Running a Passaic County business takes a lot of work; there are financial considerations to make, marketing strategies to decide on, and insurance purchases to think through. While Passaic County General Liability Insurance is a standard for most business owners, there are many other coverages that should be considered, such as Passaic County Cyber Liability Insurance.
Passaic County Cyber Liability protects your business financially should a cyber-attack occur. The most recent headlines involving a cyber-hacking incident include the Neiman Marcus data breach in January of this year, 2014, and the Target Data Breach during the busiest holiday-shopping weekend of 2013. In the case of Target, 40 million customer credit and debit card numbers were stolen by the hackers.
A breach of Target’s magnitude is incredibly expensive, and even has the potential to strain the total limit capacity available in the cyber insurance marketplace. With this in mind, it’s important to look at your New Jersey Business Insurance coverages to determine what other insurance products could be triggered by a data breach.
Besides securities-related disclosure lawsuits, a company such as Target also is subject to consumer class action lawsuits and regulatory actions. Such lawsuits could lead to sizeable settlements, which could have an impact on the stock price, and raise investor concerns. When these suits begin happening, defendants will look to their Directors & Officers (D&O) insurance policies for assistance. Passaic County Directors and Officers Liability Insurance is designed to step in to protect the assets of individuals and companies when liability claims surface, and can certainly help businesses overcome a cyber liability claim.
So, while a Passaic County Cyber Liability insurance policy will help your company respond to a data breach, a D&O policy will help protect the management and board for their plans and decisions afterwards. In addition, a general liability policy will insure your company for injuries and wrongdoings to visitors or other third parties (not your employees) or damage to their property caused by the company’s operations.
At Tri-State Insurance Agency, we know that it’s rare to find a company without some level of Passaic County Cyber Liability Insurance risk. We will help you assess your vulnerabilities and assist you with risk management strategies to stem losses. Please contact us today for more information at (888) 990-0526.