Why Your Business Needs Cyber Liability Insurance

Guest Blogger Melanie Powell

Here at Clark Computer Services we always want to provide our small business and residential clients with the knowledge they need to make informed decisions. Cyber Insurance is one of those things for which people have many questions. With that in mind, we have invited Melanie Powell, Marketing Project Coordinator with the Bitner Henry Insurance Group, Inc. to write a blog for us this week.

Why your business needs to have Cyber Liability Insurance:

Cyber liability insurance coverage has become increasingly important over the last several years. If your business or organization does not have any cyber coverage yet, hopefully, this blog post will open your eyes to the protection and peace of mind it can provide.

Here are a few of the top reasons why you should have cyber liability coverage:

  1. Any business in any industry can be a victim of a cyber-attack. It is not just large corporations that are targeted. Small businesses, non-profits, schools, etc. can all be affected.
  2. The average cost of a data breach is $200 per record. Think about how many records your business has, and how much that could potentially devastate your organization financially when trying to recover. Cyber liability coverage helps in the aftermath of a data breach.
  3. On top of the cost of recovering from the data breach, comes the legal fees that are involved when hiring an attorney. Legal fees alone can be quite a burden, especially for small businesses. This is another area where cyber liability coverage can ease the heavy financial burden.
  4. If your business must cease operations while you are getting your system back up and running, cyber liability provides business interruption loss reimbursement. This helps you to recoup losses that you incurred while you were shut down.
  5. Cyber Liability insurance also covers the cost of forensic support and investigation following a cyber-attack.
It’s an unfortunate fact that anyone can be affected by cybercrime, and cybercriminals are becoming more sophisticated. It’s important that your business is prepared should you become a victim of a cyber-attack.

If you are interested in Cyber Liability coverage for your organization, you can contact Bitner Henry Insurance Group. They are a fourth-generation, family-owned and operated insurance agency, and currently insure Clark Computer Services. They have a team of expert insurance and risk management advisors who would be glad to help you manage your business’s risk as well.

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