Basically to be covered, it has to be one of the named perils contained within the policy and if it falls outside of that there is no coverage. We would like to introduce you to “equipment breakdown coverage” and there’s one policy in particular that we feel is perfect for small manufacturing firms. Not only does it provide additional machinery breakdown such as boilers pressure vessels elevators and heating and air condition units, but this one could also cover your manufacturing equipment itself and in the case of what is shown in the picture above, that claim amounted to $20,000 paid to the client.

In this case, the device had to be sent to Italy to get repaired and repair with the expedited costs during the coronavirus, brought the repair up to that amount. The client was never the less very happy with the outcome and was even happier to have chosen to secure this coverage.

Come to Curran Cooney Penny Agency and let us help you ensure your world!

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Data breaches are becoming increasing likely for large and small businesses alike, as evidenced by the recent large-scale information breaches you may have seen on the news for companies like Target and Michaels. But small businesses are likely to get hit as well. Symantec, one of the global leaders in information protection, recently surveyed and discovered that 30 percent of all cyber-attacks were targeted at small businesses. These small businesses are seen as easier targets and a way for these hackers and data attackers to make their way to bigger amounts of data, especially when small businesses often supply information to the larger companies.

Most computer security professionals would tend to agree that there is no 100% foolproof way to completely stop these cyber criminals from getting into any system. And the average cost for fixing a breach, according to the Ponemon Institute, can easily drain millions of dollars from you and your business. So how can you truly protect yourself? Did you know that most insurance companies today actually provide policies that protect against these types of attacks?

A cyber liability policy goes a long way in protecting your business, as it can cover a range of claims that would result from a cyber attack on your business’ system. If personal or confidential information is compromised, whether it is for a business or an individual, you would be covered for a claim related to identity theft or even unauthorized access to such information. If a breach results in your business being unable to render their normal services for clients, you would be covered for a claim.

In addition to coverage against claims, a cyber liability policy covers even more, including first party costs for a range of different expenses. Costs for recovering damaged or deleted data would be covered. Business interruption losses and extra expenses that wouldn’t be covered by a normal property policy would be covered as well, since normal property policies don’t protect against cyber attacks since they result in no physical damage. Even extortion payments in the event of a ransom threat would be covered by a policy.

There is an increasing number of insurance carriers that are writing these policies, with more than 30 carriers offering their services in cyber protection. These policies can cover first-party and/or third-party losses, and they also could possibly be added on to an existing liability policy at a lower cost. So if you feel like you may have confidential information that could be at risk, and you want to feel safer with some protection in place, call us at 516-484-5200 to talk about the possibilities with us.

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Any business that collects and stores customer information faces cyber liability exposure

Would you buy and live in a home without purchasing insurance? A home is often a family’s biggest single asset, and it would be crazy to leave it unprotected. The same goes for any business that collects and stores information about its customers. Cyber liability is a huge issue for companies in 2011, but typical business insurance policies don’t protect against cyber losses. Does your business have cyber liability exposures? You might be surprised at the answer.

Your business does not have to be web-based to have cyber liability exposures. Almost every business collects some form of private or personal information about its customers, such as credit card or Social Security numbers. If that information is lost, stolen, improperly shared with a third party, your business can face legal liability and regulatory action.

Is Cyber Liability a serious threat?

Sony recently experienced a major breach of their Playstation Network that exposed data of more than 77 million customers. The New York Yankees accidentally leaked personal information about season-ticketholders, while a data breach at Epsilon exposed information about customers of several large businesses. Information security is a serious issue, but you might think it only affects large or internet-based companies.

Does your business accept credit cards? Do you have any kind of customer database? Businesses of all sizes benefit from collecting and using customer information, but that information can also put you at risk of cyber liability losses. All kinds of businesses may have cyber exposures, whether you operate a small retail shop with only a Point-of-Sale computer or a multi-office company with advanced network infrastructure.

How much can a data breach cost your business?

According to the Ponemon Institute, the average cost of a data breach is $202 per customer record compromised. It takes as little as 30 seconds to download or transfer 10,000 records of information—that’s more than $2 million of liability in 30 seconds.

When you hear “data breach,” you may automatically think of hackers and assume your business isn’t at risk—after all, hackers tend to target large organizations with highly sensitive information. In reality, cyber liability losses are triggered by a variety of events, including the theft of business laptops, hard-drives, or tape backups, an employee’s improper disposal of private customer information, or software glitches that expose sensitive information on the internet.

Learn more about how cyber liability may affect your business

Keep in mind that typical business insurance policies do not cover losses due to cyber exposures. To learn more and receive free advice, give me a call at (516) 484-5200 or email me at joe@ccpinsurance.com.

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