Why You Need a Cyber Liability Insurance Policy

Lock Illustration with numbers on backgroundCyber Liability Insurance 101

Data breaches and cyber attacks are becoming more and more common, which means it is time to make sure that your company is protected with the right cyber liability insurance policy. While you may think that your business is safe from a cyber attack, each and every business is vulnerable. There are many reasons that you should invest in a cyber liability insurance policy, including:

  • It is affordable – cyber liability insurance policies are available with premiums as low as $2,000 for the whole year. Since these policies are still relatively new, there is plenty of room to negotiate your coverage level and premiums.
  • It provides more coverage than you probably think – most cyber liability insurance policies will provide coverage for both first party and third party damages. This can include everything from business interruption to the cost of notifying any customers who may have been affected by the breach. Cyber liability is much more important for small businesses, since they do not have the financial means to pay for the fallout of a breach on their own.
  • You are responsible for data that you do not host – if your website is hosted by a third party company, you are still legally responsible for all the information. If your provider makes a mistake, you will still have to deal with the financial fallout.
  • Your general insurance policy will not provide any coverage – any other insurance policies that you have, other than a specific cyber liability insurance policy will not provide any protection for data breaches.

For all of your business insurance needs and to ensure that you have the right amount of coverage for any situation, contact the insurance professionals at Desert Empire Insurance in Palm Desert, California. We will work with you to make sure that you have the protection that you deserve.