Insurance for Information Services
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What Insurance Do Information Services Need?
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Frequently Asked Questions
Why do Information Services need insurance?
Establishments in this industry provide news and media coverage, stock photos, news clippings, art and calendar publishing services, and direct mailing services. Examples of businesses within this industry include news syndicates and online media publishers.
Your business needs insurance to protect it from the many unforeseen incidents that could occur. When a lawsuit or a medical responsibility happens to your business, for example, you won't pay for these expenses out of your pocket when you have insurance. This is paid by the insurance company up to the limits you select.
What risks do Information Services face?
There are many risks your business can face. Your computer systems could get compromised, risking the exposure of your confidential data or the information being used for criminal activities. A client could sue your business for a slip and fall claim when they trip inside your business property and suffer injuries. Your property could get flooded because of a burst pipe that could damage or destroy all your equipment.
How much does insurance for Information Services cost?
There is no fixed cost of insurance for information services as the cost depends on the size of the business, the number of employees you have, and the coverage required. Without taking these into account, below are the average costs of frequently purchased insurance for your business:
- Commercial Property insurance costs $600 in average annual premiums.
- General Liability insurance costs $500 in average annual premiums.