Do I need a Business Owner Policy?
If your business has a physical location with assets, then it would be wise to get coverage. Even if you run your business out of your home, a rented or owned office, store or a garage, a BOP is a good investment for protecting assets at your location.
If there is any possibility of you getting sued (customer slipping and falling at your location), a BOP can protect you from out of pocket medical expenses.
You have assets that could get stolen or damaged. From digital assets and customer data, to equipment, furniture, cash or inventory, some assets can be very hard to replace. With BOP Insurance, you don’t have to worry about where the money is coming from in the event you have assets that got stolen or damaged.
*During the recent "Civil Unrest" events and COVID19 Business Closures, many small business owners were extremely grateful that they had a BOP to help pay for damage, stolen items, loss of income etc.
Do I need Cybersecurity Coverage?
Security of sensitive data is a growing concern for today’s small and medium sized businesses, and cyber thieves see these businesses as valuable targets for the wealth of personally identifying and sensitive information they maintain on employees, customers and critical business operations. Coverage that protects a business in the event of a cyber attack is more important than ever.
Coverages Include: Data Compromise, Computer Attack, Cyber Extortion, Network Security Liability, Electronic Media Liability, Identity Recovery
Class: Online Retail
A computer attack was discovered by the insured while monitoring traffic on their network. Excessive traffic caused them to further investigate. The investigation revealed that user accounts had been created on their servers and that files on one or more computers on their network were being actively deleted as they watched. The insured disconnected all of their systems from the internet at that time and corrected their systems. Covered cost of remediation: $80,264
Class: Professional Office
Three external back-up hard drives with private personal records for 300 patients were stolen from a locked physician’s office. The insured consulted with an attorney specializing in data breach and notifications were sent to affected individuals advising them to place a fraud alert with credit bureaus and to monitor their credit reports and other financial statements. Covered costs of notification and services: $10,500
Class: Professional Office
A law firm’s network was hacked and sensitive client information which included class-action lists containing plaintiffs’ social security numbers was stolen. The law firm received an email stating that the stolen information would be sold to interested parties unless the firm paid $20,000. An information security consultant was consulted and determined the best course of action was to pay the ransom. Covered costs of consultation and extortion payment: $27,000
*Source: Stillwater Insurance Group Cyber Suite Coverage document with generalized descriptions