Why you need to secure the right cyber liability coverage for your company.
As a business owner, you know that there are certain types of commercial coverage that you cannot afford to miss out on. While you might have the right workers compensation, commercial property, and general liability protections in place, you also need to secure the right cyber liability insurance. But what does this type of insurance cover and why do you need it? Here’s everything that you need to know.
What is Cyber Liability Insurance?
In basic terms, cyber liability insurance offers the policyholder financial protection in the event that they are the victim of a data breach that compromises sensitive customer information. For instance, if a hacker broke into your system and managed to steal your customers’ financial information, then your cyber liability insurance would offer you the coverage you need to deal with the backlash. Cyber liability insurance covers a wide array of expenses including the cost of the following:
- Customer notification
- Restoration of compromised data
- Credit monitoring
- Fines and penalties
- Repair of affected computer systems
Why Do I Need Cyber Liability Insurance?
With companies across all industries conducting more and more of their business over the Internet, the risk for cyber attack and data breach have never been higher. While small business owners might think that they are safe from the risk, hackers and cyber criminals are actually more likely to target them then they are to target big, high-profile companies. If your business is ever hit with a cyber liability issue, then the costs associated with the event can be staggering. While larger corporations might have the resources to move past the incident, smaller business may not be able to survive the financial consequences of a data breach. Unfortunately, your other liability policies will not do anything to cover the costs associated with a data breach or cyber attack. The only way to address these expenses is with the right cyber liability insurance.
This is why your business needs the protection that only the right cyber liability insurance can provide. Are you looking to secure the right coverages for your business? If so, then contact the experts at PMC Insurance Group. We are ready to get you the coverage that you need today.