Business Insurance
Coverage for the risk of a data breach or cyber incident.
A general liability policy typically does not respond to a data breach or cyber incident — cyber coverage is a separate policy built around that specific exposure.
No obligation. Starting a review does not change or bind any coverage.
What's going on
Almost every small business now stores some kind of customer or employee data electronically — payment information, medical records, or just names and email addresses. If you've never reviewed how a data breach or cyber incident would be handled, this is where to start.
Why it matters
A common misconception is that a general liability policy responds to a data breach. It generally does not. General liability is built around bodily injury and property damage, not the notification costs, legal exposure, and business disruption that follow a cyber incident. Cyber coverage is a separate policy addressing that specific exposure, and it's worth understanding the difference before an incident happens rather than after.
Things worth considering
Points we would talk through with you. Which of them apply depends on your situation, and what you do about them is your decision.
-
What does cyber coverage typically address?
Costs like customer notification, credit monitoring, legal expenses, and business interruption following a breach are commonly addressed by cyber coverage — none of which general liability is built for.
-
What kind of data does your business actually handle?
Payment card information, health records, and other sensitive customer data each carry different regulatory notification requirements if breached. It's worth knowing what you're storing.
-
Do you rely on a third-party vendor for payment processing or data storage?
A breach at a vendor you use can still create exposure for your business, depending on the agreements in place. It's worth understanding how that risk is shared.
-
Would a cyber incident interrupt your ability to operate?
A ransomware event that locks you out of your own systems is a business interruption problem as much as a data problem.
-
Does your business use email for financial transactions?
Business email compromise, where a fraudulent email tricks an employee into a wire transfer, is one of the more common small business cyber claims worth discussing.
-
Do any client contracts require you to carry cyber coverage?
Some clients, especially larger ones, now require vendors to carry a minimum level of cyber coverage before work begins. It's worth checking new contracts for that requirement.
Information on this website is general in nature and is not a complete description of any insurance policy or every coverage option that may be available. Coverage availability, terms, conditions, limits and exclusions vary by insurer, policy and individual circumstances. The issued insurance policy and applicable endorsements control coverage. Beacon Point Insurance Group may provide information regarding available insurance options and discuss coverage considerations based on information you provide, but customers are responsible for selecting the carrier, coverages, limits and deductibles they wish to purchase. No insurance coverage is bound, changed, or canceled through this website unless confirmed by Beacon Point Insurance Group or the applicable insurer.
How this tends to come up
-
A phishing email leading to a fraudulent transfer
A small business in the Kansas City metro had an employee respond to a fraudulent email that appeared to come from a vendor, resulting in a wire transfer to the wrong account.
-
A breach at a payment processing vendor
A retail business in Independence learned that a vendor it used for payment processing had experienced a breach, and had to sort out notification obligations to its own customers.
We Learn. We Compare. We Explain. You Decide.
- 01
We Learn
We ask questions about your situation and the insurance you currently carry.
- 02
We Compare
Based on the information you provide, we can obtain and compare available options from the insurance companies we represent.
- 03
We Explain
We help you understand important differences in coverage, limits, deductibles, policy terms, and price.
- 04
You Decide
You select the company, coverages, limits, deductibles, and options you want to purchase.
What working with us is like
The part people tend to mention is that someone explained it and then let them decide.
More business coverage
Let's find the options that work for you.
No obligation. Starting a review does not change or bind any coverage.