Cyber Liability Insurance

Why Is Cyber Liability Insurance
Absolutely Necessary Today?
Because A Single Cyber Attack Could Cost You EVERYTHING!

We never subscribe to fearmongering and scare tactics that many insurance professionals use. However, when a serious threat is REAL and is becoming more aggressive with each passing week, we just can’t ignore it. It’s our job to ensure your business and your finances are protected from risk — from the small risks to the massive risks.

And in our decades of experience as licensed insurance professionals, we have never seen a risk that is as widespread and potentially catastrophic as the threat of a cyber-attack. You’ve seen the news and read the headlines. Here’s a glimpse of what cybercrime looks like today:

  • Equifax: 143 million consumers’ information STOLEN.
  • Yahoo: 3 BILLION accounts HACKED.
  • Target: 41 million credit card numbers STOLEN.

We know what you’re thinking: “We’re not Yahoo… we’re just a small business. Nobody is targeting us.” Fact is, cyber criminals target small businesses FIRST. Why? Because you don’t have the security and protections those Fortune 500 companies have. Plus, if they can break into Equifax — an agency designed to protect consumer information — how EASY is it to break into YOUR customer database… YOUR financials… YOUR credit card numbers?

It’s not a matter of IF these cyber criminals will hack your network and steal your data, your money or your customers’ private information, it’s a matter of WHEN. And when they do, here’s the hornet’s nest they stir up:

  • Loss or Damage to Electronic Data
  • Loss of Income
  • Massive Loss of Productive Time
  • Cyber Extortion Losses
  • Costs to Notify Customers, Governments, etc.
  • Damage to Your Reputation
  • Cost of Future Business (Or lack of)

Cyber Liability Insurance: One of Today’s Most Affordable
Yet Most Essential Insurance Policies

As you can see, after a data breach, the dominoes fall. Fines. Lawsuits. Audits. Thankfully, you can be covered for all of those potential risks with cyber liability insurance from Compass Insurance Group.

So, how can our cyber liability insurance policy provide the peace-of-mind you need so you’re insulated from this very real risk? Here’s everything that can be covered:

Business Interruption Loss Reimbursement

When a cyber-criminal hits your network or server, it may be days or even weeks before you resume normal activity. During this dead time, your entire team may be severely unproductive, costing you considerable income. A cyber liability policy from Compass Insurance Group may help protect your business from lost income and increased costs to operations.

When an attorney gets involved, costs skyrocket. Whether you’re sued by customers, vendors or even your own employees, you should fully expect lawsuits after a cyber breach. Thankfully, with the right cyber liability insurance, we can help with the cost of attorney’s fees, advisement and counsel.

Legal Costs

Cyber Extortion Defense

While it sounds like a tactic you’ll only see in the movies, it’s very common today. A cyber-criminal hacks your server with ransomware. This hacker steals your data, and will only return it to you for a “ransom” or fee. Many small business owners cannot afford the tens of thousands of dollars demanded in the ransom. However, if you’re covered with the right policy, you can easily recapture those losses from a cyber extortion act.

When your business is hit with a data breach or hack, an investigation ensues. And yes, that means MORE money to properly fund the investigation. With a cyber security policy from Compass Insurance Group, you can be reimbursed for the cost and time associated with this important investigation.

If you’re like most business owners today, you’re taking a closer look at your commercial insurance needs and weighing your risks, your costs, everything. And perhaps you’ve come to the conclusion that a cyber liability policy is not truly necessary. Problem is, the second you get hacked — which could happen at any moment regardless of your IT security — you fall under an avalanche of costs and regret.

Forensic Support

Let’s have that conversation. We will be happy to compare different policies that are available to you. And if there’s a policy or two you truly don’t need, we will be straightforward with you. Call us at 615-987-0067 or contact us so we can ensure your business is properly covered. Then, we will work with you to find the coverage that’s right for you at the lowest possible price.