Cyber Liability Insurance
Cyber Liability Insurance Information
Business owners have many physical assets to protect, but they should also consider their digital assets and data. These resources can be just as valuable as inventory or personal belongings. One way to protect your technology is by adding cyber liability coverage to your business insurance policy.
What Is Cyber Liability Insurance Coverage?
Cyber liability insurance can help businesses prepare for, respond to and recover from cyberattacks and data breaches. If your business is the victim of a cyberattack, cyber liability can help cover the following:
- Legal services to help meet state and federal regulations
- Expenses related to notifying customers that their personal information has been compromised
- Extortion paid to recover locked files in a ransomware attack
- Lost income from a network outage
- Lawsuits related to customer or employee privacy and security
- Regulatory fines from state and federal agencies
- Cost for repairing damaged computer systems
How Does Cybersecurity Insurance Work?
Cyber liability insurance helps reimburse a company for expenses related to data breaches and other cybercrimes. This could include expenses related to legal counsel and defense, a digital forensics team, notification costs, public relation communications, and setting up a call center and credit monitoring for those affected.
How Much Cyber Liability Insurance Do I Need?
The amount of cyber liability coverage a business needs depends on its industry, size, and type of personal information or customer data it handles. If a company handles sensitive information, it may put that company at a higher risk for a cyberattack and should therefore have a higher coverage limit. Discuss your coverage needs with a trust insurance provider to better understand your options and business needs.
Cyber Liability Insurance Quote in Midland, TX
If you want to learn more about cyber liability insurance and if it’s right for your business, contact InsureAll. We have over 50 years of insurance experience and can ensure your business has the coverage it needs.