Cyber threats are increasingly targeting companies large and small. Retailers, service providers, and even restaurants in Aurora, Joliet and throughout Illinois and Indiana are at risk.
Cyber threats occur when a thief gains access to your customer or employee's personal information. This exposes them to potential financial loss. Businesses need to protect this information.
Yet, that is becoming more difficult. Advanced methods for cyber theft are numerous. And, ultimately, this presents a liability concern for the business. With the right business insurance, companies can reduce some of that risk.
What Does Your Coverage Offer?
Consider your current plan. Does it offer coverage for cyber threats? Some business liability insurance will. The amount of general liability insurance may have limits. Some plans just do not offer enough value in this way to cover all of the risks. Consider adding another layer of protection.
Cyber Crime Insurance Helps
The use of cyber crime insurance can help. This type of insurance provides a wide range of support. It can help a company to look for possible risks before a threat occurs. Some insurers provide guidance on security risks.
When an event occurs, the insurance springs to action. The agent can help the business to handle all aspects of the situation. This includes notifying those involved. It includes providing coverage to help the victims to monitor their personal information for a year. It can also help with reputation management for the business. It aids in legal matters. It can pay claims and make settlements. All of these elements are important risks for every business.
Recognize Your Risk
Small businesses are specifically at risk. This includes retail shops, hotels, doctor's offices, corner shops, and much more. Many times, these small companies lack extensive security measures. That means they are vulnerable. Cyber criminals know this. It leads to them taking specific steps to target these locations. With the information they have, they can cause significant damage to many people. Any customer or employee could be at risk.
All businesses need to increase the amount of insurance they have to protect against this type of risk. Doing so does not have to be expensive. The right type of business insurance can help minimize the risks. It also gives customers peace of mind knowing the company is active in taking precautions. Take the time to speak to your agent about your policy. Look for a more extensive plan when necessary.
We’ve got you covered. Call Buschbach Insurance at 708.423.2350 to get a fast, free cyber insurance policy quote.
For more information on Cyber Liability Insurance check out our other blog articles:
Cyber Security Business Insurance: You Need It Now More Than Ever
How to Reduce Your Home Business' Cyber Liability Exposure