What Is Cyber Liability & Data Breach Coverage Insurance?
When a data breach occurs, quick action is important to help restore the public’s confidence if you’re a business victimized by a cyber-attack. Cyber liability insurance and data breach insurance help cover costs like notification, identity protection solutions, public relations, legal, liability and more depending on the coverage you choose.
Do I Need Data Breach Coverage Insurance for my Small Business?
With the increasing use of mobile technology and computerized data storage, the likelihood of a computer system being compromised is an everyday possibility and unfortunate reality for hundreds of small businesses. A breach in a business’ computer system could lead to confidential client or employee information being stolen, lost, and/or broadcast.
Cyber-risks that might cause a company to take out such a policy include processing credit card transactions, holding employee records, having a website that collects personal information from visitors or holding client or customer information.
What is Covered by a Cyber Insurance Policy?
Most notably, but not exclusively, cyber and privacy policies cover a business' liability for a data breach in which the firm's customers' personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or other criminal who has gained access to the firm's electronic network.
The policies typically cover a variety of expenses associated with data breaches, including:
- notification costs
- credit monitoring
- costs to defend claims by state regulators
- fines and penalties
- loss resulting from identity theft
How Much Does Cyber Liability Insurance Cost?
The cost of a cyber liability insurance policy will depend on your business size, the amount of protection you want and any state required limits you’ll need to meet. The best way to get a true idea of cost is to get a quote specifically for your business and to review it carefully to make sure all of your concerns are truly covered. Filling out a quote request form will help start the process.
Let us help you make an informed decision about your business insurance needs. Our licensed agents specialize in helping small businesses obtain the best coverage at the best price, give us a call today at 888-834-8619.
