Cyber Liability Insurance
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
Cyber Liability Insurance — know at some agencies as "Cyber Risk Insurance" — safeguards startups and small businesses from expenses related to data breaches, which can easily result in costly lawsuits. If your accounting, tax preparation, or finance firm mishandles a client's electronic information, your company will be responsible for more than just legal fees and reparations. You'll probably need to inform your client of the breach, provide credit-monitoring services, and perform some PR damage control to salvage your company's reputation.
With Cyber Liability Insurance, there's no need for you to be distracted by the money side of things — insureon has you covered. Instead, you'll be able to focus your energy on what really matters: rebuilding your company's image and reestablishing the faith of your customers.
Read on to discover why Cyber Liability Insurance is particularly important for accountants, tax preparers, and finance professionals.
Cyber Liability Insurance Protects
Cyber Liability Insurance: Protecting Accountants, Tax Preparers, & Finance Professionals
Let's face it: the life of modern accountants, tax preparers, and other finance professionals relies heavily on the Internet and computer networks for things like…
- Storing and transmitting sensitive client information.
- Maintaining your company's web presence.
- Communicating with employees and clients.
- Executing your company's services (e.g., submitting a client's tax forms).
This leaves businesses in your field prone to exposures, data breaches, and cyber attacks — especially because some smaller firms may have no choice but to outsource some of these activities to independent contractors or other third parties, leaving the business owner with little to no control over their networks' reliability or security.
Cyber Liability risks are real. Here are a few examples to give you a better sense of the common risks associated with businesses in the financial sector…
- An employee sends an email that crashes the client's network.
- A client accuses an employee of publishing defaming content on a business-related Internet forum.
- A computer hacker gains unauthorized access to your computer system.
- A client alleges that your company's new web tool infringes on their copyright.
- You inadvertently give a client a computer virus or Trojan.
Cyber Liability Insurance: Key Details
Cyber Liability Insurance: Key Details for Accountants, Tax Preparers, & Finance Professionals
At insureon, we understand that the needs of accounting, tax preparation, and finance businesses are not universal, particularly when it comes to Cyber Liability Insurance. Because of this, business owners can customize their level of protection. Read on to learn more about the key details that might affect your financial firm's coverage needs.
What Is First-Party Cyber Liability Coverage?
In the event of cyber attack or information mismanagement, First-Party Cyber Liability Coverage helps your business recover from the data breach. Many necessary, immediate actions must take place, and this type of policy see you through beginning, middle, and end…
- Beginning. These actions might first include an investigation to determine whether or not a data breach actually took place. If it did, you'll probably have to mail a formal notification to all affected parties.
- Middle. Next, you may want to offer your clients services to help them keep a watch on their compromised information. You may also have to hire extra employees to help see your business through the crisis.
- End. Before your company can stand alone again, some damaging controlling PR will be in order and maybe a new, honest advertising campaign that addresses the data breach situation.
When it comes to cyber-attacks and information mismanagement, your business's reputation is on the line. It's very important that a business like yours get up and running again as soon as possible, in order to protect cash flow. Cyber Liability Insurance can give you the peace of mind that you'll be back on your feet in no time.
Why Do You Need Cyber Liability Coverage?
It may seem like startups and smaller businesses don't face as great a risk for cyber attacks as larger corporations. But hackers don't care how big or small the business is. In fact, since larger corporations tend to have whole departments dedicated to risk management, hackers might think your business might be an easy target.
Do you have proper safety procedures and policies in place? A hacker might assume you just don't have the resources to fight an attack. An uninsured financial firm might not. Your insured business does: let your Cyber Liability Insurance policy act as your risk management department. Not only is your business protected financially, but many times insurers can offer suggestions and advice to help you take proactive steps to prevent data theft from happening. Insurers have a vested interest in the safety of your company: your protection is their protection.
Another important thing to consider is that, when a data breach happens, it's usually not just one client who is affected. Personal information is often stored very close together, so hackers, for example, have unauthorized access to many credit card numbers. Or a computer thief can get to most of your clients' contact information within minutes.
The resulting lawsuits can cost thousands upon thousands of your hard-earned dollars — often much more than most startups and smaller businesses can afford. Insureon wants to make sure your doors stay open.
Customize Your Cyber Liability Insurance Plan
Accountants, Tax Preparers, & Financial Professionals: Customize Your Cyber Liability Insurance Plan
Ready to purchase Cyber Liability Insurance for your business? One of our insurance experts who specialize in accountants, tax preparers, and finance professionals is ready to assist you. And if you're not sure what kind of coverage is right for you, an insureon agent can help assess the particular risks of your company.