Cyber liability insurance
Depending on the scale and severity of a cyberattack and the cost of data recovery, settlements or judgments could easily top six figures. Evaluate your business risk to determine how much cyber liability insurance you need.
If you’re in charge of sensitive data and provide cybersecurity services to clients, you should look into cyber liability insurance. This policy costs small tech companies about $145 per month.
Every liability insurance policy is different. Who is covered by your liability insurance depends on a few factors, including the type of insurance and any modifications made to the policy.
Data breaches that expose sensitive digital assets can cause expensive lawsuits. Learn the difference between first-party and third-party cyber liability insurance and how these policies can help your business handle cybercrime.
Commercial insurance protects businesses, freelancers, and independent contractors against liability lawsuits, property damage, cyberattacks, and other risks that could devastate your company.
Technology errors and omissions insurance (tech E&O) provides coverage when you’re accused of negligence, mistakes, or oversights. It also covers data breaches that affect your business or a client’s operations.
In lost revenue and data, the cost of a DDoS attack on your tech business or your client’s business can escalate quickly. In fact, the average small to medium-sized business spends $120,000 per attack.