Looking for data loss insurance can seem like a hassle but can save you and your business significant amounts of time and money. Below are 3 different coverage options that might interest you. If these are relevant to your business, ask your insurance company about whether they provide these services.
Legal Judgments and Settlements
After a data loss or breach of data, you might get sued. It is actually likely that you will, depending on how large and far-reaching the breach was. Ask your insurance company whether they have a policy that will pay for judgments and settlements that result from a lawsuit against you.
Electronic Media Liability Costs
After a data breach, it is highly likely that spammers and hackers will attempt to hack your domain name, email servers, and more to get more information and sensitive data. One thing you want to know is whether your insurance coverage protects you from paying the perhaps exorbitant costs of recovering your domain name, email servers, and/or recouping your business data after a copyright or trademark infringement.
Employee Privacy Liability Costs
After a data loss, your clients and customers are probably not going to be the only ones upset about the loss. Your employees’ data might be floating around on the internet now and this breach of privacy is also detrimental for them. Particularly if you have many employees, and especially if any of your employees have access to significant amounts of sensitive company data, find out whether the costs of recovering employee private information is included.