Does my Small Business need Cyber Insurance?

We are taking some time to provide answers to some of the common questions we receive from our small business clients and prospective clients on different commercial insurance coverages.  Id you have a question you would like to see answered please email and we will answer it for you!  We really pride ourselves on the education we provide our team but also the education we provide to our clients as well!  We hope you enjoy this upcoming series!

Does my small business need cyber insurance?

Yes, if your small business collects and stores sensitive information such as customer data, credit card or debit card information, financial records, or confidential business information, then it’s recommended that you consider purchasing cyber insurance. Cyber insurance provides financial protection against cyberattacks and data breaches, which can be extremely costly and damaging to small businesses.

Cyber insurance typically covers expenses related to data breaches, including legal fees, public relations costs, credit monitoring, and notification costs. It may also cover losses due to business interruption or lost income resulting from a cyberattack.

It’s important to note that no business is immune to cyber threats, and even small businesses can be targeted by hackers or other cyber criminals. In fact, small businesses may be particularly vulnerable due to limited resources and less robust cybersecurity measures in place!

To determine whether cyber insurance is necessary for your small business, consider the type and amount of sensitive information you handle, the potential costs associated with a data breach, and the overall cybersecurity risk profile of your business. Contact us and let’s talk about your needs 517-351-9117!

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