Cyber Insurance for General Partnerships
There is a startling statistic every business owner should know. According to the Cybersecurity and Infrastructure Security Agency 47% of American adults have had their information exposed to cyber criminals.
Businesses should also take precautionary steps to help reduce the risk of having confidential information exposed to cyber criminals.
For starters, businesses might want to consider cybersecurity. Next, businesses should consider protecting themselves with cyber insurance. That way, you may be able to recoup losses if cybercriminals attack your business.
You're almost ready to dive into the world of cyber insurance for small businesses. Before you do, you should get familiar with the risks associated with cyber-attacks. They are often dangerous and expensive.
You may have private business information exposed to the public. Your business could lose access to digital files. Cybercriminals can also shut down your whole business network for hours or days.
Cyber liability insurance can help protect your business if a cyber-attack causes damages for your partnership. Keep reading to learn about cybersecurity and cyber insurance.
Cyber Insurance Can Help Protect You from Data Breaches
If your business suffers a data breach, you may have a lot of sensitive information exposed. That information might include customers' personal information. It could also include financial statements.
You might lose credit card information and customer login information. Think about how you'd react if cybercriminals exposed your personal information. You might take legal action against the business that exposed the information.
Your customers could do the same. You might also face legal action from business partners who the data breach affected. Businesses that suffer damages are well within their right to pursue legal action.
No business wants to deal with a data breach. Data breaches can be expensive and time-consuming. Having cyber insurance can help protect your business from the impacts of a breach or cyber-attack.
A Cyber Insurance Plan Can Help You Recover from Network Attacks
These days, cyber security is as important as locking the doors of your business at night. You likely wouldn't leave your doors unlocked. You also shouldn't leave your network exposed.
A network security breach could mean that your business is open to malware attacks.
Let's say a cybercriminal infiltrates your company's network. They can access devices connected to the network. This could affect your computers and servers.
Recovering from a network attack could mean paying for a professional to investigate the cause and scope of the attack.
If you have cyber insurance, the expenses related to responding to the attack could be covered. This can allow your business to get back up and running in no time.
Cyber Security Insurance Can Cover Notification Expenses
Businesses that suffer cybersecurity attacks are responsible for notifying customers. Let's say your business suffers an attack that exposes customers' personal information. You may be required to notify customers.
There are serious costs associated with notifying customers about a cybersecurity breach. Paying for these costs out of pocket could put a strain on your business. If you have cyber insurance, it could help take care of expenses associated with customer notifications.
You Can Package Cyber Security Insurance with Other Insurance
You're almost ready to start shopping around for business insurance. During your search, you should look for an insurance provider that offers insurance packages.
You can package cyber insurance with general liability insurance and property insurance by obtaining a BOP from PolicySweet. By having all three types of coverages together in one plan, it could be easier to manage. Our team can help you understand your options when it comes to insurance and answer questions.
Get Cyber Insurance for Your Partnership
Now that you're familiar with some of the most important things to know about cyber insurance. That means you are likely ready to start protecting your business.
Are you ready to purchase cyber insurance coverage for your partnership? Get in touch with the experts at PolicySweet®.