What Businesses in Massachusetts Need Cyber Liability Insurance?
Because the internet is so essential to basic commerce today, the vast majority of businesses in Massachusetts should consider getting cyber liability insurance. Without it, businesses may be dangerously exposed to risks like a data breach or online attack.
The following is just a sampling of businesses that might need coverage:
-
Medical offices that send, receive and store patient files using EHR programs
-
Law offices that send, receive, sign and store documents electronically
-
Financial offices that execute and record transactions electronically
-
Ecommerce retailers that process customers’ credit card numbers
-
Businesses that store data in the cloud
In addition to for-profit businesses, government and nonprofit organizations likewise may need cyber coverage. They often face many of the same online risks that businesses are exposed to.
What Coverages Do Cyber Liability Insurance Policies Offer?
As mentioned, cyber liability insurance policies don’t always offer the same combination of coverages. While recognizing that coverages can and do vary, there are several coverages that many policies make available. Some of the more commonly offered ones include:
-
Network Security Liability Coverage, which might cover online hacking attempts and similar attacks
-
Extortion Liability Coverage, which might cover online extortion attempts that lock up files
-
Privacy Liability Coverage, which might cover data breaches where there is no criminal activity
-
Media Liability Coverage, which might cover trademark infringement, copyright infringement and similar claims related to online activity
Media liability coverage, in particular, varies a lot and isn’t always offered. It also may be unnecessary if a business has comparable protection through another insurance policy (such as a general liability insurance policy). Sorting through nuances like these is when a specialized insurance agent’s expertise is especially helpful.
How Can Massachusetts Businesses Get Cyber Insurance?
For help finding cyber insurance that’ll give your business good protection against online risks, contact the independent insurance agents at Roger Keith & Sons Insurance Agency. Our independent agents have helped many businesses in the state find policies that suit their needs, and our team has the expertise needed to help you select the right policy for your business. Since they can show you policies from multiple insurance companies, you can be confident in whatever policy you ultimately select.
