Delaware Business Insurance Update from CNC Insurance Associates " The Meat & Potatoes of Cyber Coverage and Why Every Small Business Needs It" 3-12-17

It seems that everyday in the news another large company or financial institution is being hacked. Do to the large scale of these cyber breaches many small and middle sized businesses feel that their company would not be the target of professional hackers. This is simply not correct. Many small businesses get cyber attacked every day but never make the headlines. That is why a Cyber insurance policy is so important. I thought I would outline the "meat and potatoes" of this important coverage and then make a pitch on why you should buy a policy for your business.
 The basics of cyber insurance coverage is to protect the business (First Party) and the business customers, (Third Party). Protecting the business from unauthorized access, virus transmissions, theft of data, loss of business income,  and cyber extortion are just some of the first party protections a cyber insurance policy can offer. The policy can also cover customers who were financially harmed by a hack to your business.  Rebuilding customer credit, replacing stolen monies, cost of notifications to creditors, and repairing or replacing damaged computer programs or hardware, are all third party protections that can be offered.
Now, the pitch on why you should purchase the coverage. The premiums have been coming down significantly from just a few years ago. It is now more affordable than ever. Also more insurance companies are offering the protection and many will add the coverage to your already existing policies. Finally, there are a growing population of cyber criminals out there, more than you can even imagine. The time is now to call your insurance professional and add Cyber Insurance. Until next time be careful out there and know your risks.


G. Kevin Nemith,  President  CNC Insurance Associates & The Business Insurance Center
Serving DE,MD,PA, NJ & VA
www.cncinsurance.com
www.bizinsurancetv.org



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