Your business’ online presence and internal data are critical to its operations. Security breaches are always possible, and you face huge expenses incurred from losses due to hacking, fines, penalties and costs resulting from litigation with third parties. To protect yourself and help minimize your losses, you need cyber liability insurance from a reputable Orlando, FL insurance agency.
A Few Things to Know Before You Shop
The first and wisest thing you can do is to select an experienced agency to guide you through the shopping process. Take just as much care when selecting the agency as you would when choosing your policy. It’s ideal if they offer a wide range of vendors and coverage options, and they should carefully assess your firm’s risk as part of the quoting process. Also, their understanding how your industry and lines of business affect your risk profile is vital.
While there is no one “typical” cyber liability policy, most versions usually cover the following:
- credit monitoring;
- fines and penalties;
- audits conducted to find the source of the breach;
- costs incurred by claims from state regulatory bodies; and
- third party losses.
Cyber liability insurance is just as essential to your business’ total insurance package as general liability, worker’s compensation and other types. Choose a trustworthy Orlando, FL insurance agency to guide you, and be prepared to give your agent the information he or she needs to prepare a detailed, comprehensive policy for your needs.