Cyber Liability Insurance
Technology today is an ever-evolving force on which we heavily rely, both personally and professionally. New products and exciting features consistently keep us in pursuit of acquiring the latest and greatest pieces of equipment and software. Business organizations, specifically, continue to push towards being “paperless.” As a business owner, you know that going paperless encompasses all transfers of sensitive information, business transactions, keeping of records and data, and so much more. In essence, you are entrusting the success of your business not only to technology, but the risks that come with it as well. While we know that technology, in many instances, makes life easier and processes smoother, it does open your business up to a greater set of exposures that, most likely, are not covered under your standard business insurance policy. With an Indiana cyber liability insurance policy, you can eliminate the worry of having to pay thousands of dollars, out-of-pocket, due to data security breaches and other cyber risks.
When sensitive information, or intellectual property is compromised, whether it be a virus, hacker, or lost or stolen equipment, such as laptops, phones, flash drives, etc., your business could experience some serious repercussions. Damage control for data breaches, such as notifying customers who have been directly impacted, or working to repair a sullied reputation, can result in a significant interruption to your business operations, as well as costly fines and legal expenses. What you need is an Indiana cyber liability insurance policy that steps in to take care of those costs.
Let’s say that you own a retail store that keeps personal client information stored in your business’s computer system. This information is then compromised by an invasive virus from a third party, who now has access to your computer system along with the names, addresses, phone numbers, and credit card numbers of thousands of your valued customers. You might ask yourself: What if I get sued? How do I notify my customers? How can I gain back their trust? What if I have to shut the doors of my business? How will I pay for all of this? Will my business be able to recover? These are all valid questions and real scenarios to consider- questions that in many cases would give reason for worry. But you don’t have to. A cyber liability policy alleviates those worries by allowing you to effectively handle the situation, so that you can, as smoothly as possible, return to “business as usual.”
Our team at Insurance Management Group understands the impact that cyber risks can have on your business, and we know what it takes to protect you from the costs and consequences associated with a cyber-related claim. At our agency, we work closely with you to learn more about the exposures and cyber risks your business might face and then partner with one of our top-notch carriers to develop a customized solution to fit your specific business and financial needs.
As the use and dependency of technology in the workplace increases, so do your cyber risks. It is important to stay informed and aware of the various risks that pose a threat to the success of your business operations, your good business name, and the customers you so greatly value. Without a cyber liability insurance policy, it’s more than just data that is being compromised. Call IMG today or stop by our office to talk with one of our team members about how we can assist you in assessing and combatting cyber threats to your Indiana business, and how we can ensure its protection with a cyber liability insurance policy. 765-664-2333.