Contemplating Coverage? Now is the Optimal Time to Buy Cyber Liability Insurance
Regardless of industry and size, cyber threats have been threatening businesses for the last few years. As a combination of living in an immensely litigious society and the growing expertise of hackers, these risks are more prevalent than ever before. With cyber hackers still in its infancy, there is an even greater need to address your specific exposures with a New Mexico Cyber Liability Insurance policy.
A distant threat a decade ago is now a required policy to address the inevitable risks that any business faces. Every business utilizes technology for processing transactions, storing customer data, tracking purchases, communication, and more. Cyber-attacks signify a new wave of exposures, and no one is immune from suffering a breach.
It’s important to note that Professional Liability policies often come with a cyber exclusion. Therefore, a robust and singular cyber policy should be added in these circumstances. Otherwise, your business will be left on the hook for recovering from the significant financial damage these breaches will cause.
New providers are aiming to tackle the growing need for cyber security. However, the established businesses are better positioned to respond to legitimate cyber security threats.
David McKay, audit partner and assurance practice leader at Edelstein & Co. LLP, says to Accounting Today, “Conversely, the more established programs are trying to deal with these short-term participants by incorporating new coverage features like full-limits cyber-liability or expanded coverage for personal financial planning, and, where possible, offer premium discounts for a firm’s excellent risk profile.”
Whether you’re a small manufacturing firm or a hospitality expert, now is the best time to buy cyber liability insurance. Speak with your trusted insurance professional to guarantee you carry the necessary limits and inclusions to respond specifically to your risk profile.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we have a unique understanding of the risk exposures that contractors face. With the backing of our comprehensive coverages and our dedication to customer service and quick claims resolution, your business is fully protected. For more information, contact us today at (800) 530-8885.