Michigan Cyber Insurance
Cyber Security Insurance for your Michigan Business
In a world where nearly every business works with computers on a daily basis, cyber security insurance is essential. Did you know that 55% of small businesses have experienced a data breach, and that 53% have had multiple breaches?
Without insurance in the event of a data breach, your business can expose itself to large numbers of lawsuits totaling in the millions of dollars, and a damaged reputation.
What is Cyber Security Insurance?
Cyber security insurance, also known as “cyber liability insurance” or simply “cyber insurance,” covers your business’ liability in the event of a data breach that includes sensitive customer and client information.
This could include things like SSN numbers, credit card numbers, bank account numbers, driver’s license numbers, and even medical records.
Why Doesn’t My Commercial General Liability Cover Cyber Insurance?
Commercial general liability insurance (GLI) only covers bodily injuries and damage to property as a result of your products and operations — which is why cyber liability insurance isn’t included in your GLI policy.
Similarly, cyber security insurance doesn’t fall under professional liability insurance either, as professional liability covers more abstract risks such as negligence, misrepresentation, libel, slander, and inaccurate advice.
However, all three insurance coverages are extremely important for covering your company in a variety of unfortunate situations.
What Does Cyber Insurance Cover?
Cyber security insurance covers many scenarios, such as:
Michigan is one of the many states that require businesses to notify their customers/clients of a data breach involving personal information – a process that can be very expensive without insurance coverage.
Want to learn more about cyber security insurance options for your business? Contact us today!
Does My Business Need Cyber Insurance?
You need comprehensive cyber security insurance if your business:
- Accepts credit cards or other digital payment types
- Uses computers and mobile devices
- Keeps medical or financial data
- Stores confidential customer/client information
At Insurance Network Agency, we work with dozens of carriers at the local, regional and national level to find the best cyber insurance policy for your business at the lowest possible rate. Contact us today to learn more and get your personalized quote.
ARE YOU PROTECTED?
Our agents are ready to ask the right questions to help you get the best coverage at the best price. Request a proposal now.