All businesses are vulnerable
It’s in the news. You hear more and more about massive jury awards that result in a business's financial ruin.
Most business owners never expect to encounter a loss that exceeds the coverage limits they have to manage accidents, mistakes, and injuries—also known as liability insurance—but unfortunately, it happens too often in today’s business environment.
A large loss could impact the business success you’ve worked so hard to achieve and destroy your hopes for a bright future.
The Bunker Insurance & Risk Management can help you protect the assets you have today by providing added coverage where you need it most. We can help you build a tailored insurance solution that meets the specific needs of your business.
Commercial Umbrella Frequently Asked Questions
Cyber Liability is an insurance policy that helps cover the financial losses that result from data breaches and other cyber events.
Cyber liability insurance is not required by law, but some clients may require you to have it before they will hire you. This policy provides key coverage that could protect your business from bankruptcy if a client files a cyber liability lawsuit against your business.
Because of the high risk of data breaches and cyberattacks in the technology industry, every tech business should seriously consider purchasing cyber liability insurance.
There are two different types of cyber liability coverage: first-party and third-party. Most cyber liability insurance policies for tech businesses include both types of coverage.
First-party coverage can help pay for recovery from a data breach or cyberattack at your business. It covers paying ransoms, investigating the breach, and notifying customers. Third-party coverage offers protection if a client sues you for failing to prevent a data breach or cyberattack at their business.
The cost of cyber liability can vary depending on the nature of your business, how much PII your business gathers, stores, and transmits, and what limits you are looking for.
Here are a few of the factors that can impact your cyber liability insurance premium:
- Gross sales for the year
- Type of cyber exposure your business has
- Loss history
- Current cybersecurity hygiene
- Coverage / deductible chosen
- Pre & post services you are interested in
As with all insurances, price should never be the only reason you chose a policy over the other. Your goal should always be to maximize the coverage you need, identify coverage gaps, and make sure you're comfortable with the policy language of the carrier you have chosen.
Ask yourself these questions to see if your business needs Cyber Liability Insurance:
- Do we collect, store, send or receive PII, PHI, or PCI?
- Is the nature of our business one that has rules about customer information, such as healthcare, MSP, education or finance?
- How would we respond to a ransomware attack?
- Do we have the funds available to pay a ransom?
Cyber liability insurance is crucial in today’s business world, it is no longer optional. Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business.
Commercial Umbrella coverage is critical to your business
No matter the size of your company or how well it’s run, your business faces the potential of a devastating claim arising from an unforeseen event. For example, let’s say you own a retail store or apartment building, and a customer trips on the carpet and hits his head, sustaining a serious brain injury.
You could be potentially liable for millions of dollars in medical and other payments.
Would that entire sum be covered by your existing business liability insurance? Could your business savings and/or revenue make up for the difference in what’s not covered?
If your answer is no, that’s where Commercial Umbrella Coverage comes in. Umbrella Coverage goes above and beyond basic business liability insurance limits, offering up to $10 million of additional funds to manage situations just like this.
If you are a small business owner, you might think they can’t take what you don’t have. Think again—a court can seize the business assets you currently have and even allocate future earnings to satisfy a judgment against you.
Get the ultimate in asset protection
It’s your decision how to best spend each one of your hard-earned dollars. But if an unexpected major loss occurs that key decision may no longer be yours.
You’ll find that Commercial Umbrella Coverage offers you a way to help ensure your business assets remain yours for less than you might expect.
Do you know if your current coverage offers you the protection that you want for your business against major catastrophic events?