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Cyber Security Insurance in New Jersey

Individuals who own a small business may think they are safe from cyberattacks. However, they are just as susceptible to cyberattacks as larger businesses. Small businesses are a high target for cyberattacks, but cyber security insurance for small businesses from Blue Lion Insurance Advisors, LLC can help protect them. We provide property and business owners throughout New Jersey with both personal and business insurance policies, including cyber security insurance. Learn about the cyber security insurance available through Blue Lion Insurance Advisors, LLC, and how it can help protect your small business.

About Cyber Security Insurance

Cyber security insurance coverage, also known as cyber liability or cyber risk insurance, is a type of insurance for small businesses. It protects against damages if your company suffers a cyberattack or security breach. Small businesses are especially susceptible to cyberattacks, with new research showing that small businesses are three times more likely to be targeted by cybercriminals than larger companies. These attacks can target computer systems, sensitive customer data, and financial information.

Cyber security insurance is crucial for protecting small businesses in the event of these attacks. Any business handling or storing sensitive data like client names, addresses, or financial data should consider purchasing cyber security insurance. Some examples of businesses that can benefit from coverage include:

  • Accountants
  • Consultants
  • Contractors
  • IT services
  • Marketing companies
  • Retailers

What Does Cyber Security Insurance Cover?

Cyber security insurance covers costs and expenses related to cyberattacks. Cyberattacks may cause intrusions on the business network, breaches of data, network and service outages, and even extortion threats. Depending on the policy, insurance can help pay for:

Data Breach Coverage

When a business experiences a data breach, they are required by law to notify the affected parties, which can be costly. Companies must also pay for security fixes, data recovery, and identity recovery. Cyber security insurance helps to cover these costs.

Business Interruption Loss and Reimbursement

Cyberattacks can sometimes cause IT failures or network outages that disrupt operations, costing your business valuable time and money. Small businesses can use cyber security insurance to cover loss of income during the attacks.

Cyber Extortion Defense

Cyberattacks and ransomware can be used to lock businesses out of their data or network until they pay a ransom fee. Cyber security insurance helps cover ransom payments businesses must make to regain their data access.

Forensic Support

After a cyberattack occurs, it is crucial to investigate and determine how much data has been breached and how much damage has been caused. That is known as investigative services, and certain cyber security policies can reimburse costs related to them.

Legal Support

A cyberattack can lead to customer and employee lawsuits due to privacy breaches, legal fees, and settlement costs. This legal assistance can be expensive, but having a comprehensive cyber security insurance policy can help businesses afford it.

Cyber security insurance can also help pay for public relations costs to improve your reputation after a data breach, regulatory fines you may incur, and other related expenses.

Some cyber security insurance policies may have some exclusions, which means they do not cover things like criminal proceedings, intentional acts, or acts that had prior knowledge. Luckily, other policies are available that can help provide more complete coverage. The team at Blue Lion Insurance Advisors, LLC is here to help you determine the amount and type of cyber liability coverage you need.

Get Covered Against Cyberattacks with Blue Lion Insurance Advisors, LLC

Small business owners should remain proactive about protecting their data and businesses from cyberattacks with cyber security insurance. The insurance agents at Blue Lion Insurance Advisors, LLC can help you find the right insurance coverage at the right price with superior client service. We serve both individuals and businesses throughout our NJ service areas and can help them plan a complete insurance portfolio. Contact us today to get started on finding a suitable cybersecurity insurance policy.