Cyber Liability Insurance Georgia Policy Information
Cyber Liability Insurance Georgia. What is "Cyber Liability?" Any personal data that you keep on clients, donors, vendors or employees over the past five years or so can be at risk. Every name, address, date of birth, social security number, credit card information, health data and other identifying data is considered "a record." Every data breach costs an average of roughly $214 per record (as of 2017) to resolve. The average loss is about 20,000 "records." At $214 per record that's a $420,000 average loss.
It's important to understand that your Commercial General Liability (CGL) policy does not cover data breaches. You will need cyber liability insurance Georgia to protect your data.
Cyber liability insurance Georgia protects your data from unauthorized use with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Is Cyber Liability Insurance?
Cyber liability insurance Georgia covers liability which arises out of unauthorized access to or unauthorized use of electronic data or software which is stored, operated and used by your company. Basically, it covers data theft and the spreading of viruses. It is important to note that it covers negligence, error or omission associated with data and software use as well. For instance, if an employee of yours sends the personal information of a client to another client's email accidentally, the policy will cover the error.
Cyber Liability Insurance Protections
It is natural to ask yourself what the difference between cyber liability and traditional liability coverage is. It comes from the fact that the traditional insurance covers only tangible assets if the policy offers business property coverage. For example, with a traditional policy, you will be covered against loss of documents due to negligence, error or omission. These are typically physical documents stored in your office. Any client data which you store in an electronic database is not covered by a traditional policy.
The main item covered by a cyber liability insurance Georgia policy is network privacy. It protects you in case a client or a member of the public has suffered loss or damage due to your inability to protect sensitive data stored on your network. The issue typically arises from data thefts and leaks. Network security is covered as well. The policy will kick in to cover your liability in case there is a data breach or users are unable to access the data which they are entitled to.
One of the latest additions to this type of insurance is the electronic media coverage. It covers you in case of defamation, libel, and slander, breach of confidentiality, invasion of privacy or copyright infringement arising out of the publication of electronic data on the web. Usually, all types of websites including the social media are covered.
Overall, cyber liability insurance Georgia coverage is quite useful to all businesses which keep and use electronic databases and software utilizing private data. The available policies are highly customizable to meet the needs of the particular company. No matter whether you have a large company, run an online store or operate a small bike shop, you will find a cover which matches your needs and budget as well.
Why Your Company Needs Data Breach Insurance
GA cyber liability insurance is a stand-alone policy that is designed to protect businesses against such attacks and the cost and penalties incurred during the whole process:
Penalties and Investigation Costs - If the data related to the credit information of your customers is lost to a hacker then in that case your business could be facing severe penalties by law enforcement authorities. Under the agreement of merchant services, a business would be responsible for paying the investigation cost, reassurance cost of credit card and the fraud carried out on stolen credit cards. These costs can reach thousands of dollars even for a small and medium sized business. Cyber liability insurance Georgia covers you against those penalties and costs.
Cost Of Rebuilding A Reputation - A company's reputation is its most valuable asset. A breach of a company's electronic network can harm its reputation which may result in decreased sales. Insurance covers the cost of hiring a PR firm to restore the company's image in the minds of customers and also compensates the firm for the loss that the company has faced because of a cyber attack. Some the largest and most damaging data breaches are listed here:
- Adobe Systems
- Dun & Bradstreet
- Home Depot
- JP Morgan Chase
- Neiman Marcus
If it can happen to the massive companies with millions of dollars to spend on data protection, it can happen to your small business too. And small business owners do not have the deep pockets to weather the storm of a huge reputation hit after a data breach - like large corporations do.
Risk Management Services - Big business firms already have a risk department that works on reducing the risks faced by the business, so that the probability of such an event can be reduced. But small and medium sized businesses mostly do not have a proper risk management team. By purchasing cyber liability insurance, your IT related risks would be assessed by your insurer in order to accurately price the policy. This assessment report can also shed light on how you can better manage your cyber related risks without really having an in-house risk management department.
Compensation for Interruption Caused by Cyber Attacks - You may be thinking that a cyber attack may temporarily halt your business activity, so it would be covered by business interruption insurance; however a business interruption only covers your business when a damage to physical property occurs. In case of damage to your networking systems, business interruption insurance will not cover you. Cyber liability needs to be purchased in order to be compensated for the income lost due to cyber attack.
Data Breach Insurance
A data breach could destroy your business reputation and everything you've worked for in your business. This is why it's important for you to find the right cyber liability insurance policy to protect your company - regardless of its size.
Georgia Economic Data & Business Insurance Information
Have a great idea for a small business and want to setup shop in Georgia? If so, before you start pursuing a commercial property and hiring employees, you want to make sure that the Peach State will support your industry to ensure your success. It's also a wise idea to familiarize yourself with the rules and regulations that the state has in place for business owners, such as the regulations and limits that pertain to commercial insurance. Below, we offer invaluable information about business development in the state of Georgia so that you venture can be as successful as possible.
Business Economic Trends In The State Of Georgia
In the past few years, there has been a definite uptick in job growth in the state of Georgia; however, in recent months, it seems that growth has become stagnant. In fact, according to the Bureau of Labor Statistics, as of May 2022, the unemployment rate in Georgia was 3.8%; 0.2% higher than the national average during the same time, which was 3.6%.
Despite stagnation in job growth and the slightly higher unemployment rate compared to the national average, more people are employed in Georgia in 2022 than were just a few years ago; in fact, in recent years, job growth has been at an all-time high.
If you're thinking about starting a business in Georgia, you're in luck; according to recent research, the state is one of the most attractive among entrepreneurs in the nation. Atlanta was voted the seventh best city in the US to launch a venture. Low living costs, business-friendly laws, and a wealth of easy to access resources have all made the Peach State a prime location for those business-minded individuals.
There are several industries that offer the potential for great success in the state, including:
- Solar Energy
Commercial Insurance Regulations and Limits in GA
The Georgia Department of Insurance regulates insurance in Georgia. Like most states, Workers' compensation is also mandated in the state of Georgia; for business that employ three or more employees, you will need to carry this type of coverage.
If you use motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Amazon Seller
- Artificial Intelligence
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- eBay Sellers
- Electronic Data Processing
- Electronic Data Processing Equipment
- Internet Business
- Internet Service Provider
- IT Consultant
- Online Store
- Social Media
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Computer Fraud, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Errors and Omissions Liability, Professional Liability, Umbrella Liability, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Real Property Legal Liability, Forgery, Cyber Liability, Employment-related Practices Liability, Directors and Officers Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Cyber Liability Insurance Georgia in Acworth, Albany, Alpharetta, Americus, Athens, Atlanta, Augusta, Bainbridge, Belvedere Park, Brookhaven, Brunswick, Buford, Calhoun, Candler-McAfee, Canton, Carrollton, Cartersville, Chamblee, Clarkston, College Park, Columbus, Conyers, Cordele, Covington, Cusseta, Dallas, Dalton and Hinesville, Decatur, Douglas, Douglasville, Druid Hills, Dublin, Duluth, Dunwoody, East Point, Evans, Fairburn, Fayetteville, Forest Park, Gainesville, Georgetown, Griffin, Grovetown, Holly Springs, Johns Creek, Kennesaw, Kingsland, LaGrange, Lawrenceville, Lilburn, Lithia Springs, Loganville, Mableton, Macon-Bibb County, Marietta, Martinez, McDonough, Milledgeville, Milton, Monroe, Moultrie, Mountain Park CDP, Newnan, Norcross, North Decatur, North Druid Hills, Panthersville, Peachtree City, Peachtree Corners, Perry, Pooler, Powder Springs, Redan, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Smyrna, Snellville, St. Marys, St. Simons, Statesboro, Stockbridge, Stonecrest, Sugar Hill, Suwanee, Thomasville, Tifton, Tucker, Union City, Valdosta, Villa Rica, Vinings, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock and all other GA cities & Georgia counties near me in The Peach State.
Also find GA local small businesses by General Liability Class Code and learn about Georgia small business insurance requirements for general liability, business property, commercial auto & workers compensation including GA business insurance costs. Call us (470) 440-6263.