A Cyber Liability Insurance Policy Helps Mitigate Your Losses

In many ways, technology has made businesses better. With computers and software programs, lines of communications are open in ways never dreamed of before. You can sit in your office in the states while negotiating a contract with a client in Japan. Collecting money from customers is faster and easier than ever. With a few clicks of the mouse, funds are transferred within seconds from anywhere in the world.

On the flip side, technology has also made businesses easy prey for criminals. For instance, with a $40 piece of equipment, a hacker can collect any unencrypted data transferred across an open WIFI connection. That data can translate into billions of dollars in damages. Regular business insurance policies will not help mitigate the PR nightmare you may have on your hands, or recover damaged laptops from malware. The knowledgeable professionals at the Business Insurance Center can assist your enterprise in obtaining the best cyber coverage for your needs.

4 Reasons to Invest in a Cyber Liability Insurance Policy

Cyber attacks are on the rise. Turn on your TV or read the newspaper, and you are likely to hear about some big brand name being the latest victim of a hacker. It’s easy to believe the misconception that just because you are a small to medium-sized business, you are safe from possible attacks. The reality is that many criminals are opportunists, and your company is the perfect prey for exploitation. Not all approaches to managing cyber risk are the same. Consider these reasons to invest in a cyber liability policy:

1. More technology does not protect your system 100% of the time: Installing safeguards such as a firewall is only part of the answer. Criminals are continually outsmarting the antivirus on your computers. They can even buy simple, cheap equipment that will crash your expensive computer system.
2. By the time you notice a breach, your hacker has been in the system a long time. On average, a hacker has been infiltrating your system for the better part of a year – nearly 205 days. Many times, the breach is not discovered until law enforcement alerts you.
3. Your regular business policies will not fill the gaps. It would help if you initiated measures to lessen the opportunities that criminals have to take your company down. So, increasing security is critical; however, if a breach happens, you cannot rely on your general liability policy to fill in the gaps. It is best practice to have a specialized plan.
4. A cyber hack can encompass the whole spectrum of potential losses – virtual and physical. It is easy to think that dealing with a virus or malware only happening to a computer. Physical damage can occur from equipment that runs on computers. Face it; nearly everything runs on one! The Internet is at work all the time. Imagine the damage to property and people from one cyber attack making a piece of equipment run amuck.

Stay in Business Longer and Stronger with the Right Insurance Policies

Cyber risk cannot be wholly eliminated, but it can be minimized. That is where the experienced brokers at the Business Insurance Center can help. We have the knowledge and resources to obtain the right policies for your company to ease the blow in the case of a cyber attack. For over 30 years, we have worked with and supported business owners, self-employed individuals, and entrepreneurs alike to protect your livelihood. Give us a call today and experience the difference.

Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.

The purpose of every business is to provide the market with a much-needed product or service. As an entrepreneur, you enjoy the responsibility of being a valued supplier. You also enjoy something else that’s important – the bonus of being your own boss and the designer of your destiny. However, like many other things in life, a perk has a flip side. For example, you may have ditched one overbearing boss and gained multitudes of new ones in the form of customers. You can no longer hide behind the decisions of your CEO because now you are one! That means you are responsible for the wellbeing of your employees, clients, and company. One way to keep things running smoothly in times of stress is knowing you have the right business insurance in place.

Put an ace in your pocket when you talk with the knowledgeable brokers at the Business Insurance Center. We have worked with many business owners in various stages of growth, from a new startup to one that’s fully established. We understand the stress and responsibility placed on your shoulders, and we can help ensure you have plugged any holes in your coverage.

5 Reasons to Buy Business Insurance

Long gone are the days of starting a business by hanging out a shingle and hoping for the best. In today’s society, it’s imperative to cover all your bases if you want to remain profitable and have a long, sustainable enterprise. Here are a few reasons you should protect your business with a sound coverage policy:

1. It May be Required in Your State: If you have employees, there are certain forms of coverage you must have such as < ahref=”https://www.businessinsurancecenter.com/coverages/workers-compensation-insurance/” alt=”Worker’s Compensation Insurance” title=”Worker’s Compensation”>worker’s compensation and unemployment. Failing to have the right policies in place can put you at risk of facing fines and penalties.
2. It Is a Litigious Society: Without insurance, you may be in danger of losing your business and your reputation; even a single lawsuit can do a lot of damage. Legal fees rack up quickly, so even if you win, you may still lose with time, money and sleep!
3. Adds Credibility: Many customers and clients feel safer working with a company that is insured, especially if you are in a construction or home services trade.
4. Keeps Your Business Going in Case of Disaster: Increasingly unpredictable weather patterns can leave you wondering if your office will still be standing after a thunderstorm. Another unforeseen disaster to consider revolves around you. A long-term illness, sudden accident, or even death, can leave your employees and company in shambles.
5. Peace of Mind: There is no way to see into the future. When you have the correct coverage for your situation, you can focus on building and growing your business, not worrying about catastrophes.

Stay in Business Longer and Stronger with the Right Insurance Policies

Focus on your company and your employees while we focus on protecting your business. The experienced brokers at the Business Insurance Center have the knowledge and resources to find any gaps in your existing coverage and offer budget-friendly solutions. Since 1984, we have supported business owners, the self-employed, and entrepreneurs like you to protect your livelihood. To experience the difference, give us a call today.

Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.

Today’s business environment requires an online presence, various computer hardware and software programs, and email. So many points of weakness for a cyber-attack that you may focus most of your resources on anti-virus programs. In doing so, you are likely to forget that some criminals walk right through the front door. How? Every day, employees and team members conduct business using an email system.

What happens when a criminal hacks a vendor’s computer system, hijacks their email program, and changes just enough information not to cause alarm? In one word, it is called fraud. Often, they obtain domain names that are very similar, change a phone number, and steal an employee’s signature line. Soon, they are conducting business, and you do not know anything has changed until it is too late.

When you work with a trusted insurance brokerage like Business Insurance Center, you have the support you need to get adequate and timely protection. Our network of brokers understands the nuances of different industries and the real threats they face.

Scenarios from Social Engineering Fraud

Even with best practices in place, fraudsters can gain access and the confidence of the most prudent professionals. Here are a few examples of how this works:

• An email from one of the company’s senior executives appears in an employee’s inbox indicating a wire transfer needs to be made. Unbeknownst to either party, the email was hacked, and the money was sent to a criminal’s account.
• Routine wire transfers are rerouted after email requests are sent with “updated” banking information. No one knows the difference until valuable funds have disappeared into thin air.
• Instead of paying a vendor for supplies received, a retailer sends funds to a revised bank account based on an email from the “supplier.”

It Is All in the Approach

One common way criminals get a response is by putting pressure on the recipient to perform the requested action. Often, hackers will do diligent homework on their targets and appear as authentic as possible with websites, phone calls, and legitimate looking email chains. Next, they make their request for money or information such as bank account and routing numbers. Then, they start applying pressure using terms as urgent or demanding secrecy. Once they get what they want, the hackers disappear with their bounty, and the company is left holding the bag.

Work with a Highly Respected Insurance Broker to Get the Protection You Need

Even the best preventative measures will not keep the hackers at bay. A robust social engineering fraud insurance policy can help you recover from losses of time and money from an attack. When you work with a knowledgeable broker from our countrywide network, you get a valuable ally. We discuss your needs and tailor an insurance package that keeps you moving forward in your business. We will get you the best protection at rates you can afford. Call us today and enjoy exceptional customer service and quick response times.

Request a quote or speak with a knowledgeable and experienced insurance broker. We have a 24/7 call center to serve you.

It is just like a Hollywood script. An unassuming employee sits down at his desk and begins checking through his email. Nothing out of the ordinary here–a message from the department boss, a joke from a co-worker, and an invoice that needs to be approved. Yes, just another day at the office. That is until the invoice email is clicked and a malware virus is released. Soon, it infiltrates the whole database where it holds the information hostage for a Bitcoin ransom. What ensues is a madhouse of corporate executives wringing their hands and calling the FBI.

If you think this only happens in the movies, you would be incorrect. The unfortunate truth is that ransomware attacks have grown exponentially since 2005. If your company gets hit by a cyber attacker demanding money before releasing your data, then you need help. At Business Insurance Center, our dedicated staff understands the threats to your company and your customers. We work with you to get you back up and running.

Types of Threats You Can Face from Online Predators

Having the right type of coverage can get your business back on track quickly after being held hostage. Here are a few threats cyber-criminals may make:

• To alter, damage, even destroy your software programs or data
• To infect your IT systems with a virus or malware
• To release data or sell it
• To make your website inaccessible

What Ransomware Insurance Covers

Depending on your existing commercial property policy, covering a ransom is a mistake. The extent of coverage is generally limited to damaged electronic data from a computer virus. You need better protection that includes the losses from ransomware. Here are a few types of costs you may incur:

• Ransom Demand. This is the amount of money the cyber-criminal is demanding you pay to regain access to your data, computers, or smartphones.
• Extortion Expenses. If you have to travel out-of-state to make the ransom payment, there are costs involved. Other expenses include hiring a consultant to negotiate with the extortionist for you.
• Repair Expenses. Just because you pay the ransom does not mean you will get your data and computers back without damage. Sometimes the encrypted data is not “unlocked” even after you forked over the demanded amount. Now comes the recovery period with the time and money involved to restore and replace programs, software, or data.

Stop Ransom Demands in their Tracks with the Help of a Trusted Insurance Brokerage

Avoid being a victim of cyber-thugs. Talk with an experienced broker who can discuss your needs, look for cracks in your protection, and suggests the best coverage for your company at a price that will not break the bank. Enjoy quick response times and exceptional customer service when you contact our network of brokers today.

Request a quote for ransomware insurance or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.