Why Your Small Business Needs Cyber Insurance
Here’s why your small business needs cyber liability insurance.
As a small business owner, it is your responsibility to make sure that your business has all the protection it needs. While having the standard commercial coverage is a great place to start, there are other specialty coverages that you need to consider. For instance, if you conduct business online, you should consider investing in cyber liability insurance. Here’s what you need to know about this type of insurance.
What is it?
Cyber liability insurance helps businesses handle a data breach or cyber attack by covering their recovery expenses. If a cyber criminal hacks into your system and gains access to your company’s sensitive information, your company can be liable for this incident. Cyber liability insurance ensures that your business does not have to face the devastating costs of a data breach on its own.
What does it cover?
Cyber liability insurance includes a wide range of coverages. For instance, it will cover the costs of notifying your customers about a breach, the expenses associated with crisis management and public relations, and the fees associated with repairing damaged computer systems and parts. Additionally, this policy will also cover business interruption expenses that will allow your business to stay up and running despite the lack of incoming revenue.
Who needs it?
This type of policy is important for any company that conducts business over the internet. For instance, if your business operates a website, accepts credit cards, or stores customer information, then cyber liability insurance is a must. Not only will this type of insurance protect your business, but it will also help you protect your customers who have placed their trust in your company.
This is why it’s so important to have cyber liability insurance for your business. Remember, another way to protect your business is by having the right commercial coverages in place. To find the best policies for your business, contact the experts at Club Agency Insurance Brokerage in Garden City, New York.