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Understanding The Basics of Cyber Liability Insurance

We live in a digital age, meaning that technology impacts all facets of our lives, including personal banking, shopping, communication, and especially the business world. Millions of businesses around the world rely on technology to produce products, promote and sell services, reach customers, and secure sensitive company, financial, and customer data.

Unfortunately, as technology improves, criminals and hackers are better able to infiltrate and steal valuable digital information from businesses. Companies are increasingly vulnerable to hacker attacks and online breaches, which can cripple their business operations, lead to significant customer losses, and even make them liable to lawsuits. In today's blog post, we look at Cyber Liability Insurance, and how it can help protect businesses in the event of a cyber attack or data breach.

What Does Cyber Liability Cover?

Cyber Liability Insurance protects businesses against expenses incurred as a result of a data breach, which can be substantial and catastrophic to a business. This policy can cover the cost of notifying customers of a data breach, any credit monitoring services you'll need to provide affected customers, as well as legal costs and settlements related to customer lawsuits.

Which Businesses Need It?

Businesses that most benefit from Cyber Liability coverage are those that handle sensitive customer data such as credit card information, health information, banking data, or financial services. However, nearly all companies, from restaurants, retail, contractors, and law firms, can benefit from Cyber Liability insurance since so many utilize digital technology to store company financial records, sensitive company data, and corporate information. Any hacker or criminal can breach this sensitive data and devastate businesses, whether start-ups or well-established corporations.

Why Should We Get It?

Cyber Liability coverage is crucial for businesses of all sizes and in nearly all industries because of the wide range of financial protection it offers. It allows businesses that are victims of hackers or data breaches to concentrate on recovering and repairing customer relations instead of spending valuable time and money on expenses and legal fees related to their data breach. Ultimately, it allows your business to continue and thrive instead of facing financial ruin or closure because of a single data breach or hacker attack.

Aegis Insurance & Financial Services is pleased to help businesses get the commercial insurance coverage needed to protect against data breaches, as well as other disasters such as fire, theft, employee accidents, and third-party lawsuits. Contact Aegis today for more information about our Cyber Liability coverage, Commercial Property coverage, Business Owners Policy, General Liability, Workers Compensation, and Excess Liability coverage. We offer outstanding commercial policies at competitive rates, with exceptional customer service and a team of friendly insurance agents ready to help protect your business. Call Aegis today at713-850-7622 for more information, or go online to request a free quote!

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