Business owners have a commercial general liability policy to protect themselves from certain risks of business. One of these increasingly growing risks is cybercrime.
What is cybercrime?
Cybercrime is an attack focused on your company’s computers or network. A successful attack can result in the loss of confidential client data or the act of being blocked from accessing your data until a ransom is paid.
Think you won’t fall victim? Think again–43% of reported cyber-attacks targeted small businesses! Criminals know many small businesses don’t have the proper safeguards in place to prevent an attack.
If a successful strike happened, would you be prepared? Many business owners assume their Commercial General Liability (CGL) policy covers claims arising from cybercrimes, but unfortunately, it doesn’t. Cybercrimes are excluded.
General liability policies cover things like bodily injury or property damage from accidents involving your business. Another common business insurance is Professional Liability (or Errors & Omissions Insurance). This protects you and your employees from damages arising from negligent actions. This type of insurance also doesn’t cover cyber liability.
In an age where cybercriminals pose a real threat to you and your business, it’s unwise to leave this risk unprotected.
What is cyber liability insurance?
Thankfully, there is insurance specifically designed to provide comprehensive coverage for damages from cybercrimes.
A dedicated cyber liability policy can provide coverage for:
- Loss of profits from a systems outage
- Data restoration and rectification
- Damages from losing customer data
- Costs for engaging with a PR firm to help restore your reputation
- Claims from leaked information
- Costs for providing a notice of breach
Does your business need cyber liability insurance? If you store sensitive data—yes. The threat is very real. All it takes is a harmless-looking attachment download and suddenly you’re asked to pay a ransom to get your data back.
You’ve worked hard to build your business—are you willing to risk it?
Stewardship Insurance can help.
Insurance is the last thing you want to think about. We make it easy for you to get the coverage you need. This way, you can focus on the thing you do best—building your business!
Schedule a time to talk so we can begin the process of further protecting your business.
And, check out this episode of the Defining Stewardship podcast to hear a cyber security expert explain how hackers steal your information and what you can do to protect yourself.