WEDNESDAY, JUNE 22, 2016
 Having business insurance can mean facing significant fines and even large settlements when mistakes happen. In some cases, those risks occur through no fault of your business but due to the actions of employees. For example, wire transfer fraud, the instance in which funds are electronically transferred from one account to another, could lead to a sizable liability claim against your business. Does your current liability insurance provide protection against this risk?
What are the Risks?
As a type of cybercrime, wire transfer fraud is not something to overlook. Many businesses need specialized cybercrime insurance, a policy that specifically protects against risks associated with theft over the Internet. In many cases, wire transfer fraud can occur without any knowledge. Someone may make such a fraud transaction, and it may take weeks or months to show up on your data. In the meantime, you face risks.
How Can Business Insurance Help?
Business insurance is there to minimize the financial loss your company suffers from risks like this. Cybercrime insurance specifically can help in many such instances, including with liability claims from third parties of customers that incur losses themselves, system recovery costs, notification expenses and regulatory fines. In some situations where the instance is widespread, it may be necessary to consider protections from a class action lawsuit. The costs can amount to thousands of dollars if not more.
Your business can face long-term loss as well. Loss or corruption of data, business interruption, reputation recovery and even cyber extortion are growing threats that businesses simply need to protect against at a more significant level. Yet it is not easy to do so. Business insurance can help.
By working with your business insurance agent, you can determine if there is a risk of wire transfer fraud and what steps you can take to minimize this risk. It helps to take a closer look at all types of cyber threats to ensure the proper level of coverage is always in place to minimize the financial loss your company may face. The threats to your business may continue to grow and change, but with a modern, updated policy, you can minimize the impact they have on your business in the long term.
Do you have the necessary protection? Call Low Rate Insurance Agency at (817) 635-0375 for more information on Arlington business insurance.
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