Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Cyber Liability Insurance Kentucky
Cyber Liability Insurance Kentucky. What is "Cyber Liability?" Any personal data that you keep on clients, donors, vendors or employees over the past five years or so can be at risk. Every name, address, date of birth, social security number, credit card information, health data and other identifying data is considered "a record." Every data breach costs an average of roughly $214 per record (as of 2017) to resolve. The average loss is about 20,000 "records." At $214 per record that's a $420,000 average loss.
It's important to understand that your Commercial General Liability (CGL) policy does not cover data breaches. You will need cyber liability insurance Kentucky to protect your data.
Cyber liability insurance Kentucky protects your data from unauthorized use with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
What Is Cyber Liability Insurance?
Cyber liability insurance Kentucky covers liability which arises out of unauthorized access to or unauthorized use of electronic data or software which is stored, operated and used by your company. Basically, it covers data theft and the spreading of viruses. It is important to note that it covers negligence, error or omission associated with data and software use as well. For instance, if an employee of yours sends the personal information of a client to another client's email accidentally, the policy will cover the error.
Cyber Liability Insurance Protections
It is natural to ask yourself what the difference between cyber liability and traditional liability coverage is. It comes from the fact that the traditional insurance covers only tangible assets if the policy offers business property coverage. For example, with a traditional policy, you will be covered against loss of documents due to negligence, error or omission. These are typically physical documents stored in your office. Any client data which you store in an electronic database is not covered by a traditional policy.
The main item covered by a cyber liability insurance Kentucky policy is network privacy. It protects you in case a client or a member of the public has suffered loss or damage due to your inability to protect sensitive data stored on your network. The issue typically arises from data thefts and leaks. Network security is covered as well. The policy will kick in to cover your liability in case there is a data breach or users are unable to access the data which they are entitled to.
One of the latest additions to this type of insurance is the electronic media coverage. It covers you in case of defamation, libel, and slander, breach of confidentiality, invasion of privacy or copyright infringement arising out of the publication of electronic data on the web. Usually, all types of websites including the social media are covered.
Overall, cyber liability insurance Kentucky coverage is quite useful to all businesses which keep and use electronic databases and software utilizing private data. The available policies are highly customizable to meet the needs of the particular company. No matter whether you have a large company, run an online store or operate a small bike shop, you will find a cover which matches your needs and budget as well.
Why Your Company Needs Data Breach Insurance
KY cyber liability insurance is a stand-alone policy that is designed to protect businesses against such attacks and the cost and penalties incurred during the whole process:
Penalties and Investigation Costs - If the data related to the credit information of your customers is lost to a hacker then in that case your business could be facing severe penalties by law enforcement authorities. Under the agreement of merchant services, a business would be responsible for paying the investigation cost, reassurance cost of credit card and the fraud carried out on stolen credit cards. These costs can reach thousands of dollars even for a small and medium sized business. Cyber liability insurance Kentucky covers you against those penalties and costs.
Cost Of Rebuilding A Reputation - A company's reputation is its most valuable asset. A breach of a company's electronic network can harm its reputation which may result in decreased sales. Insurance covers the cost of hiring a PR firm to restore the company's image in the minds of customers and also compensates the firm for the loss that the company has faced because of a cyber attack. Some the largest and most damaging data breaches are listed here:
- Adobe Systems
- Dun & Bradstreet
- Home Depot
- JP Morgan Chase
- Neiman Marcus
If it can happen to the massive companies with millions of dollars to spend on data protection, it can happen to your small business too. And small business owners do not have the deep pockets to weather the storm of a huge reputation hit after a data breach - like large corporations do.
Risk Management Services - Big business firms already have a risk department that works on reducing the risks faced by the business, so that the probability of such an event can be reduced. But small and medium sized businesses mostly do not have a proper risk management team. By purchasing cyber liability insurance, your IT related risks would be assessed by your insurer in order to accurately price the policy. This assessment report can also shed light on how you can better manage your cyber related risks without really having an in-house risk management department.
Compensation for Interruption Caused by Cyber Attacks - You may be thinking that a cyber attack may temporarily halt your business activity, so it would be covered by business interruption insurance; however a business interruption only covers your business when a damage to physical property occurs. In case of damage to your networking systems, business interruption insurance will not cover you. Cyber liability needs to be purchased in order to be compensated for the income lost due to cyber attack.
Data Breach Insurance
A data breach could destroy your business reputation and everything you've worked for in your business. This is why it's important for you to find the right cyber liability insurance policy to protect your company - regardless of its size.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
Request a free Cyber Liability Insurance Kentucky in Alexandria, Ashland, Barbourville, Bardstown, Beaver Dam, Bellevue, Benton, Berea, Bowling Green, Brandenburg, Cadiz, Calvert, Campbellsville, Carrollton, Central, Cold Spring, Columbia, Corbin, Covington, Crescent Springs, Crestview Hills, Crestwood, Crittenden, Cynthiana, Danville, Dawson Springs, Dayton, Douglass Hills, Eddyville, Edgewood, Elizabethtown, Elsmere, Eminence, Erlanger, Flatwoods, Flemingsburg, Florence, Fort Mitchell, Fort Thomas, Fort Wright, Frankfort, Franklin, Georgetown, Glasgow, Graymoor-Devondale, Grayson, Greenville, Harrodsburg, Hartford, Hazard, Henderson, Highland Heights, Hillview, Hodgenville, Hopkinsville, Hurstbourne, Independence, Indian Hills, Irvine, Jeffersontown, La Grange, Lakeside Park, Lancaster, Lawrenceburg, Lebanon, Leitchfield, Lexington-Fayette, London, Louisville, Ludlow, Lyndon, Madisonville, Marion, Mayfield, Maysville, Middlesborough, Middletown, Monticello, Morehead, Morganfield, Mount Sterling, Mount Washington, Murray, Newport, Nicholasville, Oak Grove, Owensboro, Paducah, Paintsville, Paris, Park Hills, Pikeville, Prestonsburg, Princeton, Prospect, Providence, Radcliff, Richmond, Russell, Russellville, Scottsville, Shelbyville, Shepherdsville, Shively, Simpsonville, Somerset, Southgate, Springfield, St. Matthews, Stanford, Stanton, Taylor Mill, Union, Versailles, Villa Hills, Vine Grove, Walton, West Liberty, Wilder, Williamsburg, Williamstown, Wilmore, Winchester and all other cities in KY - The Bluegrass State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.