Cyber insurance coverage: Do you have it? Do you need it? Do you know about it? And where can you get research and or help?
Let’s face it, computers, networks, and electronic data are essential for doing business, any business, in today’s economy and world. We all rely on digital tools to get the job done every day. It no longer matters whether you are a small, mid-sized, or large business; business today is conducted electronically, and no one today is safe from cyberattacks.
That’s why we’re working to make cyber liability insurance available to more and more of our customers. In most states, our insureds already have a limited cyber coverage built into their policy. Once we are approved to offer it in the last few states, we will be able to offer it to even more customers.
PLM’s Cyber Suite includes 5 essential coverages:
- Response and expense coverage
- Computer attack coverage
- Cyber extortion coverage
- Data compromised liability coverage
- Network security liability coverage.
How much coverage do you have? Well, our standard policy offers $50,000 of coverage with a deductible of $1,000, but in certain instances more coverage at higher deductibles is indeed available.
Perhaps just as important as the coverages included is that your business also has free access to cybersecurity services including eRiskHub®, a risk management portal designed to help you prepare and respond to data breach and cyberattacks. It includes an incident response plan, online training modules that you can use in your business, risk management tools to manage a data breach if it occurs, a directory of helpful external resources, and a news center with current articles from industry resources as well as a learning center with white papers on best practices.
Other services in the portal include My Tech Support, which offers free computer diagnostics by phone from technical experts as well as competitive rates for virus removal, technical assistance and related digital security services.
It goes without saying that the best kind of cyber event is the one that you avoid! The question you need to ask yourself is: what are you and your colleagues doing to deter cyberattacks?
If you want more information, talk to your local Business Development Representative or contact us at 800-752-1895 or at custserv@plmins.com. You can read more on our website: https://www.plmins.com/products-services/coverages/.
