Using technology to store and process information can provide several benefits, such as helping to save space and improving workplace efficiency. However, these technological systems are also vulnerable to data breaches and cyberattacks which can be costly for your clients and your business.  

Cyber liability insurance can help pay for losses and recovery costs if one of these incidents occurs. The knowledgeable professionals at States Insurance Agency in Hudson, Florida, can help your business obtain the policy that best suits your needs. Contact us today for details. 

Why Do I Need Cyber Liability Insurance? 

Businesses from all industries may be victimized by hackers or other cyber criminals, even with robust network security. Commercial insurance policies often do not adequately cover the losses to your business or clients that result from these events. A cyber liability insurance policy may mitigate these risks, compensate affected parties and help reduce your business’s out-of-pocket costs. 

What Does Cyber Liability Insurance Cover? 

Cyber liability insurance may also be called cyber insurance or cyber security insurance. Policies may provide coverage for data loss and cyber security events such as: 

• Computer system failures. 
• Network failures.
• Data breaches.
• Cyber extortion.
• Accidental dissemination of confidential information.
• Malicious destruction of data.
• Phishing, malware and ransomware attacks. 

After these occurrences, a cyber liability policy may provide payments to: 

• Send notifications to affected parties that a data breach occurred.
• Cover cyber extortion-related expenses.
• Restore lost data.
• Cover income lost during the business interruption these events cause.
• Obtain crediting monitoring services for impacted individuals.
• Repair damage to your business’s reputation.
• Investigate the origin of the cyberattack.
• Cover legal expenses (e.g., defense costs, settlements and judgments) related to third-party lawsuits filed with regard to the cyber security event or data loss.  

Policies vary, but your insurance agent can provide more details on policy terms, limits and exclusions. 

How Much Does Cyber Liability Insurance Cost? 

The price of cyber liability insurance depends on several factors. For example, the amount and type of data you store, your claims history, selected coverages and the size of your business could impact premiums. Contact us today for a quote. 

Get Cyber Liability Insurance 

Cyberattacks and data loss are a threat to businesses of all sizes. The experienced team at States Insurance Agency can help your business secure the optimal cyber liability insurance coverage. Contact us today to get started.