Commercial Cyber Insurance: Protecting Your Business from Cyber Risks
In today’s digital age, few businesses operate entirely without computers. They’re vital for advertising, customer interaction, and managing orders. While computers simplify and enhance many business processes, they also expose businesses to cybercrime. Plus, companies can become potential cybercrime victims through the computer usage of suppliers, customers, and others. If you operate in or around Lakewood, CO, and are looking into protecting your business from the potential financial impacts of cybercrime, feel free to contact us at Premier Group Insurance.
The Fundamentals of Commercial Cyber Insurance
Commercial cybercrime occurs when an individual steals data or hinders a business from fully utilizing its computers and information. Companies that connect to the internet and store information in the cloud are subject to such criminal activities.
Cybercrime activities can cause businesses financial damage, among other consequences. Therefore, it’s pivotal for your business to ensure cyber insurance coverage to safeguard against all three types of risks.
First-party damage from cybercrime arises when an attack compels you to allocate resources to investigate the attack and inform customers or others about how they may have been affected. In addition to these direct business costs, you may also have to make ransomware payments or lose revenue due to an attack.
Secondly, cyberattacks can result in third-party liability, which happens when an attack on your company harms others, causing them to incur losses. Cyber insurance covers such losses and associated expenses.
Lastly, firms offering technology-based products and others must protect themselves against faults, errors, and omissions in their products or services that prompt others to suffer losses.
Engaging with Premier Group Insurance
Premier Group Insurance caters to the business and personal insurance needs of many in the Lakewood, CO, area. Call us today at (303) 233-7878 to discuss your commercial or other insurance needs.
