Matthews, NC, business owners in all industries would do well to watch out for cyberattacks. Over 2,200 of these attacks were reported in North Carolina in 2024 alone. 

In addition to taking measures to prevent a data breach, business owners should also purchase cyber insurance coverage to provide compensation if a hack does occur. If this coverage isn’t enough on its own, then a specialized cyber umbrella insurance policy may be in order.

How Does Umbrella Insurance Work?

Umbrella insurance is designed to raise the liability limits of another commercial or personal insurance policy. It’s ideal for businesses and individuals who have costly assets that they want to protect in the event of a lawsuit. 

Umbrella insurance can, in some cases, cover perils that regular insurance policies don’t cover. However, it’s important to note that a regular commercial umbrella insurance policy won’t cover cyberattacks. If you want to increase the limits of your first-person and third-person cyber insurance coverage, you need cyber umbrella insurance. 

If your business is breached, you should start by filing a claim with your cyber insurance provider. If your claim exceeds your policy’s limits, you can then file a claim with the umbrella insurance provider. Umbrella insurance only kicks in once you reach the limits of your regular policy. 

Need More Info? Jim Boyce Insurance is Here to Help

Umbrella insurance is a great investment for many Matthews, NC, business owners. However, it’s important to make sure that you pick the right underlying policy and the right form of umbrella coverage if you want maximum protection for your business. Call our team at Jim Boyce Insurance for help assessing your policy options and choosing coverage that meets your specific needs.