Do I Need Cyber Liability Insurance?

With cybercrime and data breaches becoming a part of near-daily life, it’s as important as ever for you to protect your business’s data. In today’s digital age, it’s imperative that businesses of all sizes take steps to protect their cyber information. While data breaches at large corporations are the stories that make the news, cyber criminals often target small businesses because they know many of them can’t afford or don’t have the ability to implement top-of-the-line server security.

Cyber liability insurance is designed to help protect your business in the event that a terrible digital catastrophe occurs. If your company handles sensitive information, such as credit card numbers, Social Security numbers, or health records, it’s important that you protect not only your customers’ safety, but your business’s reputation as well. Aside from implementing the best security available, you can protect your company by purchasing a cyber liability insurance plan from a qualified broker.

What is covered by Cyber Liability Insurance?

While every insurance plan differs based on your specific company needs, there are many things that are covered by most policies of this type. These include covering the cost of:

  • Repairing computer systems damaged by a hack or virus
  • Assisting customers with protecting their information
  • Notifying customers or clients about a breach of data
  • Expenses and legal fees related to the hack or data breach

How do I know if I need cyber liability insurance?

If your company handles any type of sensitive information or stores it on a server, a cyber insurance plan is a necessity. In the event of a data breach, you could be looking at substantial governmental fines and class action lawsuits if your server or information was not adequately protected.

Obtaining the Best Cyber Insurance Plan

Your best option for getting the cyber insurance plan that’s right for your business at a cost you can afford is working through an insurance brokerage. Insurance brokers will shop around for you and find you the plan that works for your company’s budget and needs. They can also handle other types of insurance and are often able to obtain discounted rates. 

The insurance specialists at FrontLight Insurance have seen it all when it comes to cyber liability insurance. If you’re serious about protecting yourself and your company from cybercrime, give the experts at FrontLight Insurance a call today. We’re a one-stop shop insurance brokerage offering sophisticated counsel and advice grounded in an analytical approach. While you’re speaking to a FrontLight broker about your cyber insurance needs, you can also get advice and information about other types of insurance for your business. Give us a call at 310-684-5799 to begin solving your insurance challenges and protecting your company from cyber criminals.