Seguro de auto comercial
Desde un solo automóvil utilitario hasta una flota completa de camiones, nuestros agentes certificados le ayudan a crear el paquete de seguro automotriz comercial adecuado para responder a sus necesidades en la carretera, y adaptarse a su estrategia y presupuesto en el trabajo.
Somos su mapa de la cobertura comercial para automóviles
Un automóvil utilitario es un componente fundamental de su estrategia de seguros, especialmente para contratistas y servicios de entrega. Permita que nuestros agentes con licencia investiguen y comparen las pólizas de una amplia gama de compañías de seguros y le ayuden a elegir la cobertura adecuada para su empresa.
Por qué Paychex
Agentes de seguros con licencia
Nuestros agentes de seguros están certificados y cuentan con la preparación necesaria para guiarlo en la elección de la cobertura de seguro que responda a las necesidades de su empresa y de sus empleados.
Tarifas de seguros empresariales competitivos
En Paychex Insurance Agency , estamos asociamos con las principales compañías de seguros de todo el país para ayudar a ofrecerle algunas de las mejores coberturas disponibles en su área al mejor precio.
Cobertura que cumple con las leyes de su estado
Nuestro equipo de expertos en cumplimiento normativo supervisa los cambios en las leyes y regulaciones federales, estatales y locales. Por lo tanto, nuestros agentes autorizados pueden ayudar a garantizar que se implemente cualquier póliza de seguro obligatorio.
Cobertura de colisión y responsabilidad de automóviles comerciales
Las pólizas de automóviles comerciales a través de Paychex Insurance Agency cubren la reparación de sus vehículos comerciales cuando se dañan a través del contacto con otro objeto.
Protección contra lesiones personales (PIP)
Si usted o un empleado están involucrados en un accidente mientras se encuentra en un vehículo comercial, la PIP disponible en ciertos estados puede ayudar a cubrir los costos relacionados con las lesiones, independientemente de quién sea el responsable.
Cobertura para conductor no asegurado y seguro insuficiente
El seguro de automóvil comercial ofrecido por nuestros socios cubre un accidente causado por un conductor sin seguro o con un seguro insuficiente para cubrir los daños a usted o a su propiedad.
Cobertura para vehículos de empresa, flotas y todo tipo de camiones comerciales
La cobertura adicional está disponible para lesiones o daños a la propiedad debido a otros tipos de vehículos relacionados con la empresa, como tractores comerciales, camionetas tipo pickup y otros tipos de camiones comerciales.
Un plan integral que funciona hoy y se anticipa a las necesidades futuras
A medida que sus necesidades van cambiando, Paychex Insurance Agency continuará ayudándole a seleccionar y administrar pólizas de seguro que ayudarán a proteger a su empresa y a sus empleados.
Un lugar para todas sus soluciones de seguros
Cuente con nosotros, una de las 100 mejores agencias de seguros*, para brindarle una solución integral de seguros de propiedad y accidentes, salud y beneficios y la administración de beneficios. Obtenga más detalles sobre lo que Paychex Insurance Agency puede ofrecer a su negocio, a sus empleados y a usted.
Preguntas frecuentes sobre el seguro de automóviles comerciales
¿Qué es el seguro de automóviles comerciales?
¿Qué es el seguro de automóviles comerciales?
Las pólizas de seguro de automóviles comerciales ofrecen cobertura de responsabilidad civil y daños físicos, para situaciones y usos de vehículos no cubiertos por una póliza de seguro de automóviles personales, para automóviles utilizados con fines comerciales junto con una amplia variedad de camiones y vehículos comerciales.
¿Cuál es la diferencia entre el seguro de automóvil comercial y el personal?
¿Cuál es la diferencia entre el seguro de automóvil comercial y el personal?
Las pólizas personales de seguro automotriz normalmente excluyen cualquier uso comercial (salvo los traslados al trabajo). Una póliza personal no proporcionará cobertura si usted o sus empleados tienen un accidente mientras conducen hacia el trabajo.
¿El seguro comercial de automóvil cubre el uso personal?
¿El seguro comercial de automóvil cubre el uso personal?
Normalmente, una póliza de seguro de automóvil comercial no cubre el uso personal de un vehículo. Para conducir un vehículo de trabajo por razones personales, se requeriría una política personal para ese vehículo o bien, debe agregarse un párrafo específico a la política comercial para cubrir el uso personal.
¿Quién está asegurado bajo una póliza comercial de automóvil?
¿Quién está asegurado bajo una póliza comercial de automóvil?
Las pólizas comerciales de automóvil pueden cubrir a los empleados, miembros de la familia, así como otros conductores.
¿Necesito un seguro de auto comercial?
¿Necesito un seguro de auto comercial?
Ciertos usos de los vehículos utilitarios, así como los tipos de vehículos, pueden no estar incluidos en las pólizas personales de seguros de automóviles, simplemente porque las pólizas personales no estaban destinadas a las empresas. Las empresas a menudo necesitan las coberturas más amplias o únicas que ofrece una póliza de seguro de automóvil comercial.
Seguro comercial para satisfacer sus necesidades
Paychex Insurance Agency ofrece una amplia variedad de pólizas de seguro comercial para ayudar a proteger tanto a su empresa como a sus empleados de costosas reclamaciones y pérdidas.
Seguro de responsabilidad civil para prácticas laborales (EPLI)
Protéjase contra reclamaciones de acoso, discriminación y más.
Errores y omisiones
Protéjase contra errores que puede dar lugar a una acción legal por empleados o contratistas.
Amplíe los límites de las pólizas para ayudarse a gestionar los gastos por cuenta propia.
Recomendado para usted
Un plan de seguridad cibernética puede ser una solución clave para la productividad en su empresa
Lectura de 6 minutos
It’s in the news almost daily now, cyberattacks. Making the big headlines are those instances that paralyze the operations of some of the world’s major corporations. What you don’t often hear — and these attacks are far more frequent — are those that impact small and midsized businesses.
Numbers can vary from year and study, but according to research conducted by Paychex for its guide on cybersecurity, cyberattacks on small and midsized businesses are on the rise from the 70-plus percent in 2020. However, a recent report by CNBC based on their study showed that 56% of small-business owners say they are not concerned about being the victim of a hack in the next 12 months, and only 28% have a response plan in place in the event of a cyberattack.
This confidence that an attack won’t occur flies in the face of the 2021 Hiscox Small Business Cyber Risk Report that found many businesses experienced more than one cyberattack in the past year, and 1 in 6 businesses said an attack threatened their survival. The report found that small businesses in particular felt a substantial impact from cybercrime, with some small firms suffering losses of up to $308,000.
Is your business prepared to withstand a cyberattack? Having a strong cyber security posture can help your organization defend itself against cyberattacks, secure important information related to the business and your customers and maintain the integrity of your business.
<iframe allow="autoplay *; encrypted-media *; fullscreen *; clipboard-write" frameborder="0" height="175" style="width:100%;max-width:660px;overflow:hidden;background:transparent;" sandbox="allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation" src="https://embed.podcasts.apple.com/us/podcast/cyber-security-what-small-businesses-need-to-know/id1507824762?i=1000583429510"></iframe>
Cyber Security Tips for Your Business
Cyber security can be defined as the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks, unauthorized access, or criminal use. The Small Business Administration (SBA), the U.S. Cybersecurity and Infrastructure Security Agency (CISA) and the Federal Trade Commission are excellent resources that offer additional tips for combating cyberattacks.
IT experts agree that employees are often the weakest link in the fight against cybercrime. They often make critical mistakes because they lack the knowledge and training to recognize warning signs or avoid improper behavior while working online.
Here's a list of tips to aid in cyber security training and greatly enhance the security of your business data:
Cyber Security Dos
- Use strong passwords and regularly change them. Also, use strong password managers (security questions)
- Use good internet browsing practices
- Keep software up to date, including latest anti-spyware and anti-virus software, that secures your computers, phones, and tablets
- Enable authentication tools (e.g., authentication apps, multi-factor authentication, and more)
- Enable your operating system's firewall, which can prevent outsiders from accessing data on a private network
- Limit access to PII and PHI. Only employees whose job responsibilities explicitly require access to Personal Identifiable Information (e.g., Social Security number, bank account number) and Protected Health Information (e.g., health records, other medical information) should be granted it.
One key component is to provide cyber security tips for employees such as training and encourage reporting of suspicious emails or online content. Implement regular courses through a Learning Management System and update the training regularly.
Cyber Security Don’ts
- Downloading software from the internet or clicking on internet links that launch websites or web ads
- Don't respond to emails, open email attachments, or click links embedded in emails that include typos, spelling errors, incorrect grammar, or pop-up windows. Beware of suspicious subject lines and "urgent" calls to action.
- Don't enter personal or financial information into web forms that don't come from a trusted source.
- Don't respond to the IRS by email or social media. The IRS does not initiate contact with taxpayers by email, social media, or even by phone. Any contact in this manner is a scam.
What are the Risks of a Cyber Security Threat?
Cyber security threats loom over every business, large and small. And the proliferation of connected systems and devices makes cybercrime and disruption more tempting for those intent on committing a crime. A story reported by the BBC in February of 2022 cited new analysis that nearly 75 percent of the money made from ransomware attacks in 2021 went to hackers linked to Russia, and other statistics report that ransomware in Russia is a projected $21 billion industry in 2022.
In the event of a business cyber security breach, there are many potential ramifications for an organization. Some of the consequences might include:
- Revenue loss: Shutting down a compromised website could hinder sales or cause website visitors to take their business elsewhere. Repairing damaged systems could come with a hefty price tag. Hiscox found that 71% of U.S. firms targeted in a ransomware attack paid a ransom to either recover data or to prevent publication of sensitive information.
- Reputational damage: The Hiscox report also noted that nearly a quarter of businesses that were attacked received negative publicity as a result.
- Regulatory costs: With recent laws enacted such as the California Consumer Privacy Act (CCPA), businesses could face penalties in the wake of a security breach. Hiscox reported that 18% of U.S. firms targeted paid a substantial fine that had a significant impact on the financial health of the business.
- Lost customers: A security breach can impede an organization's ability to attract and keep customers. Hiscox reported that 19% of respondents who suffered a cyberattack lost customers, with nearly just as many (18%) saying they had greater difficulty attracting new customers after the fact.
Types of Cyber Attacks You Should Know About
Digital malicious attacks come in an array of forms. Innumerable computer viruses, codes, and applications of malware are unleashed on the public every single day. Some of the most common and dangerous forms employ similar tactics.
Smishing is the latest technique by bad actors to gain access to information. It’s like phishing but comes via text where there are fewer protections in place and uses all the hallmarks of phishing; demands for urgency, appearance that text is coming from trusted source, links to malicious websites.
Phishing or Business Email Compromise
One of the most invaluable business cyber security tips is handling any suspicious email with great care. Experts urge people looking at iffy emails to hover over hyperlinks (without clicking on them) to determine whether they'll send you to an unfamiliar or suspicious web page. If it is an email that originates from your ISP, bank, or credit card company, remember that these institutions will never ask for sensitive information like your password or Social Security number. According to FBI statistics for 2019, business email compromise accounted for $1.7 billion in fraud losses.
Malware (Adware, Spyware, Ransomware)
These insidious attacks assume many guises, the most pernicious of which is called ransomware. When opened, this malicious software seizes crucial files and keeps those files "hostage" until the victim pays ransom to decrypt them. Ransomware gets into a business system when unsuspecting users:
- Download materials from a compromised website.
- Open a fraudulent email attachment.
- Employ an unauthorized USB stick or some other external media device.
Social Engineering (Identity Theft)
Cyber criminals exploit our natural tendency to trust a message we receive and/or assist someone we believe to be in need. If someone you know sends you an email containing a link they want you to click on, or an attachment contains what you're told is a photo or other attachment they want you to see, don't do it if there's the slightest suspicion that something's wrong.
Distributed Denial of Service (DDoS)
Cyber criminals barrage a company's server, overwhelming it so that it slows significantly or even crashes. The system stops working at this point. This is perhaps the most common form of assault on cloud infrastructure and storage.
Password attacks (or Brute Force)
This type of cyberattack occurs when a hacker uses software to determine (and then steal) working passwords.
A data leak, which is the intentional or unintentional release of secure or confidential information to an untrusted third party, can damage both a business as well as its employees and customers.
There are many ways that a computer virus can spread: a user can open an attachment in a phishing email, run an executable file, visit an infected website, or use an infected removable storage devices, such as a USB drive.
Develop an Effective Cyber Security Plan
Cyber security for your business could be simplified to mean just good decision-making. And not just by employees but by business owners as well. Think: Have you taken the cyber security threats seriously enough? Do you have up-to-date software to protect your business from the types of cyberattacks that could catastrophically damage it? If the answer is no or you're unsure, develop a cyber security plan.
These tips might increase the odds of adequate data protection in your favor:
1. Regularly assess existing risks and update IT systems.
It's essential to conduct a thorough assessment once a year (or every six months, preferably), with an emphasis on exposing vulnerabilities of those key assets containing confidential information and intellectual property. Also, commit to routine maintenance and regular software updates on all company devices.
2. Back up your systems in the cloud.
Businesses with a cyber security plan that store data properly are far less vulnerable to ransomware. Files should be backed up daily in multiple secure locations, such as the cloud or a hybrid data center, to ensure you have continual, uninterrupted access to the data you need if an attack occurs.
3. Undertake an aggressive employee cyber security training program.
Security is frequently compromised by user mistakes or carelessness. Consider implementing a cyber security training program that takes place on a regular basis so employees understand how critically important it is to maintain vigilance and to use good judgment with sensitive business data.
4. Install mobile-device security measures.
Use of mobile devices to work and communicate throughout the company increases the likelihood of a malicious attack because the channels are unsecured. Establish policies to:
- Restrict the types of information these devices can access and share
- Determine whether mobile devices provided by the business can be taken off-site
- Enforce network access control, whereby employees can access your business's VPN and email in a secure, reliable manner.
5. Plan a response to an unauthorized intrusion.
A comprehensive incident response plan that stresses the need to immediately contact the help desk or IT team might significantly curtail the effects of an attempted data breach. Taking a proactive, strategically defensive stance can typically minimize the risk to your business and customers, enabling you to continue to focus on other vital aspects of operations.
Make Sure Your Business is Protected from a Cyberattack
Your current business insurance coverage might not include the range of expenses incurred by many types of cyberattacks — from interruption of business operations and the need for customer notifications to comprehensive security upgrades and the effort required to restore your company's damaged brand. For these reasons, consider cyber liability insurance as part of a broader cyber security plan and in tandem with your regular business insurance and employment liability policies.
An effective cyber security policy can help secure business interruption protection and cover legal fees incurred by judgments or settlements. Contact a professional to learn more about cyber liability coverage.
La ley HIPAA y los empleadores: cómo entender sus responsabilidades
Beneficios para empleados
Lectura de 6 minutos
¿Su organización tiene obligaciones en virtud de la ley HIPAA? De ser así, deberá entender por completo la ley HIPAA actual, y los empleadores deben saber qué medidas tomar para proteger la información personal de salud de los empleados.
¿Qué significa "HIPAA"?
HIPAA es la sigla de "Ley de Portabilidad y Responsabilidad de los Seguros de Salud", promulgada en 1996.
What Is HIPAA Law and What Does HIPAA Protect?
According to the U.S. Department of Health and Human Services (HHS), HIPAA allows for necessary information sharing to ensure individuals receive access to high-quality health care, while also protecting their right to privacy. Any provider or company with access to protected health information must put measures in place to comply with HIPAA.
Who Does HIPAA Apply To?
Health care is one of the most highly regulated industries when it comes to the protection of private information. Patients and employees have come to expect that medical practitioners and other healthcare companies have adequate measures in place to protect their personal data. Employers may also be subject to privacy regulations that fall under HIPAA if they are considered a covered entity or business associate, or through the administration of a group health plan. Employers need to understand any applicable HIPAA rules — particularly during public health emergencies such as the COVID-19 pandemic — and put the correct tools and protocols in place to protect their employees' health information.
What Are Some Misconceptions About HIPAA Laws and Rules?
There are some myths about HIPAA laws and rules for employers. The HHS sets the record straight on its site that HIPAA doesn't:
- Prevent an employer from asking for a doctor's note for an absence, although this practice may create other exposures for employers.
- Affect your ability to request information needed to administer benefits programs, such as healthcare coverage, workers' compensation claims, or sick leave, although employers should consider other risk factors around these types of requests.
- Cover all employee benefit information. For example, employee life insurance, disability and workers' compensation, and wellness programs are generally not covered under this legislation.
- Cover protection of data maintained in employment records. HIPAA rules for employers only apply to medical or health plan records of employees participating as a member of the company's healthcare plan.
What Is the Purpose of HIPAA Laws and Rules in the Workplace?
HIPAA laws and regulations are used in the workplace to protect the health and medical records of employees participating in an employer-sponsored healthcare plan. The laws regulate how individuals' protected healthcare information maintained by a healthcare plan can be shared with employers.
Which Organizations Are Impacted by HIPAA Law?
There are two types of organizations that are subject to HIPAA: covered entities and business associates. Employer-sponsored health plans are considered covered entities. This means that the exchange of information between employers and health plans may be subject to additional safeguards compared to other benefit plans.
What Is a Covered Entity Under HIPAA?
This refers to healthcare organizations, including but not limited to healthcare providers, hospitals, employer-sponsored health plans, and pharmacies.
What Are Business Associates Under HIPAA?
This is a category that refers to any person or business that provides services to or works with covered entities or other business associates. If you perform services on behalf of a covered entity or business associate that involves the use or disclosure of protected health information (PHI), and fall into categories such as service providers (e.g., accountants), consultants, or technical support (like cloud storage), your business associate contract likely contains provisions that relate to HIPAA.
Does HIPAA Law Apply to All Employers?
Due to the complexities of HIPAA regulations, employers are wise to assume that if they possess health information about employees, they will need to spend time ensuring compliance. HIPAA imposes a range of requirements, but the provisions that are relevant to all subject entities pertain to the security and privacy of health-related information. By understanding applicable HIPAA rules for employers, it's possible to identify your potential risks and put a plan into place to help mitigate your exposure.
Although HIPAA's primary intent is to improve the portability and continuity of healthcare insurance plans, employers should still be familiar with the law and potential areas that may affect them. HIPAA compliance for employers can often result in stronger data security and standardized processes that benefit an employer's benefits administration procedures.
What Are Some Common Employer HIPAA Violations?
Reported incidents are generally categorized by the following types:
- Hacking/IT incidents: Improper data access resulting from an outside intrusion in the form of malware or other system break-ins.
- Theft/loss: For example, when devices storing protected health information are lost or stolen.
- Unauthorized access/disclosure: The disclosure of an individual's private information to an entity without proper approval to receive such information.
- Improper disposal: When protected health information is disposed of without the implementation of reasonable safeguards, such as shredding paper documents.
Five Important HIPAA Rules for Employers
There are five rules to pay close attention to in regard to HIPAA law. Employers should consider each of these rules carefully when it comes to compliance.
Privacy and Personal Health Information Rule (45 CFR §164.530)
HIPAA defines PHI broadly. However, some examples of PHI under HIPAA include demographic and contact information, such as a name, address, and a Social Security number that relates to an individual's past, present, or future health status. The definition of PHI also encompasses information related to payments made for the provision of health care.
HIPAA also specifically defines with whom protected health information can be shared. Primarily, covered entities and business associates can share PHI only in the following situations:
- With the person in question for treatment, billing, and healthcare operations;
- With descendants in the case of death;
- To a designated personal representative; or
- In response to a court order.
HIPAA rules require that covered entities provide notice regarding privacy practices and how PHI may be used or shared. The law is very specific regarding patient rights, what must be included, and when information must be presented.
Electronic Security Rule (45 CFR §164.308)
This rule requires physical, technical, and administrative safeguards be put into place to protect individuals' health information. The responsibility is placed on covered entities and their business associates to secure protected health information in electronic form. Organizations are expected to take the necessary steps to ensure privacy, protect against threats, ensure employee compliance, and protect against prohibited electronic uses or disclosures. Compliance is taken very seriously by regulators, with enforcement and penalties ranging up to $50,000 per violation and the potential of enforcement action in egregious cases.
Breach Notification Rule (45 CFR §§ 164.400-414)
Under this rule, covered entities and business associates are required to report any breach that compromises an individual's protected health information. In the event of a breach, proper notification must be made to affected individuals, and copies of the notifications must be submitted by the covered entity to the secretary of the HHS.
Administrative Simplification Regulation (45 CFR 160, 45 CFR 162, and 45 CFR 164)
The Administrative Simplification provisions standardize the electronic exchange of healthcare information. National standards were set for electronic transactions, code sets, and unique identifiers. Employers must use their Employer Identification Number used for tax reporting as their identifier for all HIPAA transactions.
Omnibus Rule (45 CFR § 164.308, 164.312 and 164.316)
This rule expanded liability for business associates and instituted greater penalties for noncompliance. Additional rules prevent certain information from being shared about an employee's health plan when they pay for medical services out of pocket. Companies that may be defined as a business associate will need to understand how their responsibilities have changed and make appropriate adjustments to their HIPAA policies or procedures.
How Does HIPAA Apply to Employers During Events Causing Public Health Concerns?
While HIPAA requirements still apply during public health emergencies, employers may be permitted to disclose PHI to certain individuals or organizations without an employee's or patient's permission. Such examples include:
- At the direction of public health authorities, information may be disclosed to foreign government agencies;
- Individuals at risk of spreading the disease; and
- A patient's family members, relatives, friends, or others involved in the patient's care.
Although HIPAA restricts the sharing and use of personal health information by covered entities and business associates, the law doesn't apply to employment records. Using COVID-19 as an example, the current HIPAA regulation does not prohibit employers from requesting vaccine information from employees. Also, HIPAA doesn't prevent individuals from voluntarily sharing vaccination status in the workplace, as individuals are not considered covered entities.
Employers should note that other state or federal rules may apply. For more information on HIPAA and COVID-19 vaccine employer guidelines, please visit our COVID-19 Vaccine: Frequently Asked Questions.
HIPAA Compliance in the Workplace
HIPAA compliance for employers is critical, whether they are a covered entity or business associate, offer a group health plan, or are operating during a public health emergency. Proactively addressing HIPAA may yield additional benefits for your organization, such as enhanced data security and a more efficient flow of information stemming from the use of standardized procedures and data identifiers.
If your business operates in the healthcare space or contractually works with a company that does, it's important that you determine your HIPAA obligations and risk exposure. An experienced HR professional or business attorney can help you map the risks, as well as develop and implement a plan to stay HIPAA-compliant.
¿Qué es un seguro de responsabilidad cibernética y por qué es importante?
Lectura de 6 minutos
To some degree, so much of business is done online these days. You may not be a technology-centered organization, but even a small brick and mortar business most likely has some electronic data. This has increasingly allowed efficiencies, speed, and convenience — but has also posed threats to cybersecurity. That is why it's in every business's best interest to not only examine and optimize their cyber- security best practices, but also have a solid cyber security insurance policy to help manage cyber risk.
What is Cyber Liability Insurance?
Cyber liability insurance is a policy that offers coverage to help protect the company in the event of data breaches and other cyber security issues. A policy generally covers financial losses arising from data breaches, viruses, hacking, denial of service, cyber extortion, and other cyber incidents. These include legal fees stemming from civil suits, regulatory fines and penalties, and mandatory forensic examinations.
A cyber liability policy also protects you beyond the basics of general liability insurance, which does not protect against cyber attacks and data breaches.
¿Quién necesita un seguro de responsabilidad cibernética?
All businesses can benefit from a cyber insurance policy. For example, businesses that sell online — a process which involves maintaining and storing sensitive data such as personally identifiable information, credit card numbers, and contact information — need to consider a policy, since a breach could mean lost sales, furious customers, and other negative impacts down the road. Beyond e-commerce businesses, if your organization stores and manages any type of data online, a cyber liability insurance policy offers an additional layer of protection in the event of a data breach. Consider confidential employee information or important customer details, just to name a few: this information is too important to a business to not have cyber liability insurance.
What Does and Doesn't Cyber Liability Insurance Cover?
When researching cyber liability coverage options, an important step is understanding what does cyber liability cover and exclude.
A cyber liability policy protects businesses from claims and expenses (including loss of income, related expenses, and damage to your company's reputation) resulting from a data breach, hacking or cyber attack. Depending on the policy you choose, cyber liability insurance coverage generally includes:
- Coverage of all devices that could be stolen or lost (mobile phones, laptops, tablets)
- Protección en caso de ser víctima de hackeo y virus.
- Responsabilidad por el contenido calumnioso del blog.
- Data corruption and/or theft
- Gestión de crisis (asistencia en relaciones públicas, esfuerzos de reconstrucción de marca).
Many cyber security policies do not cover:
- Preventable security issues, such as poor configuration management or mishandling digital assets.
- Incidents that occurred before the policy went into effect.
- Acts initiated and caused by the insured.
- Infrastructure failures not caused by a purposeful cyber attack.
- Costs incurred to improve cyber security after an attack or breach has already happened.
- Loss of or damage to property (e.g., physical assets covered by property insurance).
- Other expenses beyond the coverage limits of the policy.
Why is Cyber Liability Insurance Important?
Cyber liability insurance may not be the first thing that comes to a business owner's mind when they are contemplating insurance coverage for their company. However, any quick glance at the news demonstrates the increasing threat of cyber attacks, ransomware, and data breaches on not just big-name corporations, but on businesses of all sizes across the U.S. In fact, more than 70% of cyber attacks target small firms, and the cost of recovery can force an organization out of business.
Consider these potential threats to your business:
- A breach of your social media account
- The leaking of confidential client information
- Compromised data security due to employee errors
- Identity theft, computer virus, or phishing scams
Any of these cyber attacks can have a devastating effect on a small business. Hackers who gain access to sensitive customer information (Social Security numbers, credit card numbers, home addresses, etc.) can wreak havoc on those individuals' lives. As if that isn't bad enough, hackers can also siphon off a business's capital and ruin the owner's credit. If you're asking yourself if cyber liability insurance is worth it, think of the potential costs that would be associated with fixing any of those potential threats on your own.
Most traditional business insurance policies don't cover the range of expenses incurred by a cyber attack, such as:
Interrupción de las operaciones comerciales
A business that gets hacked generally must shut down for an unspecified period of time to investigate how the attack occurred and the extent of data compromised (which may require hiring experts to analyze and recover lost information). This can entail days or even weeks of lost revenue — not to mention a further loss of sales due to bad publicity and a drop in customer confidence.
Customer Notification and Discounts
Time and effort are involved in notifying customers of a data breach, as well as devising offers of discounts or credit card monitoring to placate these customers and hopefully retain their future business.
Any response to a cyber attack will likely involve a system-wide overhaul of security (new software and infrastructure, training staff in new procedures, etc.). Also, many merchant service arrangements stipulate that the business owner is liable for the costs of a forensic investigation, reissuing of credit cards, and other related costs.
Reconstrucción de reputación
Depending on the size and scope of a business, it may be necessary in the wake of a cyber attack to hire a crisis management firm to help rebuild the damaged brand.
The scale of potential damage is more than most small businesses can sustain without proper insurance coverage. The 2021 Hiscox Small Business Cyber Risk Report found that many businesses experienced more than one cyber attack in the past year, and 1 in 6 businesses said an attack threatened their survival. For these reasons alone, cyber liability insurance is well worth considering for your business, both as part of a comprehensive information security plan and in tandem with your regular business insurance and employment liability policies.
Choosing the Right Cyber Liability Insurance
As with any insurance coverage, policies differ in what may be covered. Cyber liability insurance assists with preventive and risk management policies, as well. The right carrier will help you create the best possible firewall protection, tailor appropriate social media policies, offer business interruption protection, and cover legal fees incurred by judgments or settlements. Start by contacting an insurance representative to determine if they offer this type of coverage, or speak to an independent agent who's knowledgeable in this area.
It's difficult to overstate the importance of protecting the data stored and used by your business, as well as the trust of your customers. A customized cyber liability policy may make the difference between recovering from a cyber attack and losing everything you've worked so hard to establish.
El seguro es vendido y administrado por Paychex Insurance Agency, Inc., 225 Kenneth Drive, Rochester, NY 14623. Licencia CA 0C28207.