When small businesses start, they get the basic small business insurance policy like a BOP (Business Owner’s Policy). But as your small business grows and you have more at risk, there are other things to consider. Like online thieves trying to crash your business to get easy money!
This happens in the cyber world, where they can hold your website, e-commerce or ability to take payments by way of ransomware. They really try to catch a small business owner unaware they they have an added security issue. It’s a never ending problem in todays online & digital world.
A cyber security insurance policy would be an answer to defeat these criminals. It is not something included in a BOP policy but a stand alone cyber insurance policy that responds to these online threats, malware and ransomware issues. Matter-of-fact, we just got a notice that Ticketmaster was hacked and had to send a legal notice to all customer’s of theirs.
Hopefully, they had a cyber insurance policy that would have responded to this cyber breach and not cost them thousands and thousands of dollars (Maybe a $1,000,000 or more)? Cyber insurance would have responded and other than the deductible, not cost Ticketmaster any money.
Wise small businesses are now protecting themsleves with a cyber security insurance policy.