Cybercrime can damage a business in many ways. One of the worst things that could happen is that criminals might misuse the data they access. Needless to say, when something like this happens, the cost of recovery, repair, and legal fees can quickly add up.
Cyber liability insurance is one of the best types of business insurance that can protect your business from the threats and damages caused by cybercrimes. It is one of the most important insurances you can get for your business today. Here’s why:
What Cyber Liability Insurance Covers
Cyber liability insurance covers the damage that can be caused by cybercrimes against your business. This includes the damage that can be caused by identity theft, data breaches, and malicious software attacks. The policy will also cover the legal fees that you have to pay in case you have to defend yourself in court against the damages due to cybercrimes. It will also cover the costs of restoring files and data lost during the cybercrime incident.
How Cyber Liability Insurance Can Help You
You can never be sure that you will be able to prevent cybercrimes from happening. Because of this, you need a backup plan in case the worst happens and your company is faced with the costs of repairing the damage from a cyberattack.
Cyber liability insurance can help safeguard your business from the damages that can be caused by cybercrimes. If you have cyber liability insurance, you can be certain that the insurance company will help you with the costs of recovering from a cybercrime incident.
Cyber Liability Insurance vs. Technology Errors and Omissions Insurance
Cyber liability insurance and technology errors and omissions insurance have many similarities. Both policies can help your business recover from the costs of a cybercrime incident. However, there are also some key differences.
Cyber liability insurance can be purchased to cover your business or your company’s vendors, customers, and partners. This can cover losses in the event of cybercrime against any of these parties. Technology errors and omissions insurance, on the other hand, can only be purchased for your business. It can help cover the damages from technology errors and omissions.
What to Look for in a Cyber Liability Insurance
There are several things to look for when purchasing a cyber liability insurance policy. Here are some of the factors to consider:
1. Deductibles
The deductible is the amount of money that you have to pay before the insurance company will compensate you for a claim. Be sure to purchase a policy with a deductible that you can afford.
2. Policy Features
Cyber liability insurance policies have several features that you might be interested in. For example, some policies can include coverage for business interruption and crisis management. Other policies can help cover the costs of defending yourself in court from the damages of a cybercrime.
At Brand and Britt Insurance, we offer these coverage options:
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Prior Acts Coverage
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Forensic Specialist Expenses
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Reputation Damage Expense
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Liability Coverage
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Paper and Electronic Data
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Loss Control
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Mitigation Services
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PCI Coverage
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Business Interruption
3. Comparison Shopping
Be sure to compare the prices and features of different insurance policies before you purchase. Look for a cyber liability insurance policy that gives you the most protection for your money.
4. Types of Coverage
There are two main types of cyber liability insurance policies: a general policy, and a professional policy. A general policy covers all your company’s properties, whether you own or lease them. A professional policy covers the properties of companies or individuals that you have a professional relationship with.
Conclusion
Cybercrime can hurt your business in a lot of ways. Sometimes, the business can repair the damage and move on. Other times, the damage is so severe that the cost of recovery is beyond the means of the business. Cyber liability insurance is one of the best types of business insurance that you need in case you need to recover from the damage that can be caused by cybercrimes. If you are interested in purchasing a cyber liability insurance policy, be sure to compare the prices and features of different policies before you make your decision.
For all your business insurance needs in Georgia, Brand and Britt Insurance is here to help. Let our insurance experts help you find the rght policy for your needs. Contact us at 770-963-6427 to get a free quote!