Cyber Liability Coverage for Small Businesses

cyber liability Culver city

Yes, technological advancements have made life easier and brought great benefits, however, it is important to also remember the risks associated with the internet revolution, particularly for small businesses. As a business owner, you are responsible to protect the data and financial information of your customers. Today, nearly all valuable data and records are managed through computer systems. Customer lists, books, records, receipts, tax documents, email conversations, and company secrets are vulnerable to cyber attack.

Cyber liability coverage is important for all businesses to have, but especially crucial for small businesses. Larger companies have the financial means to recover in a more efficient manner after a cyber attack, such as with Target’s recent recovery.

Since small businesses tend to have difficulty recovering in a timely manner, cyber liability coverage protects a company from liability that is a result of unauthorized use of, or unauthorized access to, electronic data or software. Cyber liability coverage also protects companies from a virus, malicious code, computer theft, extortion, or any unintentional mistake, error, or omission made by an employee. The difference between a regular business insurance policy and cyber liability coverage is that typical business insurance only covers tangible assets, which excludes electronic data.

Cyber liability coverage is becoming increasingly more necessary with today’s technological growth. Soon, this type of coverage will be required for most government contracts. In order to protect your company and client’s personal information, you will need to get cyber liability coverage. Your premium will depend on the size of the business, the number of clients, and the type of data the coverage will need to protect. Typically, insurers will perform an audit of your current data protect plan and give you a quote based on which types of security measures you have and which you are missing.

ISU Wissink Insurance Agency strives to provide you with personalized and efficient service. Contact the insurance experts today to meet with an independent agent who can take you step by step through the process and answer any of your questions along the way.