You might be under the impression that cybercrime only affects large corporations. In truth, over 90 percent of electronic security breaches affect small businesses. With the need to keep your data and online real estate secure, it’s necessary to include cyber liability insurance in your total coverage picture. It’s also important to find insurance companies in CT who offer this kind of coverage so that your business is shielded from critical losses.
What It Covers
Cyber liability insurance is multifaced, and covered losses resulting from several aspects of a security breach. First, it pays for investigations into its causes. It also reimburses your business for legal fees, credit monitoring, legal fees and settlement costs, regulatory penalties, public relations expenses and any forfeit income from work stoppages resulting from data breaches. These types of policies kick in the event of hacking, missing or lost backup devices, identity theft and other instances of data breaches. Most insurance companies in CT that sell policies for businesses now offer some sort of cyber liability products, so check with your agent to see what he or she recommends.
Hospitality, restaurant, retail and health care companies are the usual targets of cybercrime. Nevertheless, you shouldn’t dismiss the possible risk that your business could suffer losses. Investing in a cyber liability policy is a great way to safeguard your company from the potentially expensive consequences of a security breach.