Cyber liability insurance, also called cybersecurity 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.
Printing and copying businesses often have access to sensitive personal and financial information. If that data is compromised, the financial impact can be tremendous. For example, you might have to pay for:
Cyber insurance can cover these costs and more. It provides crucial protection for any company that handles sensitive data like credit card numbers, Social Security numbers, or personal health information.
Printers and copiers likely need first-party cyber liability insurance, which covers the cost of a data breach or cyberattack at your business. Also called data breach insurance, this coverage can sometimes be bundled with general liability insurance.
In some circumstances, a printing or copying business might be responsible for recommending software to clients. In that case, you might also want to invest in third-party cyber liability insurance. This coverage can help pay for legal costs if a client blames your business for failing to prevent a data breach or a cyberattack at their company.
Small businesses often don't invest in cybersecurity, which makes them a prime target for cybercriminals. On top of that, printers and copiers increasingly rely on digital forms of doing business, such as printing from the cloud or sending sensitive information via email.
Risk management is one aspect of avoiding data breaches. For example, you could:
This reduces the odds of a cyberattack or data breach, but nothing eliminates the risk entirely. That's why you need cyber liability insurance, which helps cover costs when a hacker or, more commonly, a careless employee exposes business or client data.
Cyber liability insurance covers your cyber risks, but there are many other risks of running a business. Printers and copiers should also consider:
General liability insurance: This policy can pay legal expenses related to customer property damage and injuries, along with advertising injuries such as slander.
Business owner's policy: A BOP is an inexpensive way for printing and copying businesses to buy general liability insurance and commercial property insurance together.
Workers’ compensation insurance: Workers' comp is required in almost every state for print shops and copy centers that have employee. This policy can cover medical expenses for work-related injuries.
Errors and omissions insurance (E&O): Also called professional liability insurance, this policy can cover legal fees of lawsuits related to your printing or copying performance.
Commercial auto insurance: Most states require this coverage for business-owned vehicles. It helps cover costs if your company vehicle gets into an accident.