Cyber liability insurance is not only for businesses that operate online. Cyber liability is the common expression for insurance for privacy and data breaches.
Real estate agents and brokers gather enough personal information that they should be concerned about a breach.
This is how information can get into the wrong hands. Imagine one of these situations:
- you help a client fill out an application at a coffee shop and a paper with personal information is left at the shop
- your leave paperwork on your desk and the janitorial crew comes in at night and copies the information
- you carry a USB drive with client files and it falls out of your laptop bag
- you forget to logout on a public computer and someone fains acceess to your passwords
The notification cost for a breach can be devastating. A privacy liability insurance policy can offer much more than just coverage for the cost of notification of clients. I can also include business income coverage for your down time during a breach and third party claim coverage.
Whether you are an individual agent or a firm, the cost of coverage is surprisingly competitive. If you think that the limited coverage that you add to a business owners policy is sufficient, think again. That coverage is often limited.
How to request a quote for data breach, cyber liability, cyber extortion, or privacy liability insurance from Stratum Insurance Agency LLC.