What’s small business cyber insurance?
Recent innovations in cyber security make small business cyber insurance both affordable and simple to acquire. The hallmark of any small business is the strength of its online presence (web and social media), and how well they know and serve their customers (collected data). Whether business originates from foot traffic or online conversions, small businesses have unprecedented access to private information that places them in a position of responsibility. It’s therefore their duty to protect the ownership of sensitive client data. The number one threat facing every business is that of a cyber-attack or data breach. Loss of company and client information, including names, addresses, Social Security numbers, or account numbers, can place any small business at risk for liability, loss of revenue, and loss of reputation. Small business cyber insurance provides coverage for losses due to cyber-attacks.
What does small business cyber insurance cover?
Regardless of business size or industry, cyber crimes pose an unpredictable threat that every small business owner can protect themselves against. Just like a large credit bureau, even small business owners can face extraordinary liability if such a breach occurs, often with major financial losses. With good cyber insurance, small businesses ensure that these damages are covered, and their reputations remain intact. While coverage varies by carrier, cyber insurance generally protects small businesses from financial losses as a result of data breaches, cyber-attacks, technology loss, financial losses due to business downtime, social engineering, cyber extortion, and the installation of malware or other types of foreign software.
What does small business cyber insurance not cover?
As fantastic as cyber insurance is, there are a few things it doesn’t cover. While it generally protects small businesses from potential losses due to cybercrimes, it often doesn’t cover future software and technology upgrades made because of any losses. Future revenues outside the scope of the cybercrime in question, as well as future reputational loss, aren’t covered by this type of policy. Additionally, declines in stock and company valuations aren’t covered by cyber insurance. When shopping for cyber insurance, make sure to check the actual policy for specific coverage details.
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Guess what, small business owners? It’s not just the behemoth companies that can afford to protect themselves with cyber insurance. Now you can get affordable and innovative protection from cyber crimes as well! Intuit has partnered with Coalition, the leading (A.M. Best A+ rating) cyber insurance, and security company in the marketplace. Coalition uses advanced technology to prevent cyber attacks before they happen. Included in this coverage is a cyber risk assessment of your small business, 24/7/365 cyber security experts available to you, on-staff ethical hackers to help you locate system vulnerabilities, threat detection software, staff credential monitoring, and more. Protect your business with comprehensive cyber insurance in a matter of minutes by clicking below.