Cyber Liability Insurance in Georgia

Cyber-attacks haven’t always been a concern. Especially for smaller businesses. However, the world has changed, and now they’re everybody’s problem.

Even if you run a small business in Georgia, you can be hit by a ransomware attack or phishing scam that sets you back big time. It can hurt your business financially and damage your reputation greatly.

Fortunately, the insurance world has evolved to help protect against this problem, and you have option such cyber liability insurance in Georgia.

What is Cyber Liability Insurance?

One of the biggest threats, and the reason your reputation is at stake, is that your data can be breached and stolen. That includes the data of your customers. This can result in you getting sued. Cyber liability insurance not only covers the costs from that, but it also covers your company’s data.

This includes risks such as data breaches, hacking attempts, ransomware attacks, email scams, and other common cyber-attacks.

This is made specifically for cyber-related issues, and general liability insurance doesn’t typically cover it.

Why Georgia Businesses Need Cyber Insurance

It might seem a bit excessive, but cyber insurance is actually crucial. Several industries, including medical, finance, and retail, are all prime targets for cyber-attacks. Even small businesses can be attacked. In fact, 43% of all cyber-attacks target small businesses that aren’t as well protected as bigger corporations.

The state of Georgia also requires local businesses to take this threat seriously, and not complying with cyber security regulations comes with hefty fines and problems even if you’re not attacked.

What Does Cyber Liability Insurance Cover?

• Data breach response: This includes things such as making PR releases, notifying people who are affected, and handling legal fees.
• Ransomware and Extortion: Ransoms and extortion come with exorbitant costs, but insurance can help cover it.
• Business interruption due to cyber events: This covers losses from having to deal with temporary disruptions while handling the cyber event.
• Regulatory fines and penalties: Coverage to help you pay off fines and penalties for not meeting regulatory standards.
• Third-party liability: This helps pay the costs you’re liable for that have impacted others.

Cyber liability insurance isn’t just designed to help with the attack itself. It’s also crucial for recovering your business after the attack and rebuilding your finances and reputation.

Types of Businesses That Need Cyber Insurance

If your business is even remotely dependent on cyberspace, it’s potentially a target for cybercrime. However, some industries are far more likely to be targeted, and insurance isn’t just an option. It’s a necessity.

• The healthcare industry is a major one due to health information being stored, and it’s heavily regulated.
• Accounting, retail, and eCommerce businesses are also high-risk due to the amount of money and transactions they handle every day.
• Finally, law firms and tech companies are also targeted frequently for a variety of reasons.

Customize Your Cyber Liability Insurance

At Chandler Insurance Group , we are an independent agency partnered with the top insurance carriers. This gives us the ability to custom-tailor policies to meet your exact needs. Typically, we look at your company’s size, industry, type, and exposure level to determine how much coverage you really need, but every plan is customized.

We also provide you with:

• Access to the top cyber insurance carriers for the best quality policies possible.
• Personalized risk assessments so you know exactly what you’re facing.
• Affordable pricing options to make top-tier cyber liability insurance accessible for even the smallest businesses.
• Add-ons for social engineering and phishing protection that aren’t covered by general policies.

Let’s Get You Insured!

No matter what type of business you’re operating, you face cyber-attacks to one extent or another, and even with the best cyber defenses, you’re never truly safe.

Cyber liability insurance ensures that, if you’re ever the victim of a cybercrime, you and the people you do business with are safe. Whether it’s paying to compensate your customers for lost data or paying you for the PR releases and legally required notifications, cyber liability insurance comes in handy.

If you’re a business owner, contact Chandler Insurance Group today, and let’s get you insured, now! It’s the only way to be safe in a digital world.