Cyber liability insurance protects restaurants and other food service businesses from costs related to cyberattacks and data breaches. It's strongly recommended for any business that stores credit card numbers or other personal information.
Data breaches and cyberattacks can be devastating for restaurants and other food and beverage businesses, especially if your customers' payment information is compromised. State laws might require you to notify all affected customers, or provide them with credit monitoring services.
These costs add up quickly. You might also have to pay for a data breach investigation and data recovery. Or if you're the victim of a ransomware attack, you might be pressured into paying costly cyber extortion demands.
That's why businesses that store customer information, or depend on computers in any way to conduct business, need cyber insurance. This policy covers costs related to data breaches and cyberattacks, and provides essential support and resources.
This policy provides coverage related to:
Food and beverage businesses typically need first-party cyber liability coverage, which provides financial protection against cyber threats at your own business. For example, it would help your business recover after a hacker accessed your customers' credit card numbers.
Cyber liability insurance can help pay for:
Data breaches are expensive, and owning a small business doesn't mean you're safe from hackers. Small companies are often targeted by cybercriminals because they have fewer security measures in place. On top of that, simple accidents by employees – such as opening a phishing email – are a common cause of data breaches.
Cyber liability insurance provides crucial protection against cyber risks, but it won't cover the cost of a customer injury or accident. Owners of food and beverage businesses should also consider:
Business owner’s policy: A BOP defends against the most common risks in the food service industry. It bundles general liability coverage with commercial property insurance at a lower rate than purchasing both policies separately.
General liability insurance: This policy protects against common risks, such as a customer injury or damage to customer property. It’s often a requirement for a commercial lease.
Commercial auto insurance: This policy may be required for food and beverage businesses that regularly transport food or equipment. It covers expenses from accidents involving a vehicle owned by your business.
Liquor liability insurance: This policy covers risks related to serving alcohol, such as an intoxicated customer damaging someone's property or harming someone.
Are you ready to safeguard your restaurant or other food services business with cyber liability insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.