Don’t overlook cyber risk insurance.
Cyber risk comes in many forms. You do not have to sell products or perform business operations online in order to be susceptible to security breaches and cyber crimes. In fact, nearly every business faces some type of exposure to cyber risk. And the damage caused to your customers, partners or suppliers could force you out of business.
What is cyber risk?
Cyber risk is actually a wide range of potential loss exposures that businesses face while electronically using, storing or transferring data. Typically, businesses face the following types of cyber threats:
- Failure to protect personal or private corporate information that is stored electronically on computers, networks, smartphones, and so on
- Power outages
- Business interruption and loss of income for partners or customers because of a hacker or a security breach at your business
There are a variety of costs associated with these types of cyber threats. The costs of fixing the problem and getting back online can be extensive. In addition, you will likely face statutory requirements to notify individuals or businesses with whom you do business of the breach, as well as public relations and investigation costs.
All in all, cyber crimes and cyber liability claims can be exceptionally costly for any size business. Small businesses in particular can be irreparably harmed.
Cyber risk insurance can help you recover.
Cyber risk insurance can help protect your assets and pay for some of these expenses. Cyber risk protection can be added to a business owners policy (BOP) or a commercial general liability policy. Or you can purchase a custom, standalone policy.
While cyber risk insurance is a relatively new and constantly changing insurance market, the business insurance agents at Strate Insurance Group have extensive knowledge and experience in finding the right cyber risk policy to fit the needs of all kinds of businesses. We have access to numerous reputable carriers, so we can find the policy or endorsement that is best-suited for your cyber risk exposures.
Contact Strate Insurance Group today to find out more about cyber risk insurance and how it fits in to a comprehensive business insurance program.