Does Your Business Need Cyber Liability Insurance?

Cyber liability is a new term for many. A lot of businesses nowadays handle and store large amounts of business data and personal information of third parties. This brings about a whole new world of risks. Are you in the market for business insurance in Orange County or are you re-assessing your current insurance portfolio? Then consider these aspects.

If you follow the news, you most likely noticed that there’s a large increase in network security incidents such as hacking and malware attacks. Even your business can become the victim of such attacks. The data you store on your servers can become compromised and get into the wrong hands. Not only would you have to address the concerns of partners, clients and customers, you would also have to deal with the whole aftermath of an unfortunate incident like this. Would you be able to handle all the liability claims financially? Chances are the answer is no. Bear in mind that your standard business insurance policies such as general liability, errors and omissions, commercial property and crime insurance only cover things like bodily injury and damage to buildings and employees. They don’t cover data breaches. That is exactly why you should think about adding cyber liability insurance to your portfolio.

Cyber liability insurance makes sense for companies that are active are do business in the cyber realm. It is recommended that you have a dedicated insurance agency that deals with business insurance in Orange County on a daily basis analyze your situation so you can determine if you need cyber liability insurance.