Benefits of Cyber Insurance

Benefits of Cyber Insurance

Cyber-attacks are a real threat that can be detrimental to your business. Small businesses are usually at more risk than big businesses because of their ability to afford security is limited. That makes cyber liability insurance more crucial.

Reasons

  • Worth the costs – Cyber security insurance is more affordable than you think. The cost of coverage far outweighs the detriment of loss should you be attacked. Since this type of insurance is so new there is a lot of room for negotiation. Policies can differ a lot from one provider to the next.
  • Good coverage – Most plans cover more than you would think: business interruptions, notifying customers of the breach and hiring a public relations firm to repair damage to your reputation. These expenses add up and are usually overlooked when considering purchasing insurance. Having coverage could keep you in business.
  • General policy coverage – Most general policies specifically exclude losses incurred due to the Internet. Cyber liability insurance covers the gaps. You wouldn’t consider going without general policy insurance, and you should not be without cyber security insurance either.

Recovering from a data breach is an expensive undertaking. With most businesses having a high presence online, hacks are a risk you should guard yourself against. One form of protection worth considering is cyber insurance.

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