Three Reasons Small Businesses Need Cyber Liability Insurance

The business arena is dominated by companies that offer products and services online. This is especially convenient for customers and easier for businesses to reach the masses, but if companies aren’t careful it could result in their downfall. Cyber hacking and data breaches are happening constantly and businesses like consulting companies need to protect themselves and their customers by purchasing cyber liability insurance for consultants. Here are just a few reasons why this type of insurance is so imperative.

The High Cost of a Breach

Cyber liability insurance is actually more affordable than most people think, but what isn’t affordable is the cost of a data breach. These expenses can include:

  • Regular business interruptions
  • Bankruptcies
  • Business closure
  • Security overhauls
  • Customer concessions

Data breaches and cyber attacks can cost a company everything it has. Consider cyber liability insurance to remain protected.

Word of Mouth

Word of mouth advertising can be a great thing for a company, but it can also be its downfall. When it comes to cyber security, nobody wants to be the talk of the town. Ensure customers only have great things to say by contacting a licensed insurance agent to discuss cyber liability.

Protecting the Future

It’s crucial for small businesses to protect themselves, their future, their employees and their customer base by purchasing cyber liability insurance. It provides a safety net for prospective growth and development.

Contact an experienced insurance agent today to discuss the options surrounding cyber liability insurance for consultants. It can be a lifesaver for small businesses to remain buoyant and prosperous.

 

photo credit: Amarand Agasi cc
Categories: Cyber Risk, Insurance
This post was written by , posted on January 28, 2015 Wednesday at 3:15 pm

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