When you run an SME, there are lots of things to think about but one of the last things on your mind is probably a breach of your IT systems. After all, a computer security breach is something that only happens to big companies with million pound turnovers and information worth pinching – right? Not necessarily though, a government survey in 2014 found that 60% of small to medium businesses, had suffered a cyber breach, costing hard working SME bosses around £65,000 to £115,000 to sort out.
A breach in cyber security isn’t always about customer information being stolen, it could be a malicious virus that brings down your whole system or wipes out important information. Plus, there’s the added hassle of interruptions to your business as well as the temporary loss of income and the cost to sort it all out.
Only about one third of UK businesses have specific cyber insurance in place. One of the reasons why it doesn’t seem to be on the list of priorities, is because businesses are unsure of whether such a policy would cover their needs. But any sort of business insurance can often be tailored to suit your business needs, so what should you bear in mind when it comes to a cyber insurance policy?
You’ll need to think about getting enough cover to compensate you for the loss and repair of any equipment as well as data, costs for notifying customers, and covering the cost of any money taken from your business. But it’s not just your enterprise you need to cover – you’ll also need to consider your clients’ needs as well such as covering the cost of any damage or loss to them or their business.
But cyber insurance is just one type of insurance cover that you could need for your business – it’s important to protect your livelihood with a policies that meet your needs. Whatever your line of work, there’ll be a policy that’ll have your back – whether you give advice and need professional indemnity insurance or if you work with the public – in which case you’ll probably need public liability insurance And let’s not forget employer’s liability insurance – which you’ll need by law if you employ any staff – full or part time, temporary or permanent.
So, whilst there’s no doubt that protecting your business from cyber baddies is important, protecting your business overall is vital. It’s easy to think that you’ll never need it and therefore what’s the point, but life has a habit of throwing the occasional curve ball and business insurance could be a welcome safety net – so don’t put it off, make sure you’re covered and start comparing today.