Cyber Liability Insurance in Queensbury, NY

Businesses’ risks and exposures are dynamic, often changing and evolving in ways that require you and your colleagues to thoroughly reassess your risk management and loss control measures. Cyber threats have emerged as a particularly prevalent issue in recent years, potentially wreaking havoc on your company’s operations and finances. Fortunately, the insurance industry has also evolved with cyber liability insurance capable of providing robust coverage against such incidents.

What Is Cyber Insurance?

This type of insurance product, also known as cyber liability insurance, can establish and maintain a versatile and sturdy financial shield against the potentially severe fiscal consequences of data breaches and other cyber incidents. Your business’s premiums secure you with the right to file a claim against your policy to offset losses arising from such situations. They may, therefore, be critical in limiting financial damages that might otherwise invoke catastrophic out-of-pocket costs.

What Does My Policy Cover?

Although the exact details of cyber insurance policies may vary, your business can generally expect many common cyber incidents, including phishing scams, malware infections and ransomware attacks, to be covered. In response to such incidents, your payout could assist with offsetting the following losses and expenses:

• Breach response costs, such as those needed to investigate the incident or notify affected parties
• Fees for outside help, including hiring IT contractors, crisis management teams and public relations firms
• Business interruption losses, such as reduced revenue caused by having to shut down your network or delay normal operations
• Noncompliance fines, such as those issued by regulatory bodies if your business failed to implement appropriate cybersecurity controls that might have prevented a data breach
• Legal expenses, including attorney fees, settlements and judgments arising from lawsuits

How Much Coverage Do I Need?

Your cyber insurance needs typically depend on your unique circumstances. Consider the following criteria and work with a qualified professional to assess your needs:

• Industry
• Number of clients and customers
• Size of workforce
• Types of data you work with
• Amount of data you work with

Get the Right Coverage

Contact TechFirst Insurance Agency today to learn more about coverage options or compare personalized quotes.