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 safeguards your business when credit card numbers or other personal information is compromised. If a hacker or former employee steals customer data, you could be held liable. Cyber liability insurance can cover legal fees, provide essential resources, and cover the cost of notifying affected parties.
This policy provides liability coverage related to:
There are two types of cyber liability insurance: first-party and third-party.
First-party cyber liability insurance covers data breaches at the policyholder’s business. If a hacker steals Social Security numbers from your medical billing company, or a cyberattack exposes client information at your law firm, this insurance can cover expenses related to:
When a client suffers a data breach, you could be held liable. For instance, a travel agent could be held at fault for recommending a hotel with known cybersecurity problems. Third-party cyber liability insurance protects your business from lawsuits in which a client blames you for circumstances that led to a data breach or cyberattack. This policy could help pay for:
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While cyber liability insurance covers risks related to cybersecurity, it does not offer complete protection. Professional services businesses should also consider:
Business owner's policy (BOP): This policy bundles general liability insurance with commercial property insurance, often at a lower cost than if the policies were purchased separately.
Professional liability insurance: This policy, also called errors and omissions insurance for professional services, can help cover legal expenses if a business is sued for unsatisfactory work.
Workers’ compensation insurance: Required in nearly every state for businesses that have employees, workers’ comp covers medical costs and lost wages for work-related injuries.
General liability insurance: This policy helps pay expenses related to customer property damage and injuries, such as a client tripping on an uneven step at your business and spraining an ankle.
Are you ready to safeguard your professional 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.