Cyber Insurance in Vermont

Cyber Insurance for Vermont Business

When a cyber attack occurs, it can cause far-reaching damage not only for your company but also your clients and employees. Unfortunately, this is becoming a more frequent event for Vermont businesses. Cyber attacks and data breaches are not covered under general liability insurance. For protection, you will need a separate cyber insurance policy.

A cyber attack can come in a variety of forms, such as a virus, phishing scam, or service interruption. Once a hacker has access to your network, they can steal identifying employee information, credit card data, and other sensitive information to be used in committing other crimes. While many Vermont businesses feel they are too small to be worth hacking, any business with stored social security or credit card information is a target. With so many people affected, the recovery costs can be devastating. With cyber liability insurance, many of these costs can be covered.

What are the Benefits of Cyber Liability Insurance Coverage?

General liability insurance is not designed to cover cyber crimes, and they will be specifically excluded from most policies. The worst time to find this out is in the wake of a data breach, when you are struggling to recover.

Even if you have a liability policy with some data coverage, chance are it will not be sufficient to cover the full scope of a data breach and the ever-changing technologies. The best way to be covered is with a specialized cyber policy.

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What are Cyber Insurance Coverage Options?

When you’re the victim of a cyber crime, there are many factors to consider. Customers and employees must be notified and protected, systems taken offline, sensitive data backed up and secured, and new security protocols to be put in place. You may have to close your business temporarily, and you may be subject to fines and lawsuits. It’s more than many businesses can face alone.

Cyber policies may cover many of these costs including:

- Forensic investigation
- Notification costs
- Credit monitoring for affected customers and employees
- Legal fees
- Fines
- Extortion costs
- Business interruption expenses
- Third-party damages for denial of service or data theft

Some policies also cover data loss due to natural events, such as storms. Your agent can help you determine what is and is not covered by your specific policy.

Cyber Coverage Costs

Many companies worry that there is not enough value to justify the expense of a separate cyber insurance policy. However, industry experts believe that the risk of cyber attacks will only increase in the coming years. When viewed in this light, cyber liability insurance can be seen as a necessary expense to protect against an eventuality.

A single cyber attack can cost tens or hundreds of thousands of dollars if you don't have proper small business insurance. Depending on the number of people affected, this number can surge into the millions. For an affordable monthly premium, many of these damaging costs can be covered, allowing you to focus on repairing your business without fear for your financial stability.Learn How to Protect Your Business

All Vermont businesses are targets for cyber attacks. You should discuss your risks with an agent experienced in cyber security insurance to determine what type of policy may be right for your business. With a cyber policy, you can purchase better financial protection from this far-reaching and increasingly common crime against businesses.

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