From the high costs of a data breach or malicious software attack, cyber liability insurance protects small businesses. Being expensive and increasingly common, cyberattacks and data breaches are an attractive target at small business operations because they often have weak cybersecurity. This is not to be understated – cyberattacks can put you out of business. It is estimated that within six months of a cyberattack, 60% of small businesses go under. A data breach can damage more than just your small business computer system. It also can damage your reputation and put your staff and customers at risk. Fortunately, the financial loss caused by cyberattacks and data breaches can be recovered with cyber insurance coverage. This insurance can pay for costly expenses including credit monitoring, attorney’s fees, fines and others. You need a cyber policy especially if your company handles sensitive information. A key policy for companies that handle credit card numbers, work in the cloud, or operate in cybersecurity is cyber liability insurance. InsureWise LLC can help you obtain the best policy for your needs.
What Does Cyber Insurance Cover Generally?
This policy typically handles:
– Social security or driver license numbers
– Medical information
– Other businesses’ cybersecurity
– Customer names, phone numbers, addresses, and email addresses
– Credit card or bank account information
What are the Types of Cyber Liability Insurance?
When it comes to cyber liability insurance, these are two types. These include First-Party Coverage, which is designed to help recover expenses when your systems or networks are breached, or your data is stolen. The other is Third-Party Coverage, which provides protection when a client sues your company for failing to prevent a breach.
Cyber Liability Small Business Insurance Broker
Cyber insurance is important to the financial well being and future of your small business. Even a single claim can be costly and difficult to overcome without cyber security insurance. Coverage can help reduce the potentially devastating effects of a claim by covering related costs. It can cover costs related to IT forensics investigation, legal liability, data restoration and customer notification. When you want cyber liability coverage, contact InsureWise LLC and let us help you find the right cyber coverage for your specific business needs.