Why Online Retailers Need Cyber Liability Insurance

Why Online Retailers Need Cyber Liability Insurance

More and more businesses are going online today, and who can blame them? Consumer shopping trends have changed over the years. Instead of going in person to brick-and-mortar stores, many customers are choosing to stay home. That does not mean they do not shop anymore, though. Rather, they order items from online retailers and get those delivered right to their door.

Some establishments doing business online store files with sensitive data away in the cloud. Meanwhile, others save them on computer hard drives. Those records include data such as:

  • Clients’ Credit Card Numbers
  • Employee And Customer Addresses
  • Clients’ Phone Numbers

 

Hackers often target businesses with such information in order to commit identity theft. They also sell the data to the highest bidder. Data breaches spell trouble for establishments. Therefore, organizational leaders must find ways to protect themselves. Unfortunately, general liability insurance is not enough. It covers bodily injury and property damage but does little to nothing when it comes to cybercrimes.

That is where cyber liability insurance can be of assistance. We will discuss three things these policies cover in the following sections. Hence, interested parties should stay put and read on to learn more.

 

Legal Fees And Expenses



Organizations can find themselves in the middle of messy lawsuits after hacks. Plaintiffs take any of them to court to seek compensation for their information getting stolen. It can become expensive for businesses to hire legal teams and pay filing and other fees.

Companies with cyber liability insurance do not have to worry about the costs as the policy will cover them. Ensure that your business does not get stuck between a rock and a hard place financially by getting cyber liability insurance today.

 

Personal Identity Restorations



Customers' lives can be thrust into turmoil when their identity is stolen. Thieves run up credit card debt under their names. They also take out loans without making payments. Such issues leave victims' credit scores in shambles.

Businesses must make things right with their clients after a cybercrime. One way to accomplish that is by restoring their personal identity. However, paying out of pocket for that kind of service is not feasible for a number of companies.

Cyber liability insurance covers personal identity restoration for affected customers. The organization involved will need to take care of the deductible, and the policy pays for the rest. Get your quote before cybercrimes present themselves and wreak havoc on your business.

 

Computer System Repairs



Computer systems are often bombarded with viruses during cyberattacks. The bugs can shut retailers down until they bring in professionals for repairs. However, not every company has the money for those services. Nor do they have the funds to replace everything and start over. Thus, if it feels like a cybercrime could threaten your livelihood, obtain a cyber liability policy to minimize computer system repair costs.

Cyber liability insurance also covers the recovery of all compromised data. Things can go wrong in the digital world quickly. So give Panorama Insurance Agency a call and request a cyber liability insurance quote today.

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