Most businesses have taken their transactions online, and the world of e-marketing is now the norm for business owners. Sadly, the hackers have also improved their skills in attacking and using people’s websites to make statements about their prowess. Having cyber liability insurance can be the difference between losing your business altogether and having a chance to save it after such an attack. Here are some of the top reasons you will find it important to have Cyber Liability Insurance.
Affordability
Previously, owners of small businesses thought that coverage such as cyber liability were only necessary for the large corporations. However, the policies and terms have become really affordable, and there are policies and premiums that are as low as $2000 per year. The benefit is that you can get a coverage of up to $30 million in deductibles and as little as $1000 depending o what you will pay. Since the insurance coverage in quite new in the market, you will have a lot of room to negotiate with the insurance service provider.
The variety of risks covered
Cyber liability insurance coverage more things than you can imagine. The insurer will pay you for the following things:
1. Business interruption
2. Cost of notifying customers about the breach
3. Cost of hiring public relations officers for damage control
4. Covering regulatory fines and other charges that could be incurred as a result of the breach
There are many other things that are normally covered by this insurance type. Talking to a service provider is the only way you can find out all the things that the premiums cover.
Need to protect your data even if you don’t host it yourself
Most people think that because their data is stored in the cloud, it is the responsibility of the web hosting company to look after the data. If you read the contracts that govern the hosting arrangement, you will realize that you are still to a great extent liable for some aspects. Although you cannot control mistakes by the hosting company, protecting yourself from these mistakes is getting Cyber Liability Insurance from Olsommer-Clarke Insurance. Visit their website name for details.
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