What do you think of when you hear the words “cyber liability”? If your business doesn’t have a strong online presence, you might not think that you need cyber liability. You would be wrong.
Cyber Liability protects business’ that keep track of important client information. It provides coverage for businesses who have data breaches or loses. Sensitive information includes social security information, credit card and banking numbers, or private information, such as phone numbers and addresses.
If you keep sensitive client data on your work computers, you need to protect yourself against possible breaches of information. The professionals at SOGO want to make sure that you are prepared for the unexpected. Here are a few things that you should ask your insurance company before purchasing a Cyber Liability policy:
- How much coverage do I have? ? You might not think of dollar signs when you think about cyber liability, but you will have to think about them pretty quickly when you find yourself buried under court costs. Make sure that you have enough money to cover any type of costs that you may come across. Seek professional help when it comes to make this decision and make sure that you update your policy as necessary when your business grows or changes.
- What types of incidents are covered?Depending on what insurance companies provides your coverage, certain incidents might not be covered under your policy. It’s vital that you know what your insurance will and will not cover so that you are prepared to face anything that might unexpectedly happen. You shouldn’t rely solely on your umbrella policy to help cover these costs, although you should look into that as well.
- What types of discounts are available?You shouldn’t have to pay an arm and a leg for a cyber liability process. Most insurance companies offer discounts to their clients. Ask your insurance agent what types of discounts you apply for. You might be surprised by how much they are willing to help your business.
- What is the claims process?We always say this, but it is important that you understand your insurance companies claims process. Write down important information, such as who to call, what the next step after this initial call is, what information your insurance agent will need, and how long the entire claims process will take. Keep this information in a safe and easily accessible place.
The professionals here at SOGO are ready and willing to help you navigate the insurance world. If you need help finding the right Cyber Liability policy for you, or just want to know more about how insurance can protect your business, contact us today.