Cyber Liability Insurance
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Cyber Liability Insurance Information
Cyber Liability Insurance in Grand Rapids, MI
One commonality among all businesses is the need for secure data. It is absolutely essential for the stability of any company. With the way technology can behave, however, data loss is all too common among businesses today. In order to properly react to lost data, you should include cyber liability insurance in your coverage to protect your security.
Common Cyber Liability Insurance Questions
What is Cyber Liability Insurance?
Data is susceptible to any type of damage or theft if it is collected and stored on a computer. This can result in significant financial or informational loss for your company. Having cyber liability insurance won’t stop these issues from happening. Rather, it will help you respond to these data losses to prevent challenges for your business and other affected third parties.
What Does Cyber Liability Insurance Cover?
Commercial liability insurance helps the business compensate others if an internal data loss incident occurs and puts third-party personal security on the line. Whether this loss occurs due to a cyber-attack or another form of data loss, cyber liability coverage pays for:
Stolen data retrieval and recovery
Reimbursement of fraudulent charges
Identity protection services for customers at risk of identity theft
Damage control for your business’ reputation
Legal fees associated with the attack
Regulatory notification fees
Damaged hardware is not covered by cyber liability insurance. However, commercial property insurance can provide this benefit.
Why Do I Need Cyber Liability Insurance?
Lost data, just like any other type of business or property damage, can cause a lot of major problems for businesses. This can involve significant financial losses or private information being revealed to the public, which could be severely damaging to both the business and a third-party victim. In these cases the business still must take responsibility for taking care of the issue. Cyber liability insurance will ensure the policyholder can do so at as minimal a financial loss as possible.
At, L Squared Insurance Agency we will ensure that you have the appropriate coverage when it comes to cyber security through our vast knowledge of the market.
Call us at 616.940.1101 to learn about different policies and get a free quote.