Protect Your Business from Digital Threats

As technology continues to advance, the risk of cyber attacks and data breaches increases. As a business owner, it’s important to protect yourself and your company from the financial consequences of a cyber incident. That’s where cyber liability insurance comes in.

What is Cyber Liability Insurance?

Cyber liability insurance is a type of insurance that covers a business for losses resulting from a data breach or cyber attack. This can include expenses such as legal fees, credit monitoring for affected customers, and public relations efforts to repair damage to your business’s reputation.

Types of Coverage

• First-party coverage: This type of coverage helps pay for expenses related to a data breach, such as notification costs, credit monitoring, and legal fees.
• Third-party coverage: This type of coverage helps pay for expenses related to a lawsuit, such as defense costs and settlements.
• Cyber extortion coverage: This type of coverage helps pay for expenses related to a cyber extortion attempt, such as ransom payments.

Any business that stores, processes, or transmits sensitive information, such as personal information of customers or employees, should consider purchasing cyber liability insurance.

Businesses in industries with strict data regulations, such as healthcare and finance, are at a higher risk of a data breach and may want to consider purchasing cyber liability insurance.

All industries can benefit from Cyber Insurance. It not only protects your business, but it also protects your peace of mind. Common industries that need cyber insurance include:

It’s always good to have insurance in case of accidents, even if it isn’t required contractually.

• The cost of a data breach can be significant, and can include expenses such as legal fees, credit monitoring, and public relations efforts to repair damage to your business’s reputation.
• Cyber liability insurance can help protect your business from these costs, allowing you to focus on recovering from a data breach instead of worrying about the financial consequences.

The cost of cyber liability insurance can vary depending on a number of factors, such as the size of your business, the industry you’re in, and the level of coverage you need. On average, small businesses can expect to pay between $500 and $3,000 per year for cyber liability insurance for new businesses.

At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.

Don’t let a cyber attack or data breach cripple your business. Invest in cyber liability insurance to protect yourself and your company from the financial consequences of a cyber incident. Contact us today to get a free quote on contractors insurance.