But it’s not just large organizations that are susceptible to being hacked or getting a virus. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
A data breach can damage more than just your small-business computer system – it also can damage your reputation and put your customers and/or employees at risk. That’s why cyber insurance can be a smart precaution for any size business.
Cyber insurance generally covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records.
General liability insurance covers bodily injuries and property damages resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
Besides legal fees and expenses, cyber insurance typically helps with:
Most states require companies to notify customers of a data breach involving personally identifiable information – a process that can be very expensive.
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