Insuring Cyber/Privacy Exposures for Businesses of All Kinds
Many of our clients may assume their general liability policy covers everything. However, a privacy breach may not be one of them and requires a stand alone policy, which is now more affordable for small to mid-sized companies - a typical $100,000 policy for a small business cost between $350 and $1,500 annually through PBC's new "Privacy 101" offering. That is a small price to pay, especially compared to what a successful lawsuit could cost, not only in damages, but also in time, stress, lost business and tarnished reputation.
WHAT DOES "PRIVACY 101" COVER?
Covers most costs associated with a privacy data breach including:
Notification to all individuals whose private information may have been lost, stolen or accessed without proper authorization (notification is required in most states)
Associated costs for those individuals electing credit monitoring in the event their information was lost, stolen or accessed without proper authorization
Third Party financial claims and legal costs in the event of a suit and defense and penalty costs in the event of a regulatory claim (data breaches may be subject to state and federal penalties)
Public relation expenses to protect and restore a company or organization’s brand and public image
Expenses to retain a data forensics expert to determine why the breach occurred and how to avoid one in the future
Maximum Limit Options – up to $1M
Pre-determined Retentions - Based On Industry and Revenues
Minimum Premium - $300
* Please contact us via our web form above so that we can help your clients face this changing technological landscape.
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