How Cyber Liability Insurance Protects Your Business
Every business knows that it can be at risk of theft, fire, vandalism, natural disaster damage, and more. Yet, few remember the digital risks that threaten every business that operates online, stores data digitally, and has a digital presence. Hackers are getting smarter, meaning that businesses need to be proactive in defending their businesses against cyber attacks and breaches. One of the easiest ways to minimize damage from a data breach is to obtain cyber liability insurance. Here’s what you should know about coverage.
Cyber liability provides reliable financial protection to businesses. A policy typically includes first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks. It indemnifies companies for losses to others caused by errors and omissions and failure to safeguard data. Additionally, it provides post-incident public relations support, investigative expensive reimbursement, and criminal reward funding.
Keep in mind that there are some easily overlooked exclusions of coverage that can be triggered by specific circumstances. For example, some policies have provisions of exclusion if the covered company breaks federal or state statutes, including data privacy regulation. In short, if your company is not in compliance with the cyber liability policy, it is not required to pay out in the event of a claim.
Installing security tools and acquiring cyber liability insurance helps to keep your business safe. Contact the experts at Humble & Davenport Insurance for a tailored cyber liability insurance policy. Our dedicated team serves Renton and the surrounding areas in Washington. We’re ready to insure your business!