What is Cyber Liability Insurance and Why You Need it

Cyber theft is a growing problem for many businesses and consumers, thanks to the accessibility of information and technological advances, which scammers use to take advantage of people.

Maybe you own a small business and are thinking you don’t need to worry about cyber liability. Think again. If you take payments through a terminal, run checks electronically or store sensitive information on your computers, you could be at risk.

The truth is anyone could be at risk these days. And as a business, it’s up to you to ensure you and your customers are protected. It may be time to think of investing in cyber liability insurance.

 

What’s cyber liability insurance?

Simply put, cyber liability insurance (CLI) is a special type of insurance you carry to protect your business in the event of a cyber-attack or breach.

 

What does it cover?

Coverage can vary, but most CLI covers things like security and privacy liability, cyber terrorism and cyber extortion, network asset protection and more. To figure out what type of coverage you should carry, you should speak with an insurance expert.

 

OK, but is it expensive?

Costs for CLI also vary depending on the level of coverage you need. It’s much cheaper in the long run than paying for legal costs, damage control, restitution and loss of reputation which can all result from a cyber-attack or breach. Having coverage offers you peace of mind knowing that if something happens, you’ll be covered.

 

Sounds great. Where do I learn more?

To learn more about cyber liability insurance, stop by or call your local office to speak with a Northwest Insurance rep. Our knowledgeable employees are available to answer your questions and find you the right coverage for your business.