Cyber liability insurance safeguards small businesses against the massive costs associated with a data breach or malicious software attack. It covers expenses such as credit monitoring, customer notification, legal fees, and fines.
Additionally, it is a risk that is posed by businesses when they store information on the internet or in paper files. Many California and other states businesses may face a cyber liability risk with the information they collect or store, which is why Stampede Insurance can assist you in finding the options when picking a cyber liability policy.
Small Businesses Need Cyber Liability Insurance
Cyber attacks and data breaches are costly and becoming more prevalent. Unfortunately, small businesses frequently lack adequate cybersecurity, making them an appealing target.
A cyber attack is more than an irritation — it has the potential to drive your company out of business. 60% of small businesses fail within six months of being hit by a cyber attack.
Cyber insurance coverage aids in the recovery of financial damages incurred as a result of cyberattacks and data breaches. It can be used to cover the cost of credit monitoring, attorney fees, fines, and other hefty expenses.
List Of Coverage Options
A breach of your systems or loss of private information is only one type of cyber liability exposure faced by small- to mid-sized businesses. Stampede Insurance recognizes the constant changes in the industry and the increasing risk of hackers and breaches. Finding an insurance agent that can address these issues is becoming more important than ever.
Below is a list of coverage options that we can address with your business:
- Prior Acts Coverage
- Reputation Damage Expense
- Forensic Specialist Expenses
- Including both Paper and Electronic Data
- Liability Coverage with the same Company
- Loss Control & Mitigation Services
- Business Interruption
- PCI Coverage
Frequently Asked Questions
Here are some frequently asked questions about cyber liability insurance you should know about before getting one for your business:
Is cyber insurance worth it for small businesses?
Yes, because cyber insurance coverage assists in recouping financial losses caused by cyber attacks and data breaches.
How much cyber insurance should a small business have?
The majority of small businesses have cybersecurity coverage limits of roughly $1 million, which generally secures them against the majority of cyber incidents.
Is cyber insurance mandatory?
Cyber insurance providers need their customers to take modest preventative actions in order to qualify for coverage. Each cyber insurance policy may have its own set of rules. However, the majority of companies now require multi-factor authentication (MFA) in order to insure you.
Get A Cyber Liability Policy Quote At Stampede Insurance
Security of electronic systems and private information is a concern for every business, and Stampede Insurance can help find the right policy for your business needs. With the benefits these policies provide, a cyber liability policy can be very affordable for most businesses, so contact us today at (888) 476-0696.
