Cyber Liability & Data Breach Insurance
Did you know a lost or stolen laptop could cost you nearly $50,000?
The financial implications for a small business or independent contractor affected by a data breach can be devastating. In fact, studies show that 60 percent of small businesses go out of business within six months of experiencing a data breach.* The best way to prevent becoming a part of this sobering statistic is to protect your business by having insurance coverage in place.
This Cyber Liability and Data Breach Insurance program provides small businesses and independent contractors with coverage to help protect against the financial burden created by a data breach.
Pricing as low as $199 annually. Quoting this valuable coverage takes just minutes.
*Source Verizon Data Breach Investigations Report
- Accepted Payment Methods: MasterCard, Discover, American Express and Visa
Pricing InformationInsured Revenue$250K Limit$500K Limit$1M Limit$2M Limit$0 - $1M$199$299$400N/A$1 - $2.5M$310$399$599$799$2.5M - $5M$410$550$750$999
Important Changes to the NAPA Cyber Liability Program
We are pleased to announce that NAPA has switched Cyber Liability Carriers from Beazley Insurance Company, Inc. to BCS Insurance Company. This change allows NAPA to offer you more competitive pricing and enhanced coverage provisions. Below we have prepared a brief comparison chart highlight some of the major differences.
BCS Insurance Company Beazley Insurance Company Offers four limits options, up to $2 million policy aggregate Offers only $250K and $1M; sublimits apply Retention is $1,000 for all covered claims (unless stated otherwise in the policy, applies separately to each claim) $2,500 retention; breach response requires at least 100 notified individuals Available to both individuals and entities Only available to individuals Admitted carrier Non-admitted carrier Coverage for PCI DSS assessments No coverage for PCI DSS assessments No minimum or maximum record Limit for notification services (only subject to coverage limit selected) Beazley only provides notification services if a minimum of 100 records are breached and has a maximum record limit depending on limit purchased
(10,000 for $1M limit policy or 2,500 for a $250K limit policy)
This Cyber Liability Insurance is specifically for:
- Life and Health Agents
- Registered Reps
- Investment Advisors and Financial Planners
- Property and Casualty Agents
- Real Estate Agents
Reasons to consider a Cyber Liability & Data Breach policy:
- Responding to a breach is not only costly — it's complex. Experts from multiple disciplines—from forensic investigators, to public relations firms, to privacy counsel — may be needed to mount a coordinated response to even a small incident.
- A single laptop left on a commuter train or stolen at an airport can cost an agent nearly $50,000 — most of that being expenses to respond to data breached—or potentially breached.
- State and federal regulations dictate proper handling of private information. If this information is breached, agents must navigate the different laws in 46 states that mandate how victims must be notified.
- Even if you outsource data handling, your exposure stays in-house. Some 70 percent of small businesses report that breaches are more likely to occur when outsourcing data.
- The exposure is not just from hackers intruding on electronic systems. Breaches are caused by everything from lost, discarded, or stolen laptops, PDAs, smart phones, and portable memory devices, to innocent procedural errors and acts of disgruntled employees.
The Cyber and Data Breach Insurance plan provides insurance protection for both First and Third Party Expenses.
First Party Expenses
- Breach Response costs (including employees)
- Credit Notification costs
- Monitoring services for up to a year (or as required by law)
- Forensic Analysis: computer forensic expert
- PR consultant
- Cyber Extortion
- Business interruption costs
- Loss of income
- Restoration costs
Third Party Expenses
- Claims – i.e. damages and claim expenses – for:
- Violations of privacy law or regulation
- Multimedia liability (e.g. claims based on defamation, libel, copyright infringement)
- Regulatory fines and penalties
- Compensatory payments – as required by regulatory action – to affected individuals
- PCI Assessments
- Easy Online Quote and Purchase Process
- A Rated Admitted Insurance Carrier
- Access to 24/7/365 Breach Response Line
- Broad Coverage Options for:
- Cyber Hacking
- Data Breaches / Lost Information
- Disclosure of Private / Confidential information
- Defense / Legal Costs
- Regulatory Claims and Penalties
- Multimedia Liability
- Cyber Crime and Extortion
- Antivirus and firewalls that protect the insured's computer system(s) are required to bind coverage.
- For agents domiciled in VT or a U.S. Territory, click here for a custom quote. Program is not available for agents domiciled in VT or U.S. Territories.
- Please Note: For agents licensed under a non-resident license in VT or U.S. Territories, they are still eligible for the program.
- Your coverage is secured by BCS Insurance Company.
BCS Insurance Company is A.M. Best A- (Excellent) IX rated carrier.
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