Should small business owners invest in cyber liability insurance?

You never think that data breach can happen to you until you are violated. The consequences of such crime can be more significant if you are a small business responsible for handling the pertinent information of your clients. You may find yourself on the receiving end of a lawsuit if you are found at fault of negligence that leads to financial loss for customers who endured identity theft because of a data breach within your company ranks. Such is the reason for Connect America Insurance Agency helping you find the right cyber liability insurance policy in Jacksonville, FL.

Small businesses are at risk
Many entrepreneurs think that they are the least likely to fall victim to identity theft in business because their companies are so small. In actuality, cyber thieves search out small businesses first because of weaker security lines that allow for quicker penetration of the system. 

A thief may not be able to infiltrate the Target security system holding the accounts of various consumers. A criminal may, however, be able to obtain credit card numbers from a “Mom and Pop” shop who purchased their machine independently and pays a third party a monthly subscription fee to use the service. Data breaches cost small business owners an average $86,000 to correct. You stand to pay that full amount from your funds without cyber liability insurance.

What is cyber liability insurance?
A cyber insurance policy helps your company move forward after a data breach by relieving you of some of the economic tension associated with such event. This type of insurance pays customers on your company’s behalf if they suffer financial loss due to identity theft because of information being compromised by your business. 

One of the many benefits of cyber liability insurance is, of course, peace of mind. Another perk is knowing that you are protected from lawsuits related to an unfortunate data breach. 

You should not operate a small business in Jacksonville, FL without general liability insurance. In the same manner, you should not take charge of customers’ pertinent information without having some form of protection in the instance of a data breach. Connect America Insurance Agency can make sure that your small business has everything it needs to thrive in the city. Call us today to figure out what insurance policy is right for your company.