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Cyber Liability 101
No matter the size of your business, you are vulnerable to a cyber-liability breach. While computers are working to make your business run much smoother and easier, they also open the door to a data breach or hack. Investing in the right cyber liability insurance policy can help to ensure that your business stays safe from any online attack.
Typical cyber liability insurance policies can be purchased as a stand-alone policy, or can be added onto a business owner’s policy. A cyber liability insurance policy will provide coverage for two main issues – first party coverage and third party coverage. First party coverage will provide financial compensation to help you deal with any immediate business and customer needs. Third party coverage provides protection in case one or more of your clients decides to sue you after a breach, and will cover all the legal fees that are associated with the lawsuit.
While many small business owners do not think that they are at risk of a data breach, it is actually the exact opposite. Since small businesses tend to have smaller budgets, they cannot afford the security measures that larger businesses are able to invest in, which makes them even more vulnerable. The financial fallout that follows a data breach can be financially devastating for a small company that does not have the financial means to deal with all the repercussions of a cyber-liability breach.
For all of your cyber risk insurance coverage needs, contact the insurance professionals at Cook, Disharoon & Greathouse in Oakland, California. As an independent insurance company, we will work with you to ensure that you have the right amount of protection for your specific needs, all at the right price that will fit within your company budget.
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