3 Reasons Why Every Business Should Consider Cyber Liability Insurance
It wasn’t that long ago that businesses didn’t have websites, didn’t communicate with customers digitally and didn’t have an exposure to cyber liability. It wasn’t even that long ago when insurance for cyber related crimes was invented… We all probably know someone or some business that has been affected by hacking. Here are three reasons why every business should consider purchasing cyber liability.
Exposure. With very rare exceptions, all businesses have exposure to cybercrime. Statistics for cybercrime are scary and continue to grow. Denying your exposure is a recipe for disaster.
Added Assistance. Most small businesses do not have dedicated IT employees. Even if you have an IT employee or team, they probably are not spending all their time on security. Most cyber liability insurance providers can help show you your vulnerabilities and ways to improve your current security. If you have a loss they can also jump in to help mitigate the loss and deal with ransomware that could cause delays to your business and cost thousands of dollars.
Affordability. Cyber liability insurance is more affordable now than ever. The reason is not that the exposure is less, but because there are more carriers offering coverage. Competition for the business is strong since there is more data available. Since carriers have a better understanding of losses, technology advancement and weaknesses, they can better gauge their exposure to loss and price accordingly.
NextGen Insurance has access to top-rated cyber liability insurance carriers. If you have not looked into the cost of this vital coverage, you might be surprised just how affordable it is. We can provide you with a free risk assessment that will detail some of your vulnerabilities. Contact us today to learn more about cyber liability or to get a quote.
For more information about cyber liability and to receive your complementary Risk Assessment, please visit our cyber liability resource page here.