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All business owners in the Evergreen Park, IL area likely know that they need to have some form of business or commercial insurance. While commercial insurance has been around for a long time, unique challenges for organizations continue to develop. Today, many business owners would also benefit from getting cyber insurance. This form of insurance provides a unique set of insurance protections that likely are not covered by a traditional commercial policy.
Provides Liability Related to Data Breaches
Data breaches seem to be in the news on a daily basis. Major organizations can spend a significant amount of money correcting these breaches after they have occurred. For smaller organizations, the cost of these data breaches could be substantial from a liability perspective. When you have cyber insurance, you will have specific liability coverage against these situations.
Covers Variety of Expenses
When you do have cyber insurance, the coverage will handle a wide variety of expenses that are related to a data breach. To start, it will cover all legal expenses, settlement, and judgment expenses that could have occurred as a result of the data breach. Additionally, the policy will provide coverage for other related expenses as well, which can be quite expensive. These can include, but are not limited to, expenses related to notifying customers of the data breach, helping to recover any lost or compromised data, and helping to restore information and credit of impacted customers.
Businesses in the Evergreen Park, IL area need to carefully consider their cyber insurance needs. Those that would like to learn more should contact the Martin Insurance Team. The insurance professionals at the Martin Insurance Team can help anyone get into a cyber insurance policy that provides the company with these unique protections and benefits in the digital age.
