Austin, Texas, Agency for Cyber Liability Insurance Policies
Every business collects and stores information electronically—customers’ credit cards, social security numbers, buying habits, addresses and phone numbers, and other personal data. When a hacker invades a computer system and steals this information, a cyber liability insurance policy can compensate individual victims and protect the balance sheet of the business. Without this type of policy, a business could be fully responsible for the damages suffered by those who suffered because of a hacker.
Examples of Covered Expenses
At Central Insurance in Austin, Texas, our agents help businesses select the right cyber liability insurance coverage. This type of policy covers a business’ liability for what is known as a data breach. It reimburses a company for costs associated with the theft, including costs related to:
- Notifying customers about the breach
- Paying for customers’ credit monitoring
- Paying for costs of litigation
- Paying for government fines and penalties
- Reimbursing customers for costs associated with identity theft
- Settling lawsuits related to website content
- Paying for losses due to business interruption
- Paying for costs associated with data destruction
- Paying for losses associated with computer fraud
- Reimbursing for payments made to cyber extortion practitioners
- Reimbursing for funds lost during hacked funds transfer process
- Damage to the brand or reputation because of a data breach
Such losses can affect both the owner of the breached system, and the owner of the information that was stolen and subsequently used, causing injury to that party. Many policies cover both types of losses so that both the business and the individual can recover their losses. Other policies allow the insured to choose, cafeteria style, the types of loses that appear to be most likely. Our agency handles both types of policies and other types of business insurance to serve the needs of our customers.
What Cyber Liability Insurance Is Not
Because cyber liability policies can cover many different consequences of data damage or theft, such policies are often confused with policies designed to protect providers of hardware, software, website design, and off-site data storage. This coverage, known as Technology Errors & Omissions (Tech E & O), covers many of the same outcomes as Cyber Liability insurance, outcomes with different causes. Our agents will help you determine which type of coverage best fits your needs.
Contact Central Insurance for a Free Quote on Cyber Liability Coverage
Hackers can ruin a business. Protect your company with insurance coverage that can protect you and your customers from the hostile actions of data thieves. To learn how Central Insurance in Austin, Texas, can help you, contact us at 512.451.6551 or send us an email. This type of specialty coverage can be confusing, but we can help.
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