Did you know that only 2 in 10 small businesses have any cyber insurance? Most folks don’t give a second thought to the pitfalls of doing business in the digital age. But every day, computers crash, cyber thieves steal, and hackers destroy.
What is cyber insurance?
Cyber insurance is coverage for a broad range of scenarios in which sensitive stored information might be damaged or lost.
The loss of your data property, ideas, confidential corporate information or its inappropriate publication can interrupt your business or cost you time and money. You can also face legal consequences for losing third party information, plus federal law and/or laws in 47 states, Puerto Rico, and the US Virgin Islands require you to notify those owners of the loss within certain time frames.
Unfortunately, traditional insurance doesn’t cover intangible data or intellectual property, especially digital bits and bytes. For this kind of risk, you will need cyber insurance.
Are you at risk?
Anyone who collects personal or other sensitive data is at risk. You could be at risk if your files or databases contain any of the following information of third parties or even employees:
- Personal identification information, like SSN’s, email or street addresses and phone numbers
- Credit information, like credit card numbers or billing information or credit reports
- Financial records, including investments and bank information for payroll direct deposits
- Online access information, like user names and/or passwords
- Health records and health insurance information of students or program participants
- Information governed by non-disclosure agreements
Any good cyber insurance policy begins with third party and first party coverage called Network Security and Privacy coverage. It also can cover the following:
- Data stored on laptops and other portables
- Notification costs and regulatory defense
- Information stored on the cloud
- Information stored both offline and online
- Advertising and other content
- Business Interruption and data restoration
- Crisis management and PR costs
- Cyber extortion
- Rogue employees
- Breach of non-disclosure agreements
What does cyber insurance cost?
The premium cost for a cyber insurance policy can range from a few thousand dollars for a $1 million policy limit to hundreds of thousands of dollars for very high policy limits. Over the past ten years, INSUREtrust has written more than $100 million dollars in premiums and paid more than $30 million in claims. Insurers are looking for business and we can find competitive pricing and terms for any risk.
Like all insurance, there is an application process that can be cumbersome. However, over the years INSUREtrust has put together a simplified application that is accepted by many of the leading insurance companies. Call us. We can walk you through the process and make it easy.
What’s the next step?
By now, you’re probably realizing that your clients have no protection from cyber threats. Don’t let your clients be caught off guard! We make it simple and quick for you to become the expert, get a price quote, and be the hero. To take the next step, click one of the buttons below or simply call us.