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If your Southeast Michigan business stores sensitive information on a business computer or the internet, commercial cyber insurance is crucial to protect your company from the repercussions of a cyberattack. Over 90% of organizations experienced at least two identity-related breaches in 2023, and experts predict the number of attacks will continue to rise yearly. A single attack can devastate your company if you lack the necessary compensation to cover the cost of dealing with the aftermath.
What Does Commercial Cyber Insurance Cover?
Commercial cyber insurance, also known as cybersecurity insurance, offers several policy options. First-party coverage covers the costs of a system hack. These costs include lost revenue, ransomware attack payments, customer notification about the breach, breach investigation, and preventive measures for future incidents. Third-party coverage, or cyber liability coverage, covers the legal costs of a customer or business partner whose information was exposed by the breach and who decides to sue for damages.
Tech errors and omissions insurance is specialized coverage designed for companies that provide IT services and products. It covers legal costs if you or one of your employees makes a mistake that causes a third party to experience a data breach. Such mistakes can include errors in software you create or mistakes made when managing a company’s IT system.
Contact Atlas Insurance Agency for More Information
Atlas Insurance Agency serves Southeast Michigan business owners from all industries. We offer a range of commercial insurance options and customized policies to meet specific needs. Contact us to learn more about cyber insurance or to get a policy quote.