Site icon Carol E. Smith

Should You Get Cybercrime Insurance?

The short answer to this question is YES! Incidents of cybercrime have been problematic for a long time, but have soared exponentially since the start of the pandemic. If the reputation of your firm depends in part on your maintaining confidential client records secure and private, then this insurance is a must. It’s not a matter of “if,” but “when” your private business info will be breached.

Finding the Right Insurance

The best place to start is your current insurance agent or a general insurance broker that you trust. Cybercrime policies are separate policies that cover specific acts, and you will need to read the policy carefully to see exactly what you are protected from. You should also distinguish between personal and business policies; you may want both.

In a business policy, some of the items you want to consider being protected against include:

A good policy will cover some or all of these costs:

Just like any other insurance, you will need to complete an application to obtain a quote. Some of the standard questions include:

As you can see, the application process itself is an excellent way to “cross your Ts and dot your Is” when it comes to putting safeguards in place for your business. And of course, your premium will be less expensive when you have these items in place. It goes without saying that your premium will be less expensive if you get insurance before you are attacked, so that you have a clean application.

A key part of owning a business is managing enterprise risk effectively, and a cybercrime policy will go a long way toward protecting your hard-earned investment and giving you peace of mind so you can sleep better at night.

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