Insuring Your Intangible Assets

Our heavy technological dependence has created an increased need for protecting our business’ intangible assets in a unique way. Recent mass data breaches have proven the importance of purchasing a cyber-liability insurance policy. With nearly all of our client and company data saved online, we must find a way to protect our most valuable information adequately.

Advancements in technology mean that most US businesses will be able to host their company data on third-party sources in order to receive full protection. As many companies currently share servers, problems are arising where multiple companies and clients can suffer in the event of one data breach.

When choosing the right type of insurance to adequately protect your business, it is important that you read through the various coverage options to ensure that your intangible assets are protected. Many insurance providers will strictly prohibit coverage from third-party networks or cloud computing. Instead, you should only purchase policies that clearly define their limits and coverage options so that you do not wind up with any unpleasant surprises.

As a relatively new form of insurance, cyber liability insurance is constantly evolving. Insurance providers are still determining how to provide coverage for these new risks. While you may be thinking of hosting your data in the cloud to reduce your risk factors and decrease the cost of housing data, you may find yourself vulnerable to cyber-attack. Before making any final decisions, speak with your insurance provider to ensure that your biggest investment is adequately protected.

Stromsoe Insurance Agency is available for all of your Murrieta, California business insurance needs. Contact us today and allow us to provide you with the peace of mind knowing your business is adequately protected. We are available to answer any and all of your questions around the clock.

 

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