The Importance of Cyber Insurance for Your Small Business

Here’s why your small business needs cyber liability insurance.

As a small business owner, it is your responsibility to make sure that your business has all the protections it needs.  While having standard commercial coverage is a great way to start, there are other specialty coverages you might want to consider.  For instance, if you conduct business online, you should consider getting cyber liability insurance.  Here’s what you need to know about this type of policy.

What is it?

Cyber liability insurance helps businesses weather a data breach or a cyber attack by paying for their recovery expenses.  If a cyber criminal hacks into your system and gains access to your company’s sensitive information, your company can be held liable for this incident.  Cyber liability insurance makes sure that your business does not have to cover the devastating costs of a data breach on their own.

What does it cover?

Cyber liability insurance offers a wide range of coverages.  Just to name a few, it will cover the cost of notifying your customers about the breach, the expenses associated with crisis management and public relations, and the fees associated with repairing damaged computer systems or parts.  Additionally, this type of policy will also cover business interruption expenses that will allow your business to keep functioning despite the loss of incoming revenue.

Who needs it?

Basically, any company that uses the internet to conduct business needs cyber liability insurance.  For instance, if your business operates a website, accepts credit cards, or stores customer information, this coverage is essential.  Not only will having this coverage protect your business, but it will also protect the customers who have put their trust in your business.

This is why your small business needs the coverage offered by cyber liability insurance.  Remember, it’s important to have the right policies for your business.  To get the commercial coverage you need, contact the experts at Gant Insurance Agency in McKinney, Texas.  Don’t worry, we’ve got you covered.