Protect your business with cyber liability insurance
Cyber Liability Insurance, also knows as Data Breach Coverage or Privacy Liability is one of the fastest-growing insurance products in the insurance marketplace. Obviously, there is a reason this trend is happening. More and more small to mid-size businesses are being targeted for cyber-related crimes. A study done by Symantec revealed 74% of small and mid-size businesses have been targeted for cybercrime.
When a business is hit with a cybercrime the costs to the business can so substantial that 60% of small businesses will close within 6 months. (https://blogs.mcafee.com/business/how-to-keep-your-business-safe-the-one-checklist-all-smbs-should-have/) When a business is the victim of a cybercrime, the business is responsible to protect the client base whose information was compromised. This means hiring a credit protection agency, informing all clients of the breach, and other necessary steps.
Other statistics show that cybercrime is on the rise. About 30% of these crimes are committed from a laptop computer being lost or stolen.
Here are some of the ways cyber liability insurance can protect your business:
1. First-party privacy breach expense. This coverage pays your costs for notifications, monitoring, investigations, and crisis management expense.
2. Third-party cyber liability coverage. This coverage pays your liability to others due to a data breach within your business.
3. Regulatory Proceeding Claim Expense. This coverage pays fines and penalties assessed against you as a result of investigations into a potential data breach or violation of privacy laws.
4. First-party business interruption. This coverage pays your business income loss and extra expense sustained during the reconstruction period due to a cyber or data breach liability loss.
If you want to protect your business against cybercrimes with cyber liability insurance please give Insurance Professionals of Arizona a call. We can help you with this valuable coverage. We can also help with other insurance products including commercial general liability insurance and commercial property coverage. We are your one-stop full-service insurance agency.