Cyber Liability Insurance in Fort Worth, TX
Unexpected financial losses and unanticipated expenses can have devastating consequences for your business. Such hardships can arise from many incidents and unfortunate situations, including fires, natural disasters and workplace accidents. However, in the digital era, many companies have a new or increasingly relevant threat for which they must account: cyber incidents. Fortunately, by understanding and maintaining the right cyber liability insurance, your company can equip itself with appropriate financial security.
What Is Cyber Liability Coverage? 
Also known as cybersecurity insurance and cyber insurance, these policies can erect a barrier between your organization and the financial consequences of cyber incidents. Whether considering the effects of phishing attacks, malware infections or other data breaches, an adequate cyber liability policy could be one of the most important purchases your business ever makes.
Why Is Cyber Liability Insurance Important?
The aftermath of a cyber incident can be filled with financial implications and unexpected costs. Without the right coverage, your business could be forced to manage such expenses out of pocket, potentially incurring long-term fiscal consequences that may lead to insolvency. That’s why having a policy capable of handling the following costs and losses may be necessary:
- Fees for hiring additional help (e.g., IT contractors and public relations firms)
- Costs related to notifying affected parties
- Legal expenses arising from lawsuits (e.g., attorney fees, settlements and judgments)
- Noncompliance fines issued by regulatory bodies
- Business interruption losses (e.g., lost revenue and training costs for new equipment)
How Much Cyber Liability Insurance Do I Need?
Every company’s cyber coverage needs are unique, as even those operating in the same sector and with otherwise similar circumstances may have different risk levels and exposures. When analyzing your insurance needs, consider the following:
- Industry
- Type of business
- Number of employees
- Amount of data you work with
- Type of data you work with (e.g., social security numbers, banking information and health records)
- Existing cybersecurity measures
We’re Here to Help
Contact Cornerstone Independent Insurance Agency LLC today to learn more about coverage options or get a personalized cyber liability insurance quote.