Cyber Liability and Data Breach

Today, more companies rely upon electronic data in their business operations to perform tasks such as communicating with customers and storing documents. While this helps your business to streamline their operations and even enhance customer retention strategies, it does pose a risk for data breaches that compromise privacy and could leave your business liable for covering the costs of lost income or lawsuits that stem from a cyber attack.

Our staff at Soden Agency can help you avoid losing income to data breaches by connecting you with the best insurance companies in NJ that provide cyber liability policies that specifically apply to your business needs. When you apply for cyber liability and data breach coverage, our agent will walk you through the process of assessing your company’s current cyber security plans, such as the installation of protection software and reducing access to sensitive information to only specific employees.

Once you know how to minimize the risk of a data breach, our staff will then help you secure the right insurance coverage to reduce potential losses if one occurs. Your insurance policy may cover things such as the cost of notifying customers of a data breach, restoring data, and handling potential lawsuits. In addition to helping you explore your insurance options, your company also benefits from services provided by our agency that can serve as backup in a crisis situation, like the ability to access your insurance policy documents from our website. When you use electronic data, let our customer service team know so that we can ensure your business is fully covered from the ongoing threat of cyber attacks.

Nonprofits have no immunity from lawsuits. Clients, volunteers, vendors, donors, or visitors may sue if they are accidentally injured on your premises or while on business for the organization. Someone may sue claiming libel or slander. Employees may sue claiming discrimination or sexual harassment. Liability insurance covers these risks.

Before buying insurance, it’s a good idea to consider the particular loss exposures you have and buy a policy that addresses them. If, for example, your organization is made up mostly of volunteers and has no paid staff, your best choice could be a policy that covers only volunteers.