It may surprise you to learn that roughly 43 percent of cyber-attacks are aimed at small businesses. With such looming cyber risks, are you covered with cyber liability insurance in case there’s an attack?
Today, more people are using their laptops and other electronic devices for their businesses.
So, if something were to happen to these devices, it could be extremely dangerous, particularly when you consider the amount of confidential or delicate information that people keep online.
The problem is that scammers and hackers are getting more sophisticated. It’s never been more important to have cyber insurance than today.
If you would like to how cyber liability insurance for business works and how you can get it, we have created this guide for you.
What is Cyber Liability Insurance?
Before we get into ways that you can use cyber liability insurance to benefit you, it’s good to get some background on what it is.
Cyber insurance has a lot of different uses. However, it is mainly used to protect devices against threats of internet hacking and other information technology risks.
For example, if your online data was threatened, the insurance company would provide services to help you fight against the cyber-attack and retrieve your data.
So, if you have a business that handles sensitive online information, whether that’s for your customers or for yourself, then this is something you should consider.
Depending on the kind of cyber insurance that you get, you may have quite a lot of coverage should anything happen.
This all depends on the company that you choose and what they offer you.
Why Do I Need Cyber Liability Insurance?
While everyone would prefer that their cyber security was not threatened, unfortunately, it does happen. Insurance is used to give people an extra layer of security, particularly if a threat arises.
For many people, this can be the factor that helps them not only stop a cyber problem from getting worse, but also gives them support.
This means that if you were to encounter a cyber threat and you had cyber liability insurance, then you would receive immediate support.
The support you would receive would depend on the insurance you are using.
If you have lost sensitive online information and you need help getting it back, then you will need a reliable service to help you.
This kind of cyber insurance is popular in both big and small businesses. However, the bigger the business, the more they may potentially be risking, so it’s important that your business is covered.
Benefits of Using Cyber Liability Insurance
Unfortunately, cyber threats can arise at any time, and they are often difficult to predict. Therefore, it’s important to have insurance coverage. There are several benefits to using it.
Reassurance
One benefit is that it provides reassurance. Running a business and dealing with sensitive online information can be stressful in general.
However, having some insurance can help you feel less stressed, particularly if you have a large list of clients who rely on you to protect their information.
Having a service that can offer you immediate support will give you some reassurance, even if a threat does occur.
Extra Layer of Security
Another benefit to using cyber liability insurance is that it helps to offer an extra layer of security. If you ever do have an information technology threat, you will get services that will start working on the case immediately.
If this does happen and you alert your insurance company early on, they can begin working on the situation for you. The idea is that before hackers, scammers, or any other security threat gets the chance to access private data, they will have already been stopped.
Of course, this will depend on how quickly you are able to act to resolve any problems that arise.
Financial Coverage
Aside from extra security, cyber insurance also covers you for a large sum of money. This depends on the insurance provider you are with; however, you can get millions of dollars’ worth of insurance cover from some providers.
This can be very useful, especially if you do find yourself in need of it. Chances are if you are in a tight situation where you need immediate coverage, the last thing you want to worry about is financial payments.
Legal Fees
You may also be facing legal fees that need to be covered, particularly if the sensitive data that you were protecting got stolen.
People can file lawsuits against your company, and you would need to get attorneys involved. These costs can add up, but luckily if you have insurance coverage, you won’t have to worry much about them.
Getting business cyber liability insurance isn’t as difficult as you might think. There are many insurance providers out there and some offer good rates.
Of course, not every insurance provider will be right for you, and some of them won’t give you the full coverage that you need.
How Can I Get Cyber Liability Insurance?
Therefore, it’s always important to do your research and get an insurance provider that provides an amazing service and cares about your business.
Also, if you do find yourself in a difficult situation, the last thing you want to find out is that you aren’t properly insured.
While we can’t recommend every insurance provider out there, we can recommend Harris Insurance. We know that just like you, our customers rely on us to deliver an outstanding service they can count on.
So, if you find yourself in need of cyber liability insurance, then why not contact us today?
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
