There has been a lot of talk about Cyber Liability Insurance recently, which is great for large companies, as there is a large cost associated with it. However, there is a cost effective alternative that many small to medium businesses would find beneficial, called, Cyber Expense Insurance.
Cyber Expense Insurance is a standalone product, which means you can add it onto your commercial insurance policy as an extension or you can get this insurance through a different insurance company. It does not offer the full coverage that Cyber Liability Insurance does, however, most small to medium businesses would not require that level of coverage, nor would they want to pay the cost associated with that type of coverage.
What is Cyber Expense Insurance?
In the event of a privacy breach such as a missing laptop that has customer payment information on it or if your network is hacked, this coverage provides you with $25,000 (for most markets). This coverage assists with remediation expenses, which may include notifying your customers, providing computer forensic services and credit, fraud monitoring.
Also, in addition there is $25,000 additional coverage available to cover business interruption associated to the loss related to this breach. While some of the extension limits may vary, we have outlined the general coverage for your reference. The cost associated with Cyber Expense Insurance is minimal and is well worth the peace of mind considering the digital age we live in.
The likelihood of your small to medium business having a privacy or cyber breach is high, which is why Cyber Expense Insurance is a fantastic cost effective alternative for your business. Contact your Youngs Insurance Broker today for more information on why Cyber Expense Insurance would be a valuable extension to your current commercial insurance Policy.
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