The world of business insurance has been evolving just as fast as businesses themselves.

As if businesses weren’t already dependent on technology, this has only escalated in the past few years.

As a business owner, you are able to utilize the fast-paced world of technology to capitalize on marketing efforts, connect with customers, streamline business processes, and save data.

Is your business insurance keeping up with the changes happening to your company? Even more so, is your business insurance keeping up with the risks that come with today’s technology use?

Our connected world introduces your business to new risks every day. Data breaches, theft, ransomware attacks, and other system hacking just scratch the surface of cyberattacks that could hit your business.

These cyberattacks can affect your business and your customers in debilitating ways.

As a business owner, a cyberattack could cost you money, your reputation, and ultimately may eliminate the success of your business.

Today, cybercriminals are not only targeting large multinational corporations but have started attacking small and mid-sized businesses (SMB’s) who may not have the resources to protect their online systems.

This is where cybersecurity insurance comes in. SMB’s have a few different cybersecurity insurance options that can be added to business insurance policies.

First-party Coverage

This type of cyber insurance coverage helps the affected company recover damages and rebuild after a cyberattack. Often this covers:

  • Investigation of the incident.
  • Risk assessment of future cyber incidents.
  • Lost revenue due to business interruption.
  • Ransomware attacks payments based on coverage limits.

This also will usually cover the cost of communicating with customers and providing them with cyber monitoring such as credit monitoring. This type of coverage is also often referred to as data breach insurance.

Liability Coverage

If your company works with other businesses or customers you could be held liable for any damages caused by compromised information through a cyberattack on your company. This type of coverage may be necessary when an attack happens that stalls the production of a product and now you must cover your customer’s financial loss. Or a breach in your security causes other businesses to spend extra money on protecting their assets.

Cybersecurity liability coverages also generally cover the following scenarios:

  • Attorney and court fees associated with legal proceedings.
  • Settlements and court judgments.
  • Regulatory fines for noncompliance.

Does Your Business Need Cyber Insurance?

These days, all businesses should acquire cybersecurity insurance. If you store data, personal information, phone numbers, credit cards numbers, addresses, social security numbers, financial data, or any other valuable information you need cybersecurity insurance

Unfortunately, needing cybersecurity insurance is another new normal for business owners.

To add cybersecurity insurance to your business insurance policy in Springfield, Ohio contact our team at Link-Hellmuth Insurance. We would be happy to help you select a policy that will protect your valuable data and ultimately help you save your business in the event of a cyber-attack.