Cyber crime has increased around the world. Increased security measures can help protect assets and decrease the company’s risk of a security breach. However, hackers can still cause problems for businesses. A single claim can more than make up for cyber liability insurance cost saving you hassle and money in the long-term.
Used car dealerships offer a necessary service to consumers and businesses. Full coverage protection can save time and money when a claim is filed. Policies to consider in your insurance portfolio include:
Portable Devices: tablet and smartphone coverage for stolen or lost devices resulting in a data breach
Data Protection: data restoration up to agreed upon policy limits
Loss Insurance: helps cover loss of profit due to notification costs, loss of clients and business shutdown losses
In the event of a data breach, the company should have a plan in place for how to handle the problem. Breach notification laws have been enacted in many states as well. Having a security plan ready ahead of a breach can help the company get back on their feet faster.
Speak to a qualified insurance agent to ascertain your current coverage options. Adding a cyber liability insurance cost to your current package may save you money in the long run.