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Cybercrime and hacking pose serious risks to companies across a range of industries. As the skills and resources of cyber criminals grow ever more sophisticated, even major multinational corporations are vulnerable, which means small businesses should be extra vigilant. Shield your investments by including Cybercrime coverage in your business insurance policy.

The Risks Posed by Cybercrime

business insuranceEven if hackers don't cause direct damage to your system, you could find yourself responsible for significant financial losses as a result. In addition to money stolen through the use of fraudulently obtained financial information, you might also have to pay fines and penalties for contractual obligations you're no longer able to fulfill, as well as compensate your customers for their losses. Together, these expenses can be enough to deplete your reserves, potentially forcing your business to close permanently.

How Business Insurance Can Help

While the damage wreaked by cyber criminals can't always be prevented, your business insurance policy can cover losses due to extortion, regulatory fines, and the expense of cleaning and monitoring your computer systems. Your business insurance policy may also include compensation for any business lost while dealing with a data breach, and even fund retention initiatives if you need to rebuild trust in your customer base.

Based in Geneseo, NY, the Chanler Agency has been providing business owners with comprehensive insurance products since 1973. As an independent agency, they offer an array of products from some of the top carriers in the industry, ensuring that your business policy will be tailored to meet your needs. Visit their website to learn more about their commercial insurance offerings, or call (585) 243-5520 for an appointment today.

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