Given current events cyber breaches and intrusions happen with more frequency and severity than ever. There appears to be no end in sight. Cyber Insurance premiums start at only $300 for $100,000 of coverage.
Remember Business Owners Policies cover physical and general liability insurance exposures are not a substitute for malpractice insurance and/or cyber Insurance. Malpractice Insurance cover your Professional Liability Exposures and in limited circumstances may cover certain 3rd Party Cyber exposures but normally not the 1st Party issues.
Make sure to get a policy that covers 1st Party and 3rd Party exposures:
1st Party Claims
· Cyber Crime
· Incident Response Services
· Ransom demands to unlock your system.
· Notification requirements costs from federal & state laws & regulations to your clients that have suffered a data breach
· System assistance in restoring your systems and data
· Loss of income for the time that it takes to recover from a data breach
· Harm to reputation & goodwill
· Crisis Management and public relations costs
3rd Party Claims
· Damages to clients that have suffered a data breach
· Cost of defense to defend you from these claims
· Regulatory Violations, fines and penalties assessed against the firm
It takes only a couple minutes to get comparative cyber quotes:
Lee Norcross, MBA, CPCU
Managing Director, CEO
(616) 940-1101 Ext. 7080