Understanding Cyber Liability Insurance

Understanding Cyber Liability Insurance

Orlando commercial insurance

The widespread use of technology to conduct transactions and store confidential consumer and employee information has created new risk exposure for many companies. As you consider investing in an Orlando commercial insurance policy, it is important that you have a clear understanding of cyber liability insurance and how it may protect you.

Unfortunately, companies of every size across various industries can be at risk for a damaging data breach. If your company uses or stores any type of sensitive customer data, including credit card numbers, bank account numbers, driver’s license numbers, health records, or social security numbers, you may be a target for hackers.

A data breach often triggers several expensive issues for business owners. A proper policy may cover both first and third party expenses that result from the breach. Determining the scope of the breach, notifying customers and employees, working to repair your professional reputation, obtaining legal advice, and losing profits due to the interruption of business are some first party expenses than may be covered. For an extra layer of support, third party coverage can help safeguard your assets against lawsuits by those affected by a breach.

A comprehensive Orlando commercial insurance policy is critical to safeguarding your company against loss and lawsuits. Cyber liability insurance is often a key component of proper coverage.