Transportation insurance- trucking

Cyber-Liability Insurance -The Hottest Business Need These Days

Did You Know....

“ In the wake of the COVID-19 outbreak, cyber-crime has risen exponentially. Hackers have preyed upon our need for digital communication and an American business was breached every 11 seconds in 2020.”

Who needs protection from cyber attacks (ransomware)?

We now live in a world where our small businesses, banks, and medical industry are under cyber attack every day. No industry, regardless of the billions spent on IT services a year, is 100% secure.

How can I protect my business financially if I become a victim of cybercrime?

Here are ways that a cyber-liability plan can protect your business from revenue loss or, in the worst-case scenario, shutting its doors:
  • Notification costs – If you fall victim to a breach, you must notify your clients or customers. After all, costs are considered, this can run up to $75 per customer/ medical record
  • Network damage – Not all hacks will destroy your network, but many do. The cost of fully restoring a computer system can be a heavy setback for any business.
  • Cybercrime – Wire transfer fraud, stolen banking information, electronic theft of funds….all can result from a breach. Our high-end plans include coverage for up to $250,000 of cybercrime coverage with limits customizable down to $50,000.
  • Coverage beyond your computers – Our plan options include coverage for loss of business income, reputational harm, customer payment fraud, and other ways that a breach could financially impact a business outside of their own network.

How likely is it that your business will be a victim of a cyber attack?

Use this checklist to evaluate your business’ cyber expose

Frequently Asked Questions About Cyber Liability Insurance

I already have an “IT guy.” How is this any different?

We advise our clients to pay for the most and best IT service they can afford. Building firewalls, setting up multi-factor authentication, having secure passwords…all of those things are necessary FRONT END precautions to prevent a breach from occurring. No business is 100% secure. Cyber-liability functions as a BACK END service to mitigate damage and recoup losses after a breach occurs

Are there any types of incidents that are excluded from coverage?

Possibly. Depending on how the policy is written, certain “risky” behavior may be excluded. For instance, if a breach stems from an employee using a personal, unencrypted cell phone…coverage may be excluded by the carrier.

How much does it cost?

Cyber premiums are based on revenue and the number of employees a business has. Typical plans for a small business or clinic can run from $1,000 - $2,500/ year. Larger groups with more employees and a higher risk can pay premiums in the five-figure range.

How does business income coverage work?

If a business is shut down for an amount of time due to ransomware or malware, revenue is lost. Plain and simple. A recent breach cost an NEA business an estimated $240,000 over a 9 day period. Our plans help your business recoup that lost revenue.

If we get hit with ransomware, will the plan help pay the ransom?

Not only will the limits cover the ransom, our breach specialists will help determine if the breach is legitimate, and negotiate the ransom fee with the hackers, if possible.

What is reputational harm and how is that covered?

When a breach occurs and a business closes or is unable to continue full operations…word gets out. Customers leave either because they need services immediately, or because they feel like the business has not protected their information. Using monthly revenue reports following a breach, or advanced plans can help with this lost revenue.

We live in a rural area, is this coverage really necessary?

Absolutely. In 2020, 55% of all hacks happened at the small business level. Small businesses typically have less money invested in IT support, making them the wildebeest on the open plain to the lion-like cybercriminal. In addition, over half of small businesses that were subject to a breach in the past 5 years have shut their doors within 6 months. Small town DOES NOT mean small risk.

Click here to get a quote Click here to explore our customer portalClick here to file a claim

32 Southpointe Drive
(870) 236-8744

2121 Harrison Street
(870) 793-6391

315 N. Broadway
(870) 762-2641