Business Insurance

Techincal difficulties: Does your company need cyber liability insurance?

Sometimes it feels impossible to obtain through the day without technology. We've come to become extremely reliant on our computers and phones-after all, they do make things easier and faster…when they want to cooperate. Persnickety tricks and malfunctions notwithstanding, technology is great for the business. But your computers are also a huge vulnerability with plenty of IT risks. They're an Achilles' heel. This is exactly why cyber liability insurance coverage is so crucial for the business.

Your computers are wide open to a hack that could jeopardize your customers' personal information, even though we don't want to think they are. Protecting your company against things that you can see is second nature, but cyber threats are pretty invisible, so it's easy for them to escape our notice. Plus let's be real-computers are complicated, so we might not even know we have a weak spot till it's too late. A hack can strike like lightning-swift and devastating. Fortunately, they invented cyber liability insurance to protect your company against those invisible threats, and here's what cyber insurance can do for you.

What will it protect you against?

Data breaches:

Your company might not have a huge online presence, and you may not yet be an Internet overlord. However, if you store your customers' personal information anywhere on your server, you're leaving a cookie crumb trail for a hacker. They might infiltrate your system and grab that information, which would probably not endear you to definitely your customers.

Cyber extortion:

Someday you may have an unpleasant encounter in which a hacker takes your site or system hostage by making it inaccessible to your employees and your customers. They may demand a ransom to fix it. Well, now what? You're now facing lost time since you have to negotiate with the kidnapper, lost income since your website has been “stolen”, and perhaps the cost of rebuilding bits of your site because let's face it-the hacker might not return it unscathed. But guess what? Cyber liability insurance covers that, too.

Cyber liability insurance and business interruption:

Remember how we said that sometimes it feels like you cannot function without technology? We resulted in figuratively. Unfortunately, when it comes to your company, we mean it inside a literal sense. There’s a whole host of scenarios that could result in business interruption.

  • Your servers could go down
  • You could get hacked
  • Your business's servers could get destroyed inside a fire or internal rainstorm

Any of these scenarios means you're facing lost income and profits for your business, especially since you'd probably need to pour some time and resources into setting items to right. Sigh. But not to fear-cyber liability may be able to come to the rescue.

It's troubling to think there are threats you can't see, especially when they're related to computers, which can be fickle and confusing at the very best of times. A data breach could spell disaster, as could the destruction of the computers. To fully protect your company, you might wish to consider obtaining a cyber insurance policy so that you're prepared for anything that could befall your computer systems.

InsuranceHub will help you out with that. We'll get you a free quote for your cyber insurance by getting to know both you and your business to discover what coverage is right for you. Give us a call or fill out our quote form today if you'd like to explore the potential of cyber insurance! We can also help you out with your other coverages for your business.

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