Commercial cyber insurance has become a necessity in today’s digital age. Almost all businesses use computers for advertising, customer interaction, and order processing. While computers simplify and enhance our business operations, they also expose us to cybercrime. Businesses also become potential cybercrime victims when interacting with suppliers, customers, and others who use computers for their operations. If you are in or near Denver, CO, and need protection against the financial impacts of cybercrime, contact our team at AFI Insurance.
Understanding Commercial Cyber Insurance
Commercial cybercrime involves the theft of business data or hindering a business from fully utilizing its computers and information. Almost every company is vulnerable to cybercrime, as few businesses operate without an internet connection or cloud-based data storage.
Businesses typically suffer three types of financial and other damages from cybercrime, and it is crucial to have cyber insurance to protect against all three.
First-party damage from cybercrime involves using resources to investigate an attack and informing customers or others about potential impacts. A cyberattack may also result in ransomware payments or revenue loss, which you need protection against.
Secondly, cyberattacks can cause third-party liabilities. These occur when an attack on your company causes others to incur losses. Cyber insurance also covers these expenses.
Lastly, firms that sell technology-based products should use cyber insurance to protect themselves against faulty programming, or product and service errors and omissions that cause others to suffer losses.
Working with AFI Insurance
AFI Insurance serves the business and personal insurance needs of many in the Denver, CO, area. Call us today at (303) 433-8888 to discuss your commercial or other insurance needs.
