Cyber Insurance - What does it cover?
Data breaches and cyber attacks can have devastating effects on businesses and can lead to significant financial losses. It can result in the loss of valuable information which may in turn harm the company’s reputation. More than ever, it’s necessary to take certain required steps to protect your company against such attacks. Cyber insurance will protect your business in such a critical situation and cover any business liabilities that may come with it.
Should your business get Cyber liability insurance?
Many small business owners often have a misconception that this type of insurance is exclusively for more prominent firms and companies. In reality, any data loss will harm your company’s reputation regardless of its size. Your customers will lose trust in you, and it will be challenging to regain that trust and the accompanying position in the market. That’s why it’s so important to get Philadelphia insurance cyber liability for your Philadelphia-based business.
What does it cover? What are the types of cyber insurance available?
Before you invest in cyber liability insurance, you should understand the two types of insurance available:
- First-party insurance: This type of insurance coverage covers losses incurred directly by the business. For example, data loss due to shut down or any other activity may fall under this coverage type.
- Third-party coverage:It will cover financial losses incurred from other people’s actions, such as a cyber-attack.
Book an Appointment
We’d love to speak with you!