Owning a restaurant is one of the most challenging and rewarding business ventures out there. There’s a ton of work to be done and stakes are high, both for your staff and patrons. Atlanta business insurance options for restaurant owners are wide and varied. While you may have the basic coverages, such as workers’ comp, general liability, and EPLI, have you thought about how to protect your business online?
In today’s increasingly digital age, more and more restaurant and customer data is stored online. This leaves you at risk to have your data stolen through breaches, hackers, and more. Without appropriate cyber liability coverage, it could end up costing your restaurant business a lot.
Here are four common mistakes that restaurant owners make in this area of online risk management:
1. Restaurant Owners Assume that General Liability Insurance is Enough
Most business owner insurance policies contain general liability. Many owners assume that general liability covers all areas of their business, but this isn’t the case. General liability in no way offers coverage in the event of cyber liability losses — only cyber liability insurance offers that form of protection.
2. Restaurant Owners Assume That Cyber Liability Insurance Will Be Expensive
Cyber liability is a new and evolving form of insurance, and is often more affordable than business owners anticipate. The risk of loss in the event of a cyber breach or attack will always outweigh the cost of the policy. Taking the time to find the right insurance provider can also help mitigate the cost of cyber liability coverage, giving you peace of mind in the face of catastrophic risk.
3. Restaurant Owners Assume Firewalls and IT Staff Will Protect Them
No matter how careful you are at building a firewall and updating your computer virus protections, identify theft and data breaches are increasingly common occurrences. Additionally, many data breaches occur due to employee error, or the actions of a disgruntled employee. Simple passwords, opening suspicious emails, downloading malware, and even misplacing smartphones containing confidential information and passwords can put your business at significant risk for cyber liability loss.
4. Restaurant Owners Assume Using Third-Party Vendors Keeps Them Safe
Regardless of whether you use third-party vendors to handle reservations or credit card transactions, your restaurant likely assumes responsibility for protecting your client’s data as it passes through your system. Without the right insurance policies in place, your restaurant could face costly losses in the event that the third party vendor refuses to assume responsibility for customer data. Cyber liability insurance also protects credit card or other financial information stored on company servers.
Atlanta Life General Agency is here to help you get the cyber liability coverage you need to protect your restaurant from online risks and data theft. Contact us at 866-389-4466, and we’ll work with you to find affordable coverage for your business’s specific needs.