Cyber Liability Insurance in Seattle, WA
In the modern business world, technological advancement has reshaped the way your company should think about risks and exposures. Whereas physical crime and natural disasters may have previously been your primary concerns, intellectual property and cyber incidents must now be at the forefront of your mind. Fortunately, your business can address these rising concerns by augmenting your insurance portfolio to include cyber liability coverage.
What Is Cyber Liability Insurance? 
Also known as cyber insurance, these policies can establish a strong defense against data breaches and other cyber incidents. This may help your business respond to and manage the financial ramifications of these tricky situations, potentially limiting losses that could have been catastrophic. Consider how the right coverage may assist with various costs, such as the following:
- Incident response—Following a cyber incident, your insurance could help pay for digital forensics professionals and costs related to notifying affected parties.
- Managing recovery—Coverage can help you hire a public relations firm or crisis management team, which may assist in limiting financial and reputational damage.
- Business interruption—Your policy could also compensate for lost income your company would have earned if not for the delays and disruptions caused by a cyber incident.
- Legal assistance—Cyber incidents may lead to noncompliance fines and class action lawsuits. Your policy may help pay for resulting losses and expenses in such situations.
How Much Coverage Do I Need?
While cyber liability insurance may be an advisable investment for many organizations, exact coverage needs are often unique. When assessing risk levels and identifying suitable options, consider the following criteria:
- Industry
- Existing cybersecurity measures
- Data storage details (i.e., type and amount of sensitive information you work with)
Get the Right Policy
With over 20 years of experience in the insurance world, Threshold Nosh and Dwell is well-equipped to help your business secure the right cyber liability coverage. Contact us today to get a personalized quote.