Protect your business with cyber liability insurance
Cyber Liability Insurance, also knows as Data Breach Coverage or Privacy Liability, is one of the fastest growing insurance products in the insurance marketplace. Obviously, there is a reason this trend is happening. More and more small to mid-size business’s are being targeted for cyber related crimes. A study done by Symantec revealed 74% of small and mid-size business have been targeted for cybercrime.
When a business is hit with a cybercrime the costs to the business can so substantial that 60% of small businesses will close within 6 months. (https://blogs.mcafee.com/business/how-to-keep-your-business-safe-the-one-checklist-all-smbs-should-have/) When a business is the victim of a cyber crime, the business is responsible to protect the client base whose information was compromised. This means hiring credit protection agency, informing all clients of the breach and other necessary steps.
Other statistics show that cybercrime is on the rise. About 30% of these crimes are committed from a laptop computer being lost or stolen.
Here are some of the ways cyber liability insurance can protect your business:
1. First-party privacy breach expense. This coverage pays your costs for notifications, monitoring, investigations and crisis management expense.
2. Third-party cyber liability coverage. This coverage pays your liability to others due to a data breach within your business.
3. Regulatory Proceeding Claim Expense. This coverage pays fines and penalties assessed against you as a result of investigations into a potential data breach or violation of privacy laws.
4. First-party business interruption. This coverage pays your business income loss and extra expense sustained during the reconstruction period due to a cyber or date breach liability loss.
If you want to protect your business against cybercrimes with cyber liability insurance please give Insurance Professionals of Arizona a call. We can help you with this valuable coverage. We can also help with other insurance products including commercial general liability insurance and commercial property coverage. We are your one stop full service insurance agency.