As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liability is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.

Why Cyber Liability Insurance?

A traditional business liability policy is extremely unlikely to protect against most cyber exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber liabilities your company faces is essential to managing risk through proper coverage.

 

Possible exposures covered by a typical cyber liability policy may include the following:

  • Data breaches
  • Intellectual property rights
  • Damages to a third-party system
  • System failure
  • Cyber extortion
  • Business interruption

Cyber liability insurance is specifically designed to address the risks that come with using modern technology; risks that other types of business liability coverage simply won’t. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure. It is important to work with a broker that can identify your areas of risk so a policy can be tailored to fit your unique situation.

As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber liability coverage grows with it. Neckerman Insurance Services is here to help you analyze your needs and make the right coverage decisions to protect your operations from unnecessary risk. 

Testimonial

"Communication quality and timeliness of quotes and services were impeccable. The details of my quotes were explained to me in just the right amount of detail, with every question answered. I just bought my first house and didn't know exactly what to expect. I felt cared for and that I was getting a great product. Highly recommend."

- Nate Harkins