Standard business insurance can cover a number of potential problems and disasters. But what if you lose valuable company or customer data stored online or on your computers? What if your web site is shut down by a power failure or even hacker attack? You may benefit from cyber insurance coverage. There are two things you should know about this type of insurance:
You may need it if you store a lot of data. Businesses that do a lot of their work online also may be good candidates. Take a hard look at the data you have stored and how valuable it is. What type of liability costs would you incur if you lost your customer’s private consumer data? What costs would you face if you have a major problem that shuts down your web site? Your business’ insurance agent can help you figure out your risk, exactly what cyber coverage covers and if you need the added protection.
You have more options. More and more insurance companies are offering cyber insurance in various forms, either as separate coverage or as an add-on to existing policies. The most cost-effective way may be to purchase a rider to your existing business liability policy. Questions? We can help!