Cyber Liability Insurance Basics
Computers can help make running a business much easier and smoother. However, it can also open the door to serious cyber security problems. If your business deals with any type of sensitive customer data, from bank account numbers to credit card information, investing in the right cyber liability insurance policy is the best way to ensure that your company and clients stay safe.
One data breach can lead to thousands of dollars in damage. If you are a small business, just one data breach can be enough to financially ruin your business. If the data breach leads to a lawsuit, your business will be responsible for any court ordered settlements, legal fees, and any other costs that are associated with the lawsuit, which can easily reach thousands of dollars.
Along with any legal fees that are associated with the breach, you will also have to pay for notification costs to notify all of your customers that their personal information may be compromised, as well as credit monitoring services for all the customers. Data breaches can also cause a serious problem with your business’s image, which is best solved with a strong public relations team.
If you do not have a cyber-liability insurance policy, you would be left covering the costs of all of these problems out of the company account, which can quickly be drained by these issues. Investing in a cyber-liability insurance policy can help reduce the expenses to your company after a data breach.
For all of your business insurance needs, contact the insurance professionals at Sausman Insurance Agency. With locations in both Mifflintown and Millersburg, we can help to ensure that you have the right amount of coverage, all at the right price.