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Cyber Liability Insurance

Cyber Liability Insurance

Does Your Business Need Cyber Liability Insurance? Yes!

Virtually every business today uses computer technology of some sort. And if you use computers in your Colorado business, you need cyber liability insurance. Hacking, data breaches, and cyberattacks are an unfortunate part of doing business in our modern times, and these cybercrimes can create long-term pain for vulnerable companies. You could find your bank account drained, or a customer could sue you, which could force you to close without the proper protection.

You might think that you don’t need cyber liability insurance if you’re a small business. But small businesses are targeted as much as larger ones. And cybercrimes against small businesses tend to be more successful because the victims usually have weaker cybersecurity than large enterprises.

What Does Cyber Liability Insurance Cover?

There are two types of cyber liability insurance: first-party coverage and third-party coverage. First-party coverage protects your business in the event of attacks on your own company information or on your customers’ information, like credit card numbers or social security numbers. This insurance is also sometimes called data breach insurance. It covers things like:

  • The costs of a data breach — customer notifications, fraud monitoring services, compliance fees, and hiring a digital forensic expert
  • Cyber ransom — a hacker extorting your business when they have stolen your proprietary business information or your customers’ information
  • Business interruption expenses — lost revenue due to a forced halt in operation, as well as crisis management or PR consulting expenses

Third-party liability insurance is recommended for businesses that provide technological services for others and fail to prevent a breach or cyberattack. For this reason, it’s often bundled with a general liability errors and omissions policy. It covers legal defense costs, settlements, and court judgments against your business.

We Can Customize a Cyber Liability Policy for Your Business

Because every business is unique, your cyber liability protection needs are different too. With licenses in 30 states, our independent agents take the time to discover what your business truly needs in the way of cyber liability defense, so you get the right policy at an affordable rate.

Independent agents are known for their personalized service, customized approach, and large menu of insurance products — more than you’ll find with a big company that only has a few of its own products to offer.

Don’t put your business and your customers’ data in harm’s way. Call MAC Insurance & Financial Services, Inc today at 303-368-3000 to learn more about cyber liability insurance or get a quote online today.