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Cyber liability insurance for finance and accounting businesses

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Cyber liability insurance

Cyber liability insurance protects small businesses from the high costs of a data breach or malicious software attack. It covers expenses such as customer notification, credit monitoring, legal fees, and fines.

Cyber liability insurance covers data breaches

Cyber liability insurance protects accountants, auditors, and other financial professionals when sensitive data is stolen or compromised. If your clients are affected by a cyberattack, you could be held liable. This policy can cover legal fees and expenses while also providing vital resources to help you recover.

This policy provides liability coverage related to:

  • Data breach lawsuits
  • Breach notification expenses
  • Fraud monitoring costs

What coverage can cyber liability provide for finance and accounting professionals?

There are two kinds of cyber liability insurance: first-party and third-party.

First-party cyber liability insurance

First-party cyber liability insurance covers cyberattacks and data breaches at your place of business. It provides vital protection for any business that handles financial transactions, Social Security numbers, and other sensitive client information. This policy can cover expenses related to:

  • Notifying customers about a breach
  • Credit monitoring services for affected clients
  • Cyber extortion demands
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Third-party cyber liability insurance

If one of your clients suffers a data breach or cyberattack and holds you responsible, you could face a lawsuit. For example, a tax preparer could recommend software that turns out to be compromised. The affected client might decide to sue the tax preparer to recoup expenses. Third-party cyber liability insurance can shield your business from legal expenses related to a data breach by paying for:

  • Court costs
  • Attorney’s fees
  • Settlements or judgments

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Other policies for finance and accounting businesses

While cyber liability insurance protects against data breaches and cyberattacks, finance and accounting businesses face many other risks. Financial professionals should also consider:

General liability insurance: This policy covers common risks in the finance industry, such as customer slip-and-fall injuries and damage to client property.

Professional liability insurance: Also called errors and omissions insurance, this policy can cover legal fees of lawsuits related to your business decisions, such as a client losing money from your investment advice.

Workers’ compensation insurance: Required in almost every state for finance and accounting businesses that have employees, workers’ comp can cover medical fees and lost wages for work-related injuries.

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Are you ready to safeguard your small financial business with cyber liability insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.

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