Cyber and Technology E & O
Most businesses rely on internet-connected devices for their day-to-day operations. But technology exposes companies to hacking and other cyber threats. Cyber liability insurance helps cover financial losses due to data breaches and other cyber attacks.
Our agency is here to help you sort through your best options for cyber liability coverage. Contact us to learn more or to get your free quote today.
What Is Cyber Liability Insurance?
Cyber insurance is recommended for businesses of all sizes that rely on technology to help streamline processes and stay in touch with customers.
A cyber liability insurance policy may help your business with the following:
- Customer or employee privacy lawsuits
- Lost income due to network outages
- Regulatory fines from governing agencies
- Legal services that are required to meet state and federal regulations
- Payments to recover files after a ransomware attack
- Expenses related to communicating with customers after a data breach
Who Needs Cyber Liability Insurance?
Any business that collects and stores sensitive or proprietary information and uses internet-connected technology should consider cyber liability insurance. If you believe your business needs coverage, reach out to an agent today.
What Is Technology Insurance?
Technology is a necessary component of daily operations for most businesses, regardless of size or industry. Given the rising popularity of remote work, increased use of digital tools and ongoing dependence upon internet-related resources, companies must take the time to insure their property.
Your company is unlikely to find a one-size-fits-all technology insurance policy. Although most businesses depend on technology in some way, usage still varies across a broad spectrum. For example, the technology insurance needs of a large IT corporation are unlikely to be anything similar to those of a small retail store.
Still, in general, all companies should ensure their insurance portfolio protects their technology by including the following coverages:
- Cyber liability—If your company uses technology or stores data online, this coverage can help recoup costs arising from a cyberattack or data breach, such as recovering lost data, repairing compromised technology and investigating the incident.
- Commercial property—This coverage can protect computers, servers, smartphones and other technology used to operate your business.
- Business interruption—If your regular operations depend on technology, a malfunction can lead to missed deadlines and lost revenue. This type of coverage can provide restitution for resulting losses.
Get the Right Coverage
As you consider coverage options for your technology insurance portfolio, it’s necessary to weigh several factors. The type of technology you use, how often you use it and the potential consequences of not being able to do so must all be considered when determining your insurance needs.
Our agents are well-equipped to guide you through this process and work with you to craft policies providing suitable protection. Contact Silicon Valley Risk & Insurance Services today to get started.