In recent years, cyber-crime has become an ever-present threat to the success of businesses of all sizes. Not just a risk for large corporations but affecting small and medium companies as well. And sadly, current world events have put even more of a focus on the risk of cyber-crime for businesses.
Whilst your business can take many practical steps to protect against cyber-crime, another area you will want to consider is cyber insurance and putting adequate cover in place for the risks your business faces.
How can you buy business cyber insurance?
There are a couple of ways in which you can buy business cyber insurance.
As standalone business cyber insurance
You can buy cyber insurance for your business as a standalone insurance policy. This can be considered the most comprehensive way to purchase cyber insurance cover.
As part of your business insurance package
Cyber insurance can also be purchased as a bolt on to your business insurance package. For example, it may be possible to add some elements of cyber insurance cover to your other business insurance.
What are the benefits of buying a standalone business cyber insurance policy?
In comparison to cyber insurance cover purchased as a bolt on to your business insurance package, a standalone business cyber insurance policy will likely provide:
- A wider breadth of cover – covering more risks to your business
- Higher cover limits
Regardless of whether you choose to buy standalone business cyber insurance an important aspect to consider will be that your policy provides someone to call if you do have issues. Do not underestimate the importance of a policy which provides a 24-hour helpline in case of needing to:
- Restore computer systems/smart devices and replacement costs following a cyber attack
- Consider expenses and ransom monies as a result of ransomware and cyber extortion
- Get back costs incurred due to actual or suspected identity theft
- Recover lost money, costs and charges incurred following credit card fraud or a phishing attack
What are the benefits of working with an insurance broker to arrange cyber insurance for your business?
At Anthony Jones we always advise our customers to make conscious buying decisions. Not buying insurance because you don’t understand it or the value that it can provide to your business doesn’t make business sense.
There are many benefits to working with an insurance broker which we considered fully in a recent blog. But ultimately, insurance brokers are insurance experts. Insurance is what we know and what we do, day in and day out. We understand the policies and the cover that they provide. We work to understand your business and can provide advice as to what cover you need to fully protect your business from risks presented by cyber-crime.
Ultimately, whether you choose a cyber insurance bolt on to your business insurance package, or a standalone business cyber insurance policy the important thing is that you have clarity about the cover that you are buying and what you are and aren’t covered for. If you are informed, then there will be no surprises if you are in the unfortunate position of needing to make a cyber insurance claim.
At Anthony Jones we can work with you to understand not only the potential cyber risks you may face but also the importance of cyber insurance – what it offers and how it can help protect against these risks. Chat to us today for more information on 0208 290 9080 or email us at business@anthonyjones.com.
