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.