Missouri Cyber Liability Insurance

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Written by Candace Jenkins
Written by Candace Jenkins

Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.

Reviewer: Jeffrey Green Reviewed by Jeffrey Green
Reviewer: Jeffrey Green
Reviewed by Jeffrey Green

Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career.  He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.

Missouri Cyber Liability Insurance

In Missouri, $7,615,718,000 in commercial insurance claims were paid in 2019. When you're running an operation that uses as little as an email address, your business is at risk. Cyber liability insurance can help with any claims arising from sensitive information being hacked.

An independent insurance agent can find a policy that meets your needs and fits your budget. Since they work with several carriers at once, you'll be offered the best rates in town. Connect with a local expert to get started.

What Is Cyber Liability Insurance?

A lot of Missouri businesses opt out of cyber liability insurance. Most of the time, it's not even offered by agents. This can be for many reasons, but it is usually overlooked because of financial constraints or lack of knowledge.

Cyber liability insurance:

Cyber liability insurance will help pay for legal fees and damages associated with a cyberattack. When sensitive data gets breached, you'll be responsible for the loss. Without a policy, your business will be exposed financially. 

Who Needs Cyber Liability Insurance?

If you're a business owner in Missouri, you're likely to need cyber liability insurance. Unless you operate solely on paper, you'll have an exposure that only a cyber policy can cover. Take a look at where cyber liability insurance is most helpful:

    • If you own a business, whether large or small
    • If you use email
    • If you have internet
    • If you utilize software or computers
    • If you obtain employee or client data electronically

Cyber Liability Insurance Cost

Every business insurance policy will have a cost that is specific to you. Pricing will depend on various risk factors used by the insurance companies. Take a peek at what carriers use to determine premiums:

  • Gross annual income
  • Cyber protection plans in place
  • Updating of software
  • Type of data stored 
  • Access points to data
  • Malware used
  • Prior claims

In Missouri, you can get instant savings by bundling your policies together. When your cyber liability, commercial property, business owners policy, and more are placed with the same carrier, you'll save big-time. A discount of 30% or more is typical.

Cyber Liability and Data Breach Insurance

Your Missouri cyber liability policy consists of two primary coverages. Data breach and cyber liability will apply at different times in the claim process. Check out how it works:

When data breach coverage applies:

Data breach coverage will apply when you have a breach of data, and you need to restore what was compromised. Coverage can be in the form of alerting the public of breach, fraud, identity restoration, consulting services, and more. This coverage is utilized first. 

When cyber liability insurance applies:

Next, cyber liability insurance would apply when an employee, client, or member of the public files a lawsuit. The lawsuit is due to the data breach that occurred and any sensitive information that may have been stolen. Cyber liability will pay for defense and settlement costs. 


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Cyber Liability Insurance for Law Firms

Your Missouri law firm will need a variety of coverages to protect your practice adequately. From general liability to professional liability, your law office could use many policies. Cyber liability is one of the most essential. 

Law firms store very sensitive data. Without the proper protection in place, your system could be hacked and your reputation on the line. To avoid a substantial financial loss and distrust of clientele, consider cyber liability insurance to cover your exposure.

Cyber Liability Insurance for Small Businesses

Missouri has 532,277 small business owners. The right protection could make or break your operation. Since most small businesses are without cyber liability insurance, they are at considerable risk.  

Small businesses operate on a tight budget, which can cause them to lack specific coverages. Policies like cyber liability insurance can save your company thousands of dollars in legal fees. When your system is compromised, the best way to avoid a lengthy lawsuit is by having the right insurance beforehand.

Cyber Liability Insurance for Technology Companies

If you're a technology company in Missouri, you might think your professional liability policy has all the coverage you need. The truth is, if you're without cyber liability insurance, your client information is vulnerable. No matter how protected your database is, there is still a chance for a hacker to get through.

You know better than anyone how easily a predator can mimic an actual person and fool even the savviest of professionals. The only way to protect your business and your clients is with a cyber liability policy. Get with a local adviser for quotes. 

How to Connect with a Missouri Independent Agent

If you're searching for the best business coverage in Missouri, consider using an expert. While you may be a professional at running your company, insurance can be tricky if you're not a licensed agent. Cyber liability insurance is necessary for almost every business owner. 

Fortunately, an independent insurance agent can help find a policy for a fair price. They work with multiple markets so that you can save time and money. Connect with a local adviser on TrustedChoice to get started.

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