Contrary to what you might believe, every business, regardless of size, scope, or industry, faces the risk of a serious data breach. In fact, American businesses lose millions of dollars every year as a result of cyber attacks and data breaches. While larger corporations might have the resources to move past a significant data breach, smaller businesses might not ever recover. This is why your business needs the protection that only cyber liability insurance can offer. Here’s what this type of insurance can do for your company.
Even if you have the proper general liability policies in place, this type of coverage will not protect you in the event of a cyber attack or data breach. The only way your business can protect itself from the losses associated with an online threat is with cyber liability insurance. This type of policy offers coverage for the loss or corruption of data, business interruption, identity theft, cyber extortion, and reputation recovery. Additionally, this insurance will offer coverage for the various liability expenses associated with a data breach. This includes the cost of informing your customers, the expense of recovering lost data, and the costs associated with your company’s legal defence and settlement.
Cyber liability insurance is an important coverage for every business to have. As the business world continues to modernize, the use of digital devices and internet connectivity has become commonplace. However, this increased connectivity translates into an increased risk for cyber attack. If your business has a company website, conducts business transactions over the internet (selling online), digitally stores customer information, or utilizes the internet in any way, then your company cannot afford to overlook the protection offered by cyber liability insurance.
If you are interested in getting your business the protection it needs, then contact the professionals at Premier Risk, LLC. Our insurance experts are ready to assist you with all your coverage needs today.