Retail stores are a major target for hackers. Data breach or network breach / cyber liability insurance is a crucial part of the insurance puzzle. Consider the risks at your store: Credit card information can be stolen through advanced methods like hacking, or simply leaving out a piece of paper with a list of numbers. If you have a loyalty card program or mailing list, then you have names and addresses of customers, and possibly birth dates. If this information is stolen, it can cost you significant amount. In fact, a breach could put you out of business. Consider that it could cost between $7.50 and $40 simply to notify the cardholder of each car that you have taken of the breach.
What about my general liability or business owners policy?
- Cyber liability or data breach (which goes by various names) is commonly excluded from a general liability policy.
- If you added coverage to your business owners policy, it may be very limited. Often, business owners policies offer only notification expensive coverage and possibly coverage for the cost of 3rd party claims.
A Stand Alone Cyber Liabilty and Data Breach Policy for Retail Stores
While you may have the option to add some coverage for a data breach, such as notification coverage, and even some third party coverage to a business owners policy, this rarely provides enough protection. A stand-alone policy can offer not only coverage for notification cost, but a broad array of other options, such as business income loss coverage as a result of a breach, reputation expense coverage, and cyber extortion coverage.
Being a newer line of coverage, policies are not standardized, which is why the team at Stratum Insurance Agency can help you review your risks and concerns and help you find a policy that meets your needs.
Start your Quote for Data Breach and Cyber Liability Insurance
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- Call us at 949-270-0609
What if my employee steals data or private information?