- Cyber liability insurance
Cyber liability insurance can pay for expenses if a small business suffers a data breach or malicious software attack, including customer notification, credit monitoring, legal fees, and fines.
Cyber liability covers breaches in cybersecurity
Real estate businesses handle sensitive customer data and perform sizable transactions. That translates into a high risk of cyberattacks. If electronic data is stolen or compromised, your customers are at risk of theft – including identity theft – and they could sue your company. When data is stolen or compromised, cyber liability insurance can cover legal fees and provide vital resources, such as credit monitoring for affected clients.
How real estate businesses can benefit from having cyber liability insurance
Cyber liability insurance helps real estate agents, commercial landlords, and other real estate professionals pay for expenses associated with data breaches. If a cybersecurity breach occurs at your business, a cyber liability policy could provide coverage for:
- Notifying clients or customers about the breach
- Good-faith advertising or PR campaigns to restore reputation
- Credit monitoring services for affected clients
- Cyber extortion demands
- Attorney's fees
- Court costs
- Settlements or judgments
Other policies for real estate businesses to consider
While cyber liability insurance is essential for any business owner concerned about cybersecurity, it does not cover employee injuries and other common risks. Accidents can happen in any real estate profession. Other policies to consider include:
Business owner's policy: This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
Errors and omissions insurance: Also called professional liability insurance, this policy can cover legal fees of lawsuits related to your business decisions.
Workers’ compensation insurance: This policy is required in almost every state for real estate businesses that have employees. It can cover medical expenses for work-related injuries.
Get free quotes and compare policies with Insureon
Are you ready to safeguard your real estate 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.