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How Does Cyber Insurance Work?

Mar 26, 2020

Business

How Does Cyber Insurance Work?

Basics of cyber liability insurance.

  We live in a tech world yet so many businesses are under the misconception that their company is immune to cyber-attacks. In reality, any company can be hacked, regardless of size, location, and industry. Cyber liability insurance is there to help when the worst happens so that your business can get back on its feet quickly.   Who needs cyber liability insurance? If your business operates online or stores any information digitally, we recommend that you consider cyber liability insurance. Storing data such as names, addresses, credit card information, and more on any computer system means that you have an obligation to keep that data secure. Additionally, if your business’s revenue stream has any contact with foreign customers or businesses, then it’s likely that you will need additional coverage. A professional cyber liability insurance agent like your trusted advisors at Tompkins Insurance will be happy to help you determine your business’s needs.   What does cyber liability insurance cover? With a comprehensive cyber liability policy, you can feel confident that you’re covered in case of data breaches and related issues. Standard coverage can cover the following:
  • Loss or corruption of data
  • Business interruption
  • Various liabilities
  • Identity theft
  • Cyber extortion
  • Reputation recovery
  Cyber liability insurance can be written as a standalone policy or as an endorsement. We will work with you to determine which option is best for your business’s needs.   Whether you need cyber liability insurance for a start-up or an established small business, the team at Tompkins Insurance Agencies is ready to assist. Contact us today for help getting started on your tailored business insurance.
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