Cyber liability insurance explained and how to protect your business

Cyber Liability is Real

 

Cybercrime is growing rapidly. Businesses must protect themselves against the large expenses that result from a cybercrime or data breach occurs. In this article, we attempt to explain cyber liability insurance and how you can protect your business with a cyber liability insurance policy.

As you run your business, you are responsible to protect any personal information you collect from your customers. This information could include the client’s social security number or credit card number. If you have this information in your possession and it is stolen from you there could be a variety of claims filed against your business such as notification costs, credit monitoring expenses, costs to defend claims by state regulators, fines and penalties, and any losses that result from identity theft. These costs can be significant and many small businesses are unable to bear the burden of these costs and are often forced to close their doors.

However, you can protect your business from cyber crimes by purchasing cyber liability insurance. Many insurance companies offer this coverage as part of a package but you can also purchase a stand-alone cyber liability insurance policy to cover you.

For information on cyber liability insurance or if you would like to receive a cyber liability insurance quote contact Insurance Professionals of Arizona at 480-981-6338. Our skilled and experienced agents can help guide you to obtain the product that is best for your business.

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