Cyber Liability Insurance

McGhee Insurance offers cyber crime insurance policies that protect your digital assets following a cyber attack.

Protect Your Business With a Cyber Insurance Policy

When securing your company’s assets against unpredictable events, you likely think about business-owned cars and the property that houses your daily operations. While properly insuring your physical resources is important, there’s another element of your company that could have a catastrophic impact on your organization’s future if it’s not adequately protected—your data.

Every day, your network infrastructure faces threats from cyber criminals. A successful breach gives them access to your customer’s personal information and creates business interruptions that can mean a recovery time of months. As a leading commercial insurance agency for the Little Rock region, McGhee Insurance offers cyber liability insurance policies that cover your business for a data breach involving sensitive information, including:

  • Social Security numbers
  • Credit card information
  • Bank account numbers
  • Health records
  • Driver’s license numbers

What Are the Risks of Not Having Cyber Liability Insurance

As a modern business owner, you probably rely on your computer systems and IT infrastructure to manage daily operations and customer interactions. Without the right data breach insurance policy, you could be liable for the whole cost of a ransomware attack. If you think your business is too small to attract the attention of a hacker—think again. Here are some statistics about how cybercrimes impact small businesses:

  • 43% of cyber attacks are aimed at small businesses.
  • 60% of small businesses go out of business within six months of a cyber attack.
  • Small businesses spend an average of $955,000 on restoring operations following a breach.
  • 91% of small businesses don’t have a cyber liability insurance policy.

What Does a Cyber Crime Insurance Policy Cover

While a general liability insurance plan covers the costs of injuries and property damage caused by your products and operations, it doesn’t cover cyber incidents. Purchasing a cyber insurance coverage plan offers peace of mind that your provider will pay legal fees and expenses from a cyber attack. Along with paying expenses, a cyber security insurance plan also helps with the following tasks:

  • Alerting your customers about the data breach
  • Restoring the personal information of your affected clients
  • Recovering your compromised data
  • Repairing or replacing your damaged computer systems.

Secure Your Virtual Assets With Cyber Liability Insurance

The best way to prevent the impact of a cyber attack is to protect your business with a cyber insurance policy. Contact McGhee Insurance today to schedule your free consultation and start securing your digital environment.

What Happens When a Business Doesn’t Have Data Breach Insurance?

The effects of a cyber attack are real and significantly impact the livelihoods of employees and their families if a business doesn’t have a cyber liability insurance plan. In 2019, an Arkansas company experienced a ransomware attack. This company did not have a cyber crime insurance policy, forcing them to pay over $100,000 to regain access to their systems. In response to paying this significant ransom, the owners were forced to temporarily close business and lay off employees.

Why Work With Our Team for Your Cyber Crime Insurance Needs?

Finding the right cyber liability insurance plan for your business is challenging because the parameters are constantly evolving. Partnering with the right insurance broker is essential for getting the best policy. McGhee Insurance has long-standing partnerships with industry-leading insurance companies, allowing us to find a cost-effective plan that meets your budget. Partnering with us provides peace of mind knowing your physical and virtual assets are secure.

Need Help Finding the Right Cyber Liability Insurance Policy?

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