75% of small businesses are underinsured. A big part of this equation? The lack of an adequate cyber liability policy. One out of three small businesses will end up closing within six months after a single cyber-attack. As insurance professionals, we must educate, prepare, and protect small business owners against cyber attacks. October is Cyber Security Awareness Month, a pivotal time for the cyber insurance industry. Pathpoint and At-Bay have joined forces to empower agents to safeguard their small business clients against the mounting menace of cyber-attacks. This three-part cyber series will delve into the imperative need for Cyber Liability protection for small businesses, contractors, and restaurants. Let's kick-start this week by uncovering the four common limitations of a BOP cyber extension.
Many small businesses opt for a cyber extension to their Business Owners Policy (BOP) as a more affordable solution than standalone cyber insurance. However, BOP cyber extensions do not adequately protect SMBs from the many expenses associated with a cyber incident.
Four Common Limitations of a BOP Cyber Extension
- Limits that are unlikely to cover a meaningful amount of the cost of a cyber incident
- No first-party coverage, omitting some of the most common and expensive associated with cyber claims
- No access to a trusted panel of vendors, requiring clients to source experts on their own in the event of a cyber claim
- No cyber risk management services
Add Cyber Liability Easily
Just as car insurance is essential for vehicles, cyber liability insurance is vital for businesses in the digital age. It protects financially against cyber-attacks, including data breaches and other online threats. This insurance can cover recovery costs such as repairing damaged systems, retrieving lost data, and dealing with legal matters related to the breach. Regardless of size, it's a critical investment for businesses operating in our interconnected digital world. Standalone cyber insurance, especially insurance placed by a cyber specialist like At-Bay, provides significantly better protection. With limits up to $3M and retentions as low as $1,000, insurance agents can secure cyber liability for as little as $545. From your storefronts to your contractors, restaurants, and even online sellers, At-Bay's comprehensive cyber option protects businesses with revenues of up to $100M against cyber threats. Upload any ACORD at Pathpoint.com and receive bindable At-Bay quotes in minutes.
Cyber Liability Resources and Rewards
Cybercriminals are evolving and changing their strategies daily, so insurance agents must keep current on the latest in security, scams, and insurance. At-Bay provides multiple resources to insurance agents:
- Oct 10, Cyber CE Educational Webinar: Join At-Bay for the one-hour CE webinar titled Fundamentals of Cyber Insurance on Thursday, 10/10 @ 11 AM PST / 2 PM EST. This course provides 1 CE credit* in select states and provides attendees with an overview of cyber risk and insurance. Register by clicking this link. *1 CE credit available in AL, CA, FL, GA, IL, MD, MA, MI, MN, NJ, NY, NC, PA, TN, TX, and WA.
- Pathpoint/At-Bay Cyber Bind Incentive: In celebration of Cyber Security Awareness Month, Paithpoint and At-Bay are rewarding agents for any cyber binds completed at Pathpoint.com. From October 1st to October 31st, agents can earn a $50 Amazon.com gift card for every new business cyber binder. Learn more!