Having or not having a cyber insurance policy Houston, TX can be the difference between bankruptcy or not. Protect yourself with the right coverage plan so that the worst doesn’t happen. Texas Insurance Agency can help you choose the best insurance plan so that you can recover faster after an incident. Contact our office to learn more about all of your cyber insurance policy options, or get your free quote.
Why is getting a cyber insurance policy important?
Insurance is nothing to scoff about. In today’s age, where anything could happen, even the Internet isn’t safe. If a data breach compromises your digital assets and info, you’ll pay for the damages out of your pocket without insurance. Getting a cyber insurance policy is important for several reasons:
- Financial Protection
- Support & Expertise
- Continuing Business
- Reputation Management
- Complying with Requirements
- Peace of Mind
It is important to remember that cyber insurance should not be used instead of a strong protection program. Instead, it should be used along with one. On top of that, cyber insurance policy terms and benefits can be different, so you might need to work with an experienced broker or provider to get the right coverage. That’s where Texas Insurance Agency can help you assess which is the best plan for you.
The hardest thing about shopping for insurance is that there are too many choices and too many providers. Texas Insurance Agency simplified that for you. Our team partnered with various local insurance providers, large and small, so you have all your choices in one spot. Contact our office to see what type of cyber insurance policy best suits you.
What To Know About a Cyber Insurance Policy Houston, TX
Cyber insurance is a type of insurance that helps people and businesses protect themselves from risks that come with IT activities and equipment. The money you lose because of data breaches, network damage, business interruptions due to cyber attacks, malicious hacks, identity theft, or any other privacy-related problem is covered by this type of insurance.
Benefits can include, among other things, the cost of crisis management and public relations to fix a company’s reputation after a breach, the loss of business, the cost of a forensic investigation to find and fix the breach, the liability costs that come with telling customers about it, and credit monitoring services for customers who were affected.
Certain terms and conditions may be different for each policy. For example, insurers may only cover you if you have certain security or cyber risk control methods in place. Because of this, it is very important to read and fully understand the policy paper before making a purchase. Our insurance experts can help you assess the most important clauses and explain any fine print to ensure you aren’t caught by any surprises when you choose your policy.
Different Types of Cyber Insurance
There are different types of cyber insurance plans you can choose from. You don’t need to buy all of them. Instead, you should only get what you need. Being underinsured is a problem in case something happens that exceeds your standard plan, but being overinsured can also cause an unneeded burden on your expenses.
Texas Insurance Agency can help you figure out which cyber insurance policy is the right one for you. Choose the ones that most apply to you from the following common options:
First-party coverage is a type of coverage that pays for the direct costs a business may have to deal with after a cyber security breach. There may be costs to look into a breach, costs to keep the business running, costs to fix the company’s reputation through public relations work, extortion payments if hackers demand money to fix systems, and the cost of telling customers about the breach and giving credit monitoring services.
A third-party coverage policy protects a business from the costs it might face if a partner or customer sues them for letting a data breach happen. This includes the costs of a lawyer’s fees, settlements or court judgments, fines from the government, and other costs that are connected.
One type of third-party coverage is network security liability, which protects against claims of unauthorized entry or use of a system, virus transmission, or denial of service attack. Then there’s media liability. This is another type of third-party coverage that includes intellectual property rights violations, damage to electronic data, and damage from the spread of a virus or harmful code.
Cyber extortion makes sure that a business is safe in case of a ransomware attack, in which a hacker locks up data and demands money to unlock it. On the opposite end, business interruption covers the money a company loses in profits and the extra costs it has to pay to get back online and recover service after a cyberattack.
Some cyber insurance plans cover errors and omissions in tech goods and services. This is also known as Tech E&O. This can help pay for your legal defense if a customer claims that your business was careless or made a mistake or omission in the services it offered.
When picking the right cyber insurance product for your business, you should keep in mind that each one has unique needs. Our team can help assess which plans are the best fit for you, depending on your digital assets. We can help you get the business insurance you need to protect your business’s digital and physical assets.
Getting a Cyber Insurance Policy Is Easier Than You Think
All you have to do is call our office! Our team can schedule a meeting at our Houston office and start you on finding the right cyber insurance policy. We’ll show you all of the options available so that you can build a bundle that fits your business needs to a T. So, let’s start with the first cyber insurance policy for you.
Houston, Texas Fun Facts:
- There are over 150 museums in the city.
- The Fine Arts Museum has the largest fine arts collection in the South.
- There’s even an Art Car Museum that shows cars turned into works of art.