Cyber Insurance: What You Need to Know

If you’re just starting a business or are thinking of evaluating your insurance policy to be sure you have enough coverage, now may be a good time to consider the benefits of purchasing data breach insurance. This valuable insurance can protect you in the event of a breach. Before you get started, here are some things to know.

Anyone Could Benefit

Businesses of all size can benefit from purchasing a data breach insurance policy. Even if you’re a one-man operation, your business could be at risk for a breach. If you operate a website, are on social media, handle transactions electronically or sell your product or service online, you could be vulnerable to an attack.

Most General Policies Don’t Cover Attack’s

You may think that your general liability insurance policy covers data breaches, but you may want to check your policy. Most general insurance policies don’t cover these types of incidents which could leave your business at severing financial risk if an event were to occur.

It can Help Before a Breach Occurs

Having data breach insurance could help your business even before an incident occurs. Your insurance carrier can meet with you to see what measures you currently have in place and make recommendations for upgrades where appropriate. Some carriers even offer in-person training and seminars for your employees so they know how to safely handle sensitive information and how to protect your company from a potential breach.

Knowing how cyber insurance works, you may want to consider adding it to your insurance policy. That way, if a breach occurs, you can rest easy knowing you’re prepared.

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