Cyber Insurance & You!

I keep hearing about cyber insurance, does my business need it?

We hear this a lot lately.

Cyber insurance covers lots of scenarios relating to loss and claims of damage in the high tech world we operate in today.  Ask yourself if your business could handle downtime from a crippling virus to your network.  Do you have sufficient cash on hand to handle the cost of repair, possibly new equipment or software, and pay the bills still coming in?

Cyber insurance goes by many names and handles a variety issues such as virus, hacked systems, and web liability, and others.  It could be described as e-commerce insurance, information systems, and so forth.  What should be done is to discuss options with your commercial insurance broker regarding types of cyber coverage.

Cyber insurance will cover the data/technology issues often excluded now in general business liability coverage. Often, you can pick options which will protect how your business is exposed in technology.  Like other policies, you will need to have certain safeguards in place like anti-virus and firewall protection to get a policy issued.  The carrier may wish an assessment done and look at password procedures, access, and network configuration.  Your agent and carrier can walk you through what could be needed.

Cyber insurance is a new breed of insurance.  Do your research as well.  Check with your state department of insurance for information.  Check the fine print of your existing policy to see if some computer, especially hardware claims may be covered.  Use that information as you tailor cyber coverage for your business with your commercial broker.

Get the coverage you need and save big on commercial insurance!

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