If your company has an online presence, you are likely to need some insurance for that presence. For example, a cyber insurance broker can help you with data breach coverage as well as cyber liability coverage and more. If your online data gets breached or is the victim of a virus or other deletion event, then you are likely to face huge losses to the business. For example, if a hacker gets ahold of the payment information of your customers, then you could be liable for any losses those customers face. With the right insurance coverage, those losses could be paid with minimum damage to your bottom line.
Having a website and online data means that having cyber insurance is a good thing to have. Not only can it cover loses to your customers, but it can also help you get back on your feet after your data has been lost to a cyber-attack, a physical accident or other things. For the insurance agency, being able to offer your clients quality cyber insurance can help you meet more of their needs for higher client retention.
A cyber insurance broker can help you find the right plans to offer your clients as well as help you understand what is included in cyber and data insurance. You can also find plans giving your clients services such as data monitoring and recovery, leading to better retention.