Do You Really Need Cyber Risk Liability Insurance

The talk of hackers, information breach, identity theft is common today. Most businesses and business policies don’t cover loss of customer or employee data. High profile companies seem to have a great exposure to this, but the fact is, most all business small or large are at risk, and most commercial insurance packages do not cover this risk. A specialty coverage has been developed for these and many other breaches of information. It is called Cyber Liability and it is both first and third party coverage.

Check out this video from Travelers: https://www.travelers.com/business-insurance/management-professional-liability/cyber-risk.aspx

It is estimated that 65% of all businesses do not cover Cyber Liability, yet most would list it as a large concern. Why is this? Most Insurance Agents have not discussed it with their clients. Here at Frimark Keller we specialize in insuring small to medium sized businesses, and most of them do need this protection. Most policies today can be built around the size of the business and the exposures. Travelers policy for example can have up to 10 different insuring agreements. We are “Trusted Choice” agents serving Schaumburg, Park Ridge, and all of Illinois since 1910. We understand small business, and understand the great need for this protection. Most businesses deal with a lot of data every day, and were this breached, they would be subject to great financial loss.

Give us a call at 847-907-4520 and we can talk about this important issue.

 

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