Does my business need cyber liability insurance?
Does my business need cyber liability insurance? Many company owners, by having the policy for business owners, known as BOP insurance, believe that their company is protected against any eventuality that threatens it. They have signed a blanket contract that covers commercial property, protects you from liability, and even guarantees revenue and equipment failures for the business.
The truth is that they are protected in the real world, but at a time when relationships with customers, employees, and suppliers are increasingly taking place in the virtual world, it is essential to understand that classic BOP insurance excludes losses and dangers that may arise online.
It is the case that an insured company may be totally unprotected against one of the frequent cyberattacks if it lacks adequate coverage. And most likely, if the company is the victim of cyber theft, its losses are enormous.
Fortunately, insurance companies adapt to market conditions quickly. Most offer the new cyber liability coverages, which cover legal fees and risks that may arise when operating on the network.
In case of damage, they are responsible for notifying customers about the leak. If a client suffers identity theft, insurance is responsible for restoring it and monitoring the credit of the affected clients. In addition, they recover compromised data and repair damaged systems.
And of course, this insurance not only covers the attorneys’ fees derived from civil lawsuits, but also the fines, penalties, and forensic examinations that the law requires when this type of information breach occurs. Does my business need cyber liability insurance?
Don’t think twice, contact Univista Insurance agents and protect your business against financial loss.