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Small Business Cyber Liability & Data Breach Insurance

Is your small business protected against the costs of a data breach?

The financial implications for a small business or independent contractor affected by a data breach can be devastating. In fact, studies show that 60 percent of small businesses go out of business within six months of experiencing a data breach.* The best way to prevent becoming a part of this sobering statistic is to protect your business by having cyber liability and data breach insurance coverage in place.

The fact that roughly two out of three SMBs suffered an attack or breach last year is alarming enough. But the financial impact of such incidents should put SMB owners—you—on high alert. The Ponemon study found that SMBs spent an average of $1.43 million to investigate and remediate cyber incidents in 2018, up 33 percent from $1.03 million in 2017. But those were just the direct costs of cyber hacks and breaches. Companies also suffered an additional $1.56 million in losses due to disruption of normal operations, representing a 25 percent increase from $1.21 million in 2017.

This Cyber Liability and Data Breach Insurance program provides small businesses and independent contractors with coverage to help protect against the financial burden created by a data breach.

Quoting this valuable coverage takes just minutes.

*Source: U.S. National Cyber Security Alliance

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  • Program Highlights

    • Easy Online Quote and Purchase Process
    • "A-" Rated Admitted Insurance Carrier
    • Access to 24/7/365 Breach Response Line
    • Broad Coverage Options for:
      • Cyber Hacking
      • Data Breaches / Lost Information
      • Disclosure of Private / Confidential information
      • Defense / Legal Costs
      • Regulatory Claims and Penalties
      • Multimedia Liability
      • Cyber Crime and Extortion

  • This Cyber Liability & Data Breach Insurance Provides Protection For:

    First Party Expenses

    • Breach Response costs (including employees)
      • Credit Notification costs
      • Monitoring services for up to a year (or as required by law)
      • Forensic Analysis: computer forensic expert
      • PR consultant
    • Cyber Extortion
    • Business interruption costs
      • Loss of income
      • Restoration costs

    Third Party Expenses

    • Claims – i.e. damages and claim expenses – for:
      • Violations of privacy law or regulation
      • Multimedia liability (e.g. claims based on defamation, libel, copyright infringement)
    • Regulatory fines and penalties
    • Compensatory payments – as required by regulatory action – to affected individuals
    • PCI Assessments

  • Program Eligibility

    • Antivirus and firewalls that protect the insured's computer system(s) are required to bind coverage.
    • For those domiciled in VT or a U.S. Territory, submit a custom quote. Program is not available for those domiciled in VT or U.S. Territories.
      • Please Note: For those licensed under a non-resident license in VT or U.S. Territories, they are still eligible for the program.

    Policy Exclusions

    Underwriter

    • Your coverage is secured by BCS Insurance Company.
      www.bcsins.com
      BCS Insurance Company is A.M. Best "A-" (Excellent) VIII rated carrier.
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