This post is geared toward all of you business owners or managers out there responsible for the insurance for your business. There is a LOT of chatter about the coming wave of potential loss to businesses that accept credit cards from their customers. If you are a restaurant, dry cleaner, card shop or a pain supply store you take credit cards, and the crooks are trying to penetrate your system and find out your customer's private information. Most small business owners have a BOP (Business Owners Policy) that groups together property and liability coverage to make a fairly comprehensive package. The drawback with many BOP's is that they can't possibly cover everyone for everything without adding some additional coverages that are available, and that's where an independent agent can help. Total Insurance Planning in Midlothian VA together with The Hartford Insurance Company now offer both 1st and 3rd party Data Breach coverage on their BOP policy at a very reasonable cost for qualifying customers.
- If your business is breached you are required to do 2 things:
1. Send a notification letterr to all customers advising that you were breached, and
2. Offer to sign the customer up for AND pay for 12 months of credit monitoring!
The estimated cost is about $250 per customer, as well as the expense of the actual breach to your business. 250 x 100 customers = $25,000 in potential 3rd party claim cost. The cyber criminals are getting more sophisticated and we suggest you review your current BOP to see if you have this coverage in place. Do you have Data Breach coverage? If not check with your agent, or give Total Insurance Planning a call.