Cyber Liability Insurance in Raleigh-Durham, North Carolina

Reliable Coverage in the Modern Age of Technology

The Basics of Cyber Liability Insurance 508

Everything You Need to Know Cyber Coverage through Barber Insurance

Cyber liability insurance in the Raleigh-Durham, North Carolina area code is becoming more important daily. Particularly since the pandemic, cyber security risks have increased as companies transition from in-office to fully online operations. Even if you do not maintain a fully remote workspace, your company probably takes personally identifiable information, or PII, from prospective or current customers. You are equally likely to have sensitive information on company databases or bank accounts holding company funds.

Anyone who collects and stores personally identifiable information should have cyber security insurance. Hackers are often searching for this information to commit identity theft or run a scam. Unless you protect your business from a data breach, your financial security and your clients are in jeopardy. Clients who take on the most risk include organizations that hold:

  • Credit or Banking Information
  • Social Security and Driver’s License Numbers
  • PII like Customer Name, Email, Phone Number, and Address.
  • Cybersecurity Accounts with Other Businesses

Companies in every industry can find themselves at risk of cyber attack. Anyone who keeps track of customer billing or hosts user accounts is susceptible. Whether it be ransomware, phishing emails, malware, or some other danger associated with cyber security, these attacks are more than just inconvenient. They are expensive and dangerous to the well-being of your company. Every company is at risk, but especially small companies. 60% of the smaller hacked companies go bankrupt within six months.

The cost of a cyber liability insurance plan varies based on several determinants, but you can expect slightly higher prices than your typical business plan. The basis of your premium is company size, services provided, and your database’s depth. IT companies and those that offer cybersecurity to their customers will need more detailed policies than the typical business because they are responsible for securing other companies. Most organizations only need a plan that protects them against their own risks and thus has a smaller premium. Additionally, companies that keep large databases of sensitive customer information, such as healthcare providers, do not need as much protection but will often pay higher premiums because of data sensitivity.

Determining the cost of your cyber insurance plan is challenging because of the moving pieces. The best thing you can do for your business is to connect with an insurance agency that knows the particulars of cyber insurance. Our agents at Barber Insurance are uniquely aware of what it takes to protect sensitive information from hackers.

Consult with us today and find out how we can help you feel more confident about your cybersecurity.

Does Your Cyber Liability Insurance Have You Protected?

What is Covered, What is Not, and Ensuring You Have Enough

Keeping sensitive information private is one of the most critical elements of running a business– especially now that everything happens online. Still, there are plenty of details when it comes to cyber liability insurance that you must understand. For example, failing to understand what is and is not covered by your policy could have disastrous results and end your company. Additionally, failing to maintain cybersecurity could allow for lawsuits leading to bankruptcy.

Cyber insurance protects your company from privacy, security, operational, and service risks. It can do this by offering policies that cover the following areas:

  • Network Security and Privacy Liability protect your organization if network security fails. Causes are typically associated with a data breach, malware infections, cyber extortion, compromised business email, or ransomware. Information and privacy risk violations put your business in a position where a customer can sue you. Insurance will cover court fees, IT investigations, client notification, credit monitoring services, and associated costs.

  • Network Business Interruption coverage helps companies that depend on an operational system to keep functioning if there is a system malfunction or third-party hack. Coverage applies to fixed expenses, profit recovery, and extra costs incurred during repairs.

  • Media Liability covers intellectual property and patent infringement resulting from online and print advertising.

  • Errors and Omissions insurance covers performance errors and failure to perform issues if a cyber attack prevents you from fulfilling your contractual obligations. It applies to software and consulting companies and traditional professions like lawyers and engineers.

Before moving on, we must address what does not fall under this policy. The two main uninsured risks in cyber security insurance are loss of future profits and loss of value due to intellectual property theft. Specific cyber-attacks may also have exclusions, so it is good to understand what you need clearly.

With there being several types of insurance that companies need, it is essential that you understand what each policy covers. The best way to do so is by finding one insurance company that you can trust for all your business policy needs.

Connect with a Barber Insurance agent today for more information on what coverage you need and what your cyber liability policy does and does not explicitly cover.

Experienced – Knowledgeable – Helpful

Cyber Liability Insurance From an Agency You Can Trust

Cybersecurity is essential in a time when primary business operations happen online. Confidence in your insurance agency allows you to do what you love most. Barber Insurance agents have experience, knowledge, and helpful attitudes. Our mission in the Raleigh-Durham, North Carolina area for more than 20 years has been to provide you with the most comprehensive insurance solutions at the best price.

Our professionals know what they are talking about regarding insurance, which means they are committed to ensuring you also understand it. So connect with one of our agents today to learn more about the Barber Insurance way.