Want data breach insurance? Try putting it in your BOP
Two things are almost always true for small business owners: saving money is a good thing and data breaches are a concern. The first is kind of a given (especially if your business is still getting off the ground), but the second? Do small businesses really have to worry about data breaches?
They do, and here are the numbers to prove it:
According to a 2013 National Small Business Association survey [PDF], 44% of small business respondents suffered at least one cyber attack and lost an average of $8,699 in the process. (Read more about that here: "Top 8 data breach misconceptions.")
A report by Experian shows that hacked small businesses have a high mortality rate – 60% go out of business within six months.
Though these figures are alarming, they aren't a death knell. Rather, look at this as an opportunity to start taking your business's cyber security seriously by investing in cyber liability insurance (aka, data breach insurance). This policy can help pay for the cost of data breach recovery so it doesn't come out of your pocket.
If you're in super sleuth mode today, you might be putting the pieces together now: there is a way to save money on your cyber liability coverage. Simply bundle it with your business owner's policy (BOP). Here's how.
BOPs: Get a bundle, save a bundle
If you own a very small business, you may be eligible for a business owner's policy. To keep costs down, this policy is only available to businesses with small commercial premises, low-risk profiles, and small staffs.
What happens when you make the cut? You have access to all things BOP, which is an insurance package that cuts premiums by bundling certain coverages together. A standard BOP offers you…
Worried about being sued over slip-and-fall accidents that happen on your premises? Good thing your GL coverage can pay for legal expenses when third parties allege you didn't do enough to make your business safe.
Every business owner relies on their commercial space and equipment to do their work. This policy ensures you have the means to replace or repair those business assets when they're damaged or lost because of fire, theft, vandalism, or windstorms.
Winter disrupts even the most prepared businesses. For example, an ice storm may take out your supplier and keep you from generating revenue. BOPs usually include 12 months of business interruption coverage, which helps you cover payroll, rent, taxes, and loans when a covered property claim keeps you on standby.
The other nice thing about a BOP? You can customize your policy by adding endorsements. In most cases, you can add cyber liability insurance to your bundle to reduce your overall insurance spending.
For Insureon's online application, you must select the BOP or general liability and property insurance option in order to see the cyber liability option. Give it a try to find out how much you can save on these essential policies.
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