The effects of COVID-19 have made it apparent just how valuable business interruption insurance and event cancellation coverage can be. However, many small business owners have overlooked cyber insurance, which can be just as essential in today’s climate. If you don’t have cyber liability and data breach coverage, here’s what you should know about your options.

Why Cyber Insurance Is Essential 

As more employees work remotely, the possibility of cyber threats increases. Accessing networks through unsecured connections —which many companies have allowed their workers to do — exposes the business to cyberattacks and data breaches. 

As long as you have adequate cyber insurance, you’ll feel comfortable knowing your business is protected. If a hacker infiltrates the system or steals the company’s data, your carrier will cover the resulting financial repercussions up to the policy’s limits.

How Cyber Insurance Can Protect Your Bottom Line 

Cyber coverage encompasses several different kinds of coverage. For example, if clients sue you for failing to protect their personal information, a policy may cover the resulting legal fees and court orders.

Cyber insurance may also cover the cost of complying with breach notice laws, which may entail sending out thousands of emails and letters to affected individuals.

A comprehensive policy should cover extortion demands as well. If a hacker threatens to release protected data, your insurer may give you the funds to comply with their request until law enforcement personnel can get involved.

Your policy might also cover the cost of hiring a forensics consultant who can investigate the breach and offer practical solutions for preventing similar issues in the future. Discuss your options with an experienced agent to ensure you make the most of this coverage and protect your online data.

For a reliable cyber policy, turn to Omega Insurance Group LLC. Serving businesses across southeast Nebraska, this locally owned and operated agency tailors their packages for each and every client. By working with the country’s leading carriers, they offer comprehensive coverage for competitive rates. To request a free quote, reach out on their website or call (402) 465-1167.