Data breach coverage provides protection if a client or customer’s personal, sensitive, or confidential information may have been released. This coverage pays the costs of notifying affected people, the costs of credit monitoring services, and the fees of a public relations firm, in case you have to rebuild your reputation. It can be added on to a business owner’s policy or issued as a standalone policy, depending on the risks of your business. The more customers you have, and therefore, the more data you keep, the higher the risk, and the more likely the need for a standalone policy. Data breach risks are often overlooked. Paying for data breaches is no small feat.
FAQ_category: Business Owner's Policy (BOP)
Business interruption provides lost income and covers expenses if your business is temporarily unable to operate.
Business owner’s policies are customizable! Depending on your type of business, different coverages can be added to make sure you are fully protected. Business interruption, data breach protection, hired and non-owned auto coverage, liquor liability, employment practices liability, and professional liability may be available options.
Limits describe the the amount an insurance provider will consider paying in connection with a claim. There are two limits to keep in mind, the amount that may be paid per claim and the total amount an insurance provider will consider paying in one year for all claims.
This is dependent of the type of business and coverage options, but, generally between $500 – $1000, annually.