Cyber liability insurance protects sports and fitness businesses from the costly aftereffects of a data breach or cyberattack. It's strongly recommended for any business that stores customer information.
Data breaches and cyberattacks can be devastating for sports and fitness 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:
This coverage is also called data breach insurance. It provides financial protection against cyber threats at your own business.
For example, it would help your fitness business recover after a hacker accessed your customers' credit card numbers, or an employee accidentally clicked on a phishing link and downloaded a virus.
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 protects against cyber risks, but you still need coverage for common lawsuits and accidents. Sports and fitness business owners should also consider:
General liability insurance: This policy covers expenses related to customer injuries and property damage. It also covers advertising injuries, such as an accusation of slander.
Business owner's policy: A BOP bundles general liability coverage with commercial property insurance, often at a lower premium than if the policies were purchased separately.
Professional liability insurance: This policy covers legal costs related to negligence, such as improper instruction that led to an injury. It's sometimes referred to as errors and omissions insurance (E&O).
Are you ready to safeguard your sports and fitness 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.