Most modern businesses conduct a part of their operations and transactions online. Mobile gadgets, digital assets, and the Internet came together to create new opportunities for business growth.
However, conducting business online has notable downsides. With the Internet making almost everything accessible, data breaches and cybercrime are becoming alarmingly common. And it’s not just large organizations that are susceptible to hacking and viruses, but smaller businesses as well.
Guard Your Business Against Cyber Crime
Business owners have a limited idea of how severely a data breach can impact their company until it happens, and come face to face with the consequences. Data breaches do not only affect your data and computer system; it puts your employees, your clients, and your business’ reputation at risk.
The right cyber insurance program is a smart investment and a wise precaution for all businesses that fully or partly operate online. Insuring your hardware, software, and your data is just as important as protecting your business property.
Policies Include in Your Cyber Insurance Plan
If a cyber-attack happens and exposes your client’s confidential information, the loss of trust and credibility will make it a struggle for your business to bounce back.
Cyber liability insurance protects you and your customers in the event of such attacks. The policy helps victims of identity theft recover from the data breach. It will also cover for resulting expenses, lost wages, and legal fees.
On the other hand, equipment breakdown insurance will reimburse you for the time, labor, and repair costs, should your computer system or other office equipment falter.
When building your business insurance portfolio, consider adding cyber liability insurance and equipment breakdown insurance to your commercial property insurance and standard business owners policy.
Contact Bennett and Porter for more information on our cyber insurance products.