Small business owners should be wary of data breaches, stolen information, and hacks into their online security systems. When cybercriminals gain access to sensitive information about your company, employees, and customers, they can sell this information on the dark web or use it for their own nefarious goals.
If you’re a small business owner, you might not think hackers are interested in your company. You might think you’re too much of a “little guy” for them to care about. The reality, unfortunately, is that small businesses are often targets of cyber attacks that steal information because they don’t always have the IT security infrastructure that a larger company will have.
While it’s wise to invest in information security and take proactive steps to prevent a breach, it’s also wise to be just as protected when the unthinkable occurs. Having cyber liability insurance is an important way that small business owners can protect themselves from liability for breaches that affect their employees and customers – but what will it cost?
Affordable Cyber Liability Insurance from Insurance Specialists, Inc.
At Insurance Specialists, Inc., we offer cyber liability coverage at rates most small business owners can afford. Our insurance is officially underwritten by Axis Insurance Company, which is highly reputable and has earned an “A+” rating from AM Best for quality and customer service.
The details of our policy include the following:
- Limit of Liability per business options: $1 million annual aggregate
- Master policy-admitted-claims made policy form
- No aggregate limit on master policy
- $2,500 retention
- Coverage territory is worldwide
- Claim reporting requirement upon becoming aware of a suspected or actual breach
- Available to U.S. business with less than $50 million in annual revenue
Annual Costs for Our Cyber Liability Coverage
The yearly cost of coverage up to $1 million is based on your company’s annual revenue:
- Less than $1 million in yearly revenue: $800
- $1 million to < $5 million in yearly revenue: $1,285
- $5 million to < $10 million in yearly revenue: $1,650
- $10 million to < 25 million in yearly revenue: $2,900
- $25 million to <$50 million in yearly revenue: $5,000
If your business makes less than $1 million in annual revenue, we also offer a $250,000 limit at a yearly cost of $495.
Contact Us Today to Discuss a Policy!
If you discovered that cyber liability insurance for your small business is much more affordable than you thought, don’t hesitate to take action to protect your company. Our insurance specialists can help you establish a policy that ensures you are protected from wrongdoers on the Internet who only want to cause harm.
For more information, please contact Insurance Specialists, Inc. online or by calling (888) 451-0883.