If you’re just starting your new business, or have recently been wondering if your current commercial insurance coverage is enough, it can be frustrating trying to educate yourself about business insurance options.
At CommercialInsurance.net we specialize in qualifying businesses over the phone and connecting you with the agent most appropriate for your needs. You don’t have to know exactly what you’re looking for when you call, since we walk you through the process of discovery, but it is helpful if you have a general knowledge of what some of the most common commercial insurance coverages are, so that we can expedite the process as much as possible.
This is a foundational policy that will cover your business’s most common exposures, such as property damage or bodily injury caused by you during the normal course of operations. A certificate proving you have general liability business insurance may be required when you contract with other businesses, and we can usually provide that certificate within a business day.
If you have employees, this coverage will provide their health benefits for work-related injuries. Your state may require workers compensation coverage if your business has employees, and the specifics about what you’ll need will vary. The carriers we work with provide a range of options.
Business Owner’s Policy
If you need business personal property coverage, as well as general liability and insurance for your building, a Business Owner’s Policy, or BOP, can provide a reasonable commercial insurance solution by packaging all of these together.
Vehicles used in the course of your business may qualify for commercial auto coverage. When looking for a quote, be sure to have the license numbers of any potential drivers, and VINs for the vehicles.
Commercial Umbrella Coverage
For areas that fall outside of these specific policies, you might consider a commercial umbrella policy. This is written in addition to foundational business insurance policies like those listed above, and is intended to cover catastrophic losses.
Risk management is an art, and our business is helping you protect your business.
Call one of our professionals today at 1-877-907-5267 for help building a commercial insurance plan for your company. Quotes are quick and easy once you’ve supplied some basic information about your business.
In the wake of high-profile data breaches where hackers humble multibillion dollar companies, questions like “Am I vulnerable to something like this?” or “Do I need cyber risk insurance?” inevitably rise in the minds of large and small business owners around the world.
Then they’re promptly forgotten.
Until the next time a similar story is reported on the news. (For example, the recent Equifax horror show.)
If you’re an IT professional in certain industries, you probably have no delusions about cyber risk insurance being a necessity; outside hacks for ransom and/or data breaches from within a company’s ranks are too common, and too costly. It’s a no-brainer.
Even if you’re not a motion picture CEO, or the Google VP, however, you need to be aware of the fact that you may have a cyber target on your back, or weaknesses within your company that could be exploited. A 2016 study by Symantec didn’t have “Movie Studio” or “Technology Giant” listed in the top five businesses affected by ransomware; service industries, manufacturing, finance/insurance, real estate, and public administration showed up as the most targeted. (Entertainment and technology services didn’t even make the top ten list, which included wholesale trade, transportation, communications, and utilities, retail, construction, mining, and Agriculture, Forestry and Fishing.)
Ransomware is affordable (it can be purchased for less than $2,000.00), and adapting as fast as protective software can be developed; Symantec found 101 new ransomware “families” in 2016. That number represents a 36% increase from previous years. While effective security measures and employee training are good protocols to have in place, a cyber insurance policy could mean the difference between returning to business after a breach, or shutting down.
Don’t believe for a second that only large businesses are targeted; Symantec’s study found that smaller companies (251-500 employees) are more likely to be targeted by email malware, possibly for the very reason that they’re ill prepared to handle an attack.
As a business insurance sales specialist and the team leader of the INSURICA Insurance Management Network Technology Practice, James Roskopf knows what he’s talking about when he says that it’s a mistake to underestimate cyber risks and the people who perpetrate them.
“You have to remember,” Roskopf says, “That hackers are mean people.”
“A lot of people are still looking at cyber issues as a cost of doing business. If they get attacked with ransomware, they know that the FBI discourages paying hackers, but they also know that paying is the path of least resistance.”
There’s another Symantec statistic that proves Roskopf’s assertion about the cruelty of hackers, and puts to rest the notion that paying the ransom is ultimately less costly than an ongoing monthly insurance premium; only 47% of the victims of ransomware who pay the ransom are found to recover use of their stolen files.
Rather than relying on a criminal’s promise of good faith, a risk management program that includes cyber liability is the best way to forestall a business-ending security breach.
Cyber risk insurance coverage options can be scaled according to your business’s size and needs, and can include a budget for public relations repair if your customer’s data is compromised. Some other costs to consider that a good cyber liability policy can cover:
Security fixes and cyber forensics
Notification and identity protection for affected customers
Libel, copyright or infringement, and defamation (social media posts can take a minute to post, but have a long recovery period)
Damages to a third-party system (in case of an accidental virus transmission, for example)
System failure; hardware losses due to a natural disaster or malicious destruction would be covered under a commercial property or inland marine policy, but data and code losses would need electronic data protection coverage
Whether you’ve spent years building your business or you’re just starting…you can’t afford a catastrophe. A cyber risk policy for your company could be the safeguard it needs for a long, prosperous life.
Call us today at 1-855-279-9559 to discuss your cyber risk management plan. For the majority of businesses, a quote from an agent is available within five minutes, upon answering a few basic questions about your company.