MONDAY, SEPTEMBER 13, 2021
BOP is a form of business insurance that lumps together several types of coverage into one plan. It's more affordable and ensures you always have the very best access to the information and resources you need to protect your company. However, it is important to ensure the business owner’s policy, or BOP, offers enough coverage for the types of risks your business faces. If it does not, or you want to add to the protection level, you can do so.
A data breach is a type of electronic hack or leak that puts sensitive data at risk. It can and does happen to many businesses. Smaller companies are actually at a greater risk than larger ones simply because they have fewer resources to protect against these high-level attacks. If your company experiences a data breach and your employee or customer data is accessed, you may be facing liability risks. Having insurance that protects against this type of risk is essential for virtually all businesses.
Does your BOP policy offer this level and type of protection? This depends on the specific details listed within that policy. Many BOP policies do offer this type of protection. If this is not directly available as a part of your BOP policy, you can add to it.
This type of coverage helps protect your business in various ways. First, it can help you to obtain access to the professionals you need to learn what you need to do to avoid such breaches, how to handle them, and how to protect your company from further attacks. It can help you to restore confidence in your business and your practice by allowing you to safely and quickly notify those who could be impacted and provides for coverage for any good faith advertising steps you take.
The risk of a data breach may be present for most companies but that does not mean your business has to suffer from this. With the right type and amount of business insurance in place, you can rest assured that you have the tools necessary to protect your company from risks. That can be one of the most important decisions you make in operating your company.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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