Data breaches and losses caused by hackers has increased the need for cyber liability insurance. We’ve all seen the headlines about these criminals breaching companies, political parties, and even the federal government. More than half of all small businesses are reportedly breached. That’s why cyber liability insurance coverage is a must.

This type of insurance is designed to cover businesses that engage in electronic activities that include online sales and the storage of data on computers or networks. Policies cover a business’s liability for losses that result from the breach of information such as credit cards, bank accounts, customer information and personal identity theft among others. Considered by many to be a type of privacy insurance, it covers losses that may include legal fees, civil lawsuits, fixing systems, damaged equipment and notifying clients.

Although people understand they are vulnerable to hacks, few follow through with little more than virus and spyware programs. In terms of deciding whether you should have a policy in place, consider these questions.

• Does your business have a network where employees house important data?
• Would the operation be at risk if this information were hacked?
• Do you make online purchases that require credit card or banking information?
• Are employee or personal information records stored on computers or a network?

If you answered yes to any of these questions, then you are a potential target for cyber criminals.

These policies go beyond standard business insurance coverage that focus on physical injury and property damage. Businesses often house sensitive information that includes bank accounts, stocks, personal ID, credit card numbers and health records. Hackers use hidden electronic tools to get at valuable data. The losses associated with this type of theft may include:

• Legal fees and expenses
• Civil lawsuits
• Business shutdowns
• Notification costs
• Data loss recovery
• Restoration of damaged computer systems  

Purchasing insurance for your company can be an overwhelming experience. With Brashears, we pride ourselves in providing a synchronized approach to insurance. We first take our time to get to know you and your business needs. Then, we provide customized policies and coverage options that best fit your needs. As your business grows and evolves, Brashears Insurance can tailor your insurance policies.

At Brashears Insurance Agency, our insurance professional take the time to understand the needs of your business and help create a business insurance policy that serves those interests. We also understand the importance of secure, cost-effective coverage and can create comprehensive plans or stand-alone policies.