Los Angeles Technology Insurance Brokers Discuss Cyber Liability Insurance

Los Angeles, California (pressreleasepower) January 21, 2020 - The Los Angeles technology insurance brokers at MFE Insurance recently released a blog educating readers on the purpose and benefits of cyber liability insurance. Handling sensitive data is a major responsibility, and a breach could be a costly event, so businesses that handle confidential data should consider purchasing a policy.

General liability insurance, contrary to popular belief, does not cover cyber incidents. This is because data is not considered a tangible property, nor does its loss qualify as a physical one. General liability insurance also does not cover regulatory expenses, incident response, extortion, or damages coming from the loss or corruption of electronic data. As a result, it is important to consider whether you can afford the monetary impact of a cyber breach and purchase a comprehensive cyber liability insurance policy if you cannot. A breach can cost hundreds of thousands of dollars to contain, even for small businesses, making insurance a worthwhile investment.

Cyber liability coverage helps you pay for incidents related to data breaches and the loss of important data. It can help you replace or restore data and damaged programs as the result of hack or virus, replace lost income as the result of an attack, pay for a response campaign that includes notifying people affected by the breach, and even pay extortionists who threaten your data. Some policies will also help you pay for cybersecurity and crisis management professionals if you need additional support. Companies of all sizes should consider cyber liability insurance if they collect and store personal information, such as social security numbers; store data on a computer network; advertise your business online; send or receive documents electronically; or communicate with clients via email.

Speak to the cyber liability insurance brokers at MFE Insurance for more information and to acquire a policy. The brokerage's experienced staff can help you choose the right suite of policies for your needs, including cyber liability insurance, to provide you with comprehensive coverage. Call MFE Insurance directly at 213-226-7990 or contact them through the firm's website, https://www.mfeinsurance.com/. MFE Insurance is headquartered at 811 W. 7th Street, Los Angeles, CA 90017 and provides insurance to businesses across the country.

 

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