Cyber Liability Insurance – Four Good Reasons Why Your Company Should Purchase It

Cyber Liability Insurance is not only for the large companies. In fact, all businesses, even the new and small ones should have this type of insurance. If you’re a business owner, Cyber Liability Insurance makes a big difference between keeping your business and closing your business after a cyber-attack.

Imagine what happens if your business is attacked by an experienced hacker. The hacker has all the chances to access the site’s vital details like customers’ information as well as contact information, not excluding the social security numbers. Even worse, your website can be disabled resulting to bigger problems like the inability to take consumers’ orders and to receive payments.

With all these threats that await your business, wouldn’t it be good to buy your Cyber Liability Insurance as early as possible?

Cyber Liability Insurance

It’s not true that Cyber Liability Insurance is only for the big corporations.  Regular premium is affordable and it makes sense for your company to use it—regardless of the type and size of your business.  Let’s find out the reasons why it’s worth buying Cyber Liability Insurance.

1.  It’s within your means.

There are available policies with a very low premium of $2,000 per annum, although the amount can go higher.  Also, you can have coverage which is as high as $30 million and deductibles of $10,000 based on your capacity to pay.  Because this insurance is new in the market, there are still some changes and updates in the policy as well as more rooms for negotiations.

2.  It offers more coverage.

There are lots of policies with “first-party” coverage.  This means that “first-party” coverage gets you paid when your business encounters operation interruption, when you notify consumers about breach, and when you hire a public relations company to handle the damages done by a cyber-attack. With this available cash from your insurance provider, you can maintain the lights on until such time your normal flow of cash is back.

3.  No hassles on the risk management group.

Big companies have the whole departments committed to assess the risks the business can encounter, then helping them set procedures and policies as a way of keeping them safe. There is no need to perform these because a reliable insurance provider can accomplish the same tasks for you.

There are two ways insurance companies can bridge the gap.  An insurance provider can work with a small business to ensure you have the firewall installed to safeguard your network, making certain you’ve got policies on social media that lowers your risk.  Your insurer is willing to guide you in these problems because if you’re better protected, you’re less likely to get a breach that ends up with a claim.

4.  You’re responsible even you don’t host your business data.

Are your data hosted or stored in the cloud? Then take a second look at your agreements because you remain responsible for this. It’s beyond your control especially when a cloud provider manages your data.  An insurance policy will safeguard your business data.

To get more information about Cyber Liability Insurance in Florida, please contact us at DMG Insurance and Financial Services, Inc. (http://www.dmginsurance.com) at 543 N State Road 7, STE 106, Royal Palm Beach EL, 33411, phone 561 422 7071, Fax 561 422 7072.

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