Cyberliability Coverage - Can you Really Live Without It?

Cyberliability Coverage- Can You Really Live Without It?

by Steve Tague, President, van den Heuvel & Fountain Inc.

Let’s face it, for better or worse, we are living in a “Cyber-World”, whether we like it or not. No matter if its smart phones, laptops, cash registers, games, e-mails or movies, we can’t seem to get along without being part of the computerized era. For Pete’s sake, we now even socialize on the Internet through Facebook and Twitter!

There are some who believe that we are losing part of our personal humanity as a result of this phenomenon and like most of us, there are we who believe it has measurably improved our lives and made things a lot easier.

There is, however, a sinister aspect to the “Cyber-World” and that is the Cyber Crimes that are committed by “hackers” who seek to steal the identities included in your customer listings, which we all keep in our businesses and are “chock full” of private customer information like Social Security and Credit Card numbers as well as phone numbers and addresses of the lifeline of your business… Your Clients!

What do you think would happen if someone got a hold of your computerized customer list? In the first instance, when you become aware of this crime, you are required by law to inform all of your clients that their information has been breached. Next, you now have a Public Relations problem since your customers will surely share that their problem was the result of conducting business with you. This is also not to mention possible litigation against you that ensues when your customers experience a financial loss as the result of their identities being stolen. Even small businesses have experienced losses in the hundreds of thousands of dollars to clean up a computer security theft in there businesses. These crimes are on the increase and have generated significant claims for small and large business owners.

You can protect yourself by purchasing a Cyber liability policy through your Insurance Agent. Please contact Stacey Kerr, Commercial Lines Manager at 973-948-3022 Ext. 11 to discuss this coverage. The premiums for a policy are reasonable and will never rival the “out of pocket costs” that you can experience if you have this kind of loss.