Cyber Liability Insurance
Any business that uses email, takes credit card payments, has an online presence, or stores customer data needs to protect itself from Cyber risks. Increasingly, business owners are becoming aware of this fact, as they see businesses like theirs suffer hardship due to a lack of planning for this occurrence.
In fact, according to the 2017 Travelers Risk Index, cyber liability is the 2nd biggest concern for businesses of all sizes, and yet only 15% of small businesses have coverage. Most businesses assume that the coverage is either not available or too complex and expensive to purchase, but in many cases, that is not true.
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While the industry is moving toward standardized coverages, there are still many options and variables available, depending on the needs of the individual business. While almost every policy includes coverage for Data Breach Liability, other options include:
- Coverage for expenses incurred by the business to restore functionality
- Coverage for PR expenses incurred in order to restore public trust
- Coverage for liability related to a businesses website