With recent credit card hacks and cyber threats occurring in some of the most reputable companies, it becomes increasingly more important that we do everything in our power to safeguard our most important assets. As a business owner, you must purchase a cyber-liability insurance policy to protect both your firm, and your clients. As with the recent credit card hacks at Target and Home Depot, we must do your due diligence to protect our assets. If recent scares and threats are not enough to convince you, allow these 5 reasons to do the job:
- Cyber-liability insurance is a lot more affordable than one would assume, especially considering the amount of coverage it provides an organization.
- Many business owners are unaware of how much coverage a cyber-liability insurance policy provides. With a cyber-liability insurance policy, you will receive unique coverage, including business interruption coverage, coverage for regulatory fines and penalties, cost of notifying clients of a data breach, expenses of hiring expert assistance in recovering, and even a public relations firm who can restore a company’s reputation.
- If you do not have a comprehensive risk management team, this insurance policy becomes that much more vital to you as a business owner. This insurance policy will ensure that your business’ assets are secure.
- Organizations that host their data themselves are equally responsible for any data breaches that occur. With recent cloud hackings, it becomes increasingly more important that we protect our businesses and our clients with cyber-liability insurance.
- Most importantly, do not be one of the victims who assumes everything will be covered under their standard business insurance policy. Chances are, your standard policy will not suffice during a data breach or credit card hack.
Contact Medwin Insurance Agency for all of your Los Angeles and Beverly Hills business insurance needs. We understand the importance of safeguarding your organization’s most important assets. Allow us to provide you with a cyber-liability insurance policy that maximizes protection.