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6 days ago · by · 0 comments

Cyber Liability Insurance

As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy continues to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.

In an age where a stolen laptop or data breach can instantly compromise the personal data of thousands of customers, protecting your business from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability policies.

Claims Scenario: Outsourcing Gone Wrong

The company: A national construction company that outsources some of its cyber security protections

The challenge: A construction firm partnered with a third-party cloud service provider in order to store customer information. While this service helped the company save on server costs, the third-party firm suffered a data breach.

As a result, the construction firm had to notify 10,000 of its customers and was forced to pay nearly $200,000 in incident investigation costs. The incident was made worse by the fact that the firm did not have a document retention procedure, which complicated the incident response process.

Cyber liability insurance in action: Following a data breach or other cyber event, the right policy can help organizations recoup a number of key costs. Specifically, cyber liability policies often cover investigation and forensics expenses—expenses that can easily bankrupt smaller firms who forgo coverage.

What’s more, when third parties are involved, managing litigation concerns can be a challenge. By using cyber liability insurance, organizations have access to legal professionals well-versed in cyber lawsuits and response.

Claims Scenario: Pardon the Interruption

The company: An online retail store that relies heavily on e-commerce

The challenge: A small-sized, online retailer partnered with a data centre to host its website and store its data. This is not uncommon, as many small businesses don’t have the IT infrastructure to host products, process payments and fulfil orders on-site.

Unfortunately, the data centre was targeted in a distributed denial-of-service (DDoS) attack. As a result of this attack, the retailer’s website went down for several days. While functionality was eventually restored, business interruption costs from lost sales and website downtime was over $165,000.

Cyber liability insurance in action: DDoS attacks are one of many weapons cyber criminals use to infiltrate and disrupt businesses. These attacks can impact any organization that owns a website, regardless of where it’s hosted.

Cyber liability insurance is one of the only protections organizations have against costly DDoS attacks and similar disruptions. This is because cyber policies offer business interruption loss reimbursement. Following a disruption caused by a cyber event, policies kick in and help organizations recover from any financial losses.

Benefits of Cyber Liability Insurance

  • Data breach coverage—In the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs, particularly as they relate to security fixes, identity theft protection for those impacted by the breach and protection from possible legal action. Cyber liability policies include coverage for these exposures, thus safeguarding your data from cyber criminals.
  • Business interruption loss reimbursement—A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.
  • Cyber extortion defence—Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion.
  • Legal support—In the wake of a cyber incident, businesses often seek legal assistance. This assistance can be costly. Cyber liability insurance can help businesses afford proper legal work following a cyber attack.

When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.

Cyber exposures aren’t going away and, in fact, continue to escalate. Businesses need to be prepared in the event that a cyber attack strikes. To learn more about cyber liability insurance, contact Scurich Insurance today.

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2 weeks ago · by · 0 comments

Business Interruption Insurance

Continuity is critical in business, and there are few things more important than continuous revenue and cash flow, particularly for small to medium-sized organizations. In fact, just one brief business interruption can be incredibly costly for an organization, often leading to serious reputational damages or long-term closures.

That’s where business interruption insurance can help. This form of coverage provides protection against a variety of common interruptions, including natural disasters, equipment damage and vandalism.

Claims Scenario: You’re Fired

The company: A small, family-owned bagel shop.

The challenge: Following a recent fire, a bagel shop experienced major property damage. Not only were substantial repairs needed, the company lost crucial baking equipment.

Repairs for the damaged property and equipment were expected to take three months – a significant amount of lost time and revenue.

Business interruption insurance in action: Following a covered disruption, business interruption insurance can help businesses of all sizes stay afloat and recover quickly. This is because business interruption insurance can reimburse income organizations would have received had they been able to operate.

This was particularly important for the bagel shop, as paying for costly repairs and not having a steady flow of income could have bankrupted the business. With the right policy, organizations can take the necessary steps to get back up and running, all without sacrificing day-to-day income.

Claims Scenario: Relocation, Relocation, Relocation

The company: A mid-sized auto dealership.

The challenge: After a night of severe flooding, a number of area businesses experienced substantial water damage. Of these businesses, an auto dealership was hit the hardest, losing the majority of its inventory.

In addition, because the lot was flooded, the dealership had to move its operations to a new location. This, in turn, meant the dealership had to sign a new lease and cover steep moving expenses.

Business interruption insurance in action: In the face of a disaster or other disruptions, organizations may be forced to move locations in order to remain open. Without the proper policy, organizations would have to pay for these costs out of pocket.

Thankfully, business interruption insurance can reimburse organizations for all of the costs associated with a move.

Benefits of Business Interruption Insurance

  • Revenue – In the event of a disruption, business interruption insurance provides coverage for income your business would have earned during a closure period if it had been operating normally.
  • Rent or lease payments – Even if your premises are unusable following a disaster or other event, many leases still require that you make payments. Business interruption insurance allows you to continue making rent or lease payments, even while your business is not operating.
  • Relocation – In the event that your primary location is unusable following a disaster or other event, you will likely have to relocate in order to remain open and continue generating revenue. Business interruption insurance can cover the expenses of moving your business to a temporary location and may include both moving and rent costs.
  • Employee wages – If you are unable to operate, it is likely you will not be able to continue paying employees. Business interruption insurance can help you avoid losing staff while you’re closed by ensuring that you make payroll.
  • Loan payments – If you have an outstanding loan, you will need to continue to make payments even if your business isn’t fully operational. Business interruption insurance will ensure you never miss a payment until you are fully operational again.

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Scurich Insurance Services
Phone: (831) 661-5697
Fax: (831) 661-5741

Physical:
783 Rio Del Mar Blvd., Suite7,
Aptos, Ca 95003-4700

Mailing:
PO Box 1170
Watsonville, CA 95077-1170

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(831) 661-5697

Available 8:30am - 5:00pm