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We live in a digital world. Cyber threats pose significant risks to your businesses. Cyber insurance provides coverage against financial losses and liability your business may face due to cyber incidents like data breaches, network security failures, cyber extortion, ransomware, and other cyber attacks.
If your business digitally transmits or stores the private data of your customers or employees, either locally or on the cloud, you should have cyber liability insurance.
Cyber insurance is no longer a luxury but a necessity. Here are a few reasons why:
Helps you recover from a cyber incident quickly and effectively to get back to business as usual.
Safeguards your reputation, which can be instantly compromised by data breaches. For example, if your customer’s credit card number is stolen during an online checkout, he might take to social media to let the world know you didn’t have the resources to help and warn new customers not to shop at your store. With cyber insurance, you might be able to avoid this blow to your reputation.
Helps you recover from a cyber incident quickly and effectively to get back to business as usual.
Safeguards your reputation, which can be instantly compromised by data breaches.
Cyber insurance covers a wide range of risks your business faces. Here are just a few examples:
If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.
If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.
If a clothing boutique stores its employees’ social security numbers in the cloud and that data is compromised, the store owner is at risk of legal action by the employees.
If a logistics company is victim to ransomware after an employee unknowingly downloads a suspicious attachment, the financial burden can be heavy without cyber insurance.
The average annual cost of a cyber insurance policy can start at around $1,700 for a small business, but coverage costs will vary. Here are a few factors that can influence the price of a cyber insurance policy for your business:
Though cyber insurance covers some of today's most common business risks, it is very specialized. Most businesses require more than that to protect themselves. Here are just a few other common examples of risks and coverages and why you may need them to protect your business:
A professional liability policy covers the risks of professional services providers. If you advise or offer professional services (ex., accountant, consultant, lawyer, engineer, doctor, etc.) and you or your employee make a mistake that causes a loss for your customer, you are liable for that mistake and can be sued.
A business owner’s policy provides comprehensive coverage by bundling general liability insurance, commercial property insurance, and business income interruption insurance into a single policy. This makes the insurance process easier and more affordable.
Workers’ compensation insurance protects employers and employees, covering financial needs in case of any workplace illness or injury. This insurance is required by law in most states.
A commercial auto policy covers vehicles used for business purposes, including cars, trucks, vans, and other vehicles owned or leased by your business.
A general liability policy covers your business from financial losses and/or legal expenses resulting from any injury experienced by a customer or damage caused to your customer’s property.
By now you understand how important it is for your business to be properly insured. What’s next? Call (380) 225-5242 to connect with an experienced insurance agent who understands the nuances of your business and industry.
