Cyber Liability Insurance
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Cyber Liability Insurance Information
Businesses of all sizes, especially those with sensitive data, face increasingly common—and costly—cyberattacks and data breaches. These cyber threats not only increase a business’s risk exposure but can also threaten its financial livelihood. Cyber liability insurance can help protect against the increasing number of cyber risks your business may face.
Why Should I Have Cyber Liability Coverage?
Any company that handles credit card numbers or confidential customer information, or works in cybersecurity or the cloud should have this critical insurance. Retailers, health care organizations and financial service providers are especially vulnerable since these businesses often have more information stored and transferred electronically. However, any business can fall victim to a cyberattack, so cyber liability insurance is vital to any business’s risk management program.
What Is Cyber Liability Insurance?
There are two types of cyber liability insurance. First-party coverage helps cover expenses if your systems or network have a data breach or your data is stolen. Third-party coverage helps if a client blames you for failing to prevent a data breach or cyber attack at their company.
First-party coverage may help with the following:
Third-party coverage may help cover the following:
Hiring an expert to investigate the breach and assist with regulatory compliance
Crisis management and public relations
Business interruption costs such as hiring additional staff, renting equipment or buying third-party services
What Does Cyber Liability Insurance Cover?
The typical business or general liability insurance policy doesn’t generally offer cyber exposure protection, which is why cyber liability insurance is so important. This coverage can help protect your business from financial losses due to cyberattacks or other tech-related risks, as well as offer financial support for any investigations or lawsuits that may follow an attack. Cyber liability insurance can help you quickly respond to an attack and recover any lost files and income.
At the Remo Insurance Agency, we can help you evaluate your current protection and help you decide if you may need preventative cyber liability coverage.
What Does Cyber Insurance Cost?
Cyber liability insurance varies because it’s tailored specifically for each business, and coverage takes into account:
Your business’s revenue.
Your claims history.
How We Can Help
The Remo Insurance Agency offers a variety of business protection for companies. Call us today at 301-848-9541 to find out more about cyber liability insurance.