Insurance
Technology has become a necessity for most any business in today’s marketplace and it has also created a necessity to invest in cyber liability insurance. The advances in technology for business have helped many companies expand into new markets by improving the speed of transactions, expand marketing efforts, and break down most communication barriers.However, technological advances have also brought a new type of crime: cybercrime. A hacker can breach your system and expose sensitive customer information, private company information, and even personal employee details, such as social security numbers. The cost of one security breach can be devastating to a business. Here are the top reasons your company needs to invest in cyber insurance protection.
Most general liability insurance policies specifically exclude losses connected to the internet. To ensure you’re protected, you need to invest in cyber liability insurance to cover situations linked to cybercrime. You also want to be sure to extend the coverage to laptops and mobile devices for any work outside of the office.
If your business has a website and uses the cloud to store data, then your company is legally responsible if the web host or cloud hosting company makes an error. For the most part, this does not happen, but it can, and if it does, you want to be protected.
Most businesses are not large corporations and do not have a risk management team available to help set policies and procedures to protect the company’s data. Cyber insurance can help bridge this gap to ensure your company has the necessary safety precautions in place.
A cyber insurance policy can be written to include business interruption coverage that helps cover costs associated with a cyber-breach. It can include notifying customers or hiring a public relations firm to manage the breach and minimize branding damage. It can include regulatory penalties or fines associated with the breach or provide cash on hand in the case of a money flow interruption.
Cyber liability insurance also covers physical data breaches on your premises, such as stolen physical files. Today, policies like these are affordable to all businesses no matter the size. Because cyber liability coverage is a relatively new concept, it’s easier to negotiate and create the policy to fit your business needs.
Brashears InsuranceAt Brashears, we work to synchronize your insurance needs to your unique situation. Customized business insurance policies that will complement and work together to cover both personal and business needs. Brashears’ agents also understand the special needs businesses have in California. Contact an agent today and begin exploring your insurance needs. Start creating your customized policy plan to protect what is important to you.The business world today is technology based, which makes the need to invest in cyber liability insurance protection a must for any business. Contact Brashears for your business cyber insurance needs.Content marketing support is provided by the Lorem Ipsum Company.