What is cyber liability insurance and data breach insurance?
In today’s technology-driven world, cyber insurance and data breach insurance protect against the risks businesses face. Specifically, cyber insurance shields a business from cyber crimes and attacks. Meanwhile, data breach insurance offers protection if personal, confidential, or sensitive information is exposed.
What does cyber insurance cover?
Hacking
Malware or viruses
Phishing
What does data breach insurance cover?
Costs related to breach notifications
Public relation costs
Credit monitoring service costs
In particular, cyber liability insurance and data breach insurance help protect your small business from the financial impact of data breaches, cyberattacks, and other cybersecurity threats. These policies can cover the costs associated with recovering from an attack, such as legal fees, notifying affected customers, and restoring data. By having this protection in place, your business is better prepared to handle the challenges that come with today’s digital risks.
What is not be covered by cyber and data breach insurance?
- Intentional mistakes
- Professional oversights
- Business property loss or hardware damage
- Sales losses during business interruption
In essence, a business owner’s policy or professional liability insurance policy are additional business insurance coverages that assist in these situations. Overall, these policies provide essential protection against financial losses that can result from lawsuits or unexpected events.
Who Needs Cyber Liability Insurance?
Overall the growing prevalence of cyber threats makes cyber liability insurance a must-consider for businesses of all sizes. This coverage is especially crucial for small businesses that handle sensitive customer data. Some examples of this are those operating online, processing credit cards, or storing Social Security numbers.
How much does cyber liability or data breach insurance cost?
The cost of cyber liability insurance depends on a few key factors, like the size of your business, its risk level, and the type of data you manage. Generally, Gild Insurance clients pay about $110 per month for their cyber insurance coverage.
Get a cyber insurance or data breach insurance quote!
Significantly, your Gild Insurance Agent is here for you. We will make sure you get the right business insurance for your business. For a free cyber insurance quote to compare cyber liability providers contact your Gild Agent.
For all the details, check out our Cyber Insurance and Data Breach Insurance FAQs and blog, The Gildfitter.