Texas Commercial Insurance: How to Know Your Business Needs Cybersecurity Insurance

When you are running a business, you want your commercial insurance to cover every possible scenario. That goes beyond liabilities that you will have to cover.

At Allegiance Insurance Agency, we know that Richardson, TX business owners are at risk of cyber attacks every day. We can help you to learn whether or not your business needs cybersecurity insurance. 

Consider these cybersecurity insurance tips before you get a quote.

Why Get Cybersecurity Insurance

Every business is at risk of data exposure in today’s world. Whether an external threat from a hacker or personal enemy is on the rise, or your internal threats are unmanageable, cybersecurity insurance is the answer.
The impact of a breach from a hack or data leak could be one you can not recover from. 

Cybersecurity insurance is important for any business. If data is a part of your business, you need it. In other words, if you have a network of computers that operate your day-to-day functions, you need cybersecurity insurance. 

The Costs of a Data Breach

A data breach can cost a business both downtime and lost income. The average business is down from three to five days when there is a cybersecurity incident. During that time, you will still have to operate payroll and meet your other business needs.

Some small businesses can manage these problems with a line of credit, but that is only a Band-Aid solution. You still have the cost of the data loss. If too much time passes, or your customers find out which they will, you will have further losses. 

Cybersecurity insurance is protection for those scenarios, and the multitude of others that could happen should a hack occur. These risks are getting more common every day.

Update Commercial Insurance With Cybersecurity Insurance

When you are running a business in Richardson, TX, you want to have the most thorough commercial insurance policy possible. At Allegiance Insurance Agency, we can help to update your policy to include protection from cyberattacks. Call us for a quote today.