Does Retail Business insurance cover data breaches?
Data breaches can be a huge financial burden for small retail businesses. Find out what type of coverage can help protect you.
Updated May 29, 2023.
Retail business insurance can sometimes cover data breaches if you have cyber liability insurance as part of your insurance page.
In the United States, data breaches cost an average of $9.44 million in total, and 82% of cybersecurity breaches involved human error in 2022. So, let's see how coverage can help.
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How can Cyber Liability insurance help?
A cyber liability policy can help provide financial protection if there is a data breach involving important information, such as:
- Personal customer information
- Any legal or staff health records
- Private financial information
Cyber liability insurance can help cover any financial losses you may experience due to cyber attacks or data breaches. For example, if a hacker accesses your customer base, including their personal information inputted, perhaps, when they signed up for loyalty programs.
Ways Retail Business insurance can give protection
In addition to data breach insurance, retail business insurance can help cover other common retail business risks, including:
- Customer injuries and damage to property that doesn't belong to you — General liability insurance can provide financial protection if someone other than an employee gets hurt at your business. It can also provide financial help if you damage someone else's property.
- Employee injuries — Workers' compensation insurance can help with medical expenses and lost wages if an employee gets hurt on the job.
- Damage to your property — Commercial property insurance can provide financial help if the property you need to do business, including inventory, is damaged or destroyed.
Get protection against retail data breaches with NEXT
In today's digital age, data breaches can be a costly threat to retail businesses.
With the right insurance coverage, you can protect your business from the financial and reputational damage of a breach.
NEXT partners with Coalition to provide fast, affordable and tailored cyber liability insurance. Learn more about this important coverage and get a quote to review your options.
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