While most small business owners understand the need for certain insurance policies, many overlook the importance of cyber liability insurance. It’s easy to hear about a cyberattack on the news and think, “Oh, that’ll never happen to me.” But in fact, about 44 percent of small businesses experience a cyberattack, costing an average of over $8,500 per attack. These attacks result in over half of the affected businesses shutting down for good within six months.
Because so many small businesses are vulnerable to cybercrime, it’s a good idea to consider cyber liability insurance. If a data breach does occur, this coverage can help pay the associated expenses so the event doesn’t financially cripple your business.
A great way to save on cyber liability insurance is to add it to your business owner’s policy, known as a BOP. A BOP is an insurance package that bundles several coverages together, cutting down costs and making it easier to manage your coverage. BOPs are available to many small businesses, particularly those with low-risk profiles and small staffs.
BOPs generally come standard with:
- Property coverage: Protects business assets from physical damages or theft.
- General liability coverage: Funds legal and medical expenses if a third party should claim injury or property damage because your business wasn’t safe enough.
- Business interruption coverage: Funds payroll, rent, utilities and other ongoing expenses if a covered event should temporarily stop business operations.
The great thing about BOPs is that they’re customizable, which is what allows you to add cyber liability insurance to your policy. Contact your independent insurance agent for assistance with customizing your BOP today.
Do you have the right coverage? Call The Getzoni Agency, Inc. at (716) 631-0363 for more information on business insurance.