Will BOP Really Cover a Data Breach?

Many small businesses use a Business Owners Policy (BOP) for insurance. It combines commercial property and general liability insurance, but it usually doesn’t come with data breach coverage. To protect your assets against a cyberattack, you can extend your policy with BOP data breach coverage.

Who Needs to Maintain Data Breach Insurance?

Data breach coverage is important to carry out in case your business network suffers a cyberattack that destroys or compromises data. If you add BOP data breach coverage to your standard plan, you won’t face the headaches associated with expensive lawsuits that may result from the breach. Any business that operates on an electronic network runs the risk of getting hacked. Even the best cybersecurity can be penetrated if a hacker keeps trying.

Almost all companies that use a local or cloud network should carry cyber insurance since a breach can happen to any online entity. The more you use the internet to transmit data, the more data breach coverage you may need. Businesses that are most vulnerable to getting hit with a ransomware attack are those that attract thousands of emails without using any cyber policy or tools to filter suspicious emails.

It’s imperative for certain industries, such as healthcare, that handle a high volume of confidential information to use the right technology and insurance. Without the right insurance in place, a company that suffers a data breach can spend thousands to millions of dollars on restoring its computer network and reputation.

How Does It Really Protect You?

BOP simplifies coverage for a business and provides protection in various ways, such as paying IT experts to block the attacker. It also pays for damage that is incurred by the victims, such as customers whose confidential data was leaked. Another way BOP protects your company is by covering the costs of repairing its reputation in the community.

The liability portion of a standard BOP arrangement mainly covers injuries on your commercial property and lawsuits that arise from a disaster your company caused. It does not cover what happens to the data on your computers, which is why you need to extend your coverage to include data breach coverage.

Adding Data Breach Coverage to Your BOP

It’s very easy and effortless to add data breach coverage to your BOP, and it only takes a matter of minutes. Simply contact your insurance agent and request to add a data breach coverage endorsement to your plan.

Let Us Help

Getting BOP data breach coverage for your business is beneficial in several ways, as it will protect your valuable assets in the event of a cybersecurity breach. We’ve helped many businesses overcome the nightmares associated with hacking.

Make sure your operation has sufficient protection and is well prepared with the right coverage for a cyberattack. Learn more about protecting your enterprise when you contact us at Pittman Insurance Group, LLC. Our experienced team of insurance experts is ready to help you.

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