Cyber Liability Insurance Oregon Policy Information
Cyber Liability Insurance Oregon. 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 Oregon to protect your data.
Cyber liability insurance Oregon 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 Oregon 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 Oregon 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 Oregon 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
OR 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 Oregon 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.
Oregon Business Economic Outlook & Commercial Insurance Regulations
If you are thinking about doing business in the Pacific Northwest, you might have your sights set on Oregon. However, before you set up shop, it's important for you to have an understanding of the economy - so that you can make the best decisions possible. It's also important for you to know what type of business insurance policies you are legally required to carry in order to do business in OR.
In order to help set you up for success, below, we highlight some of key information regarding the economy in Oregon, as well as the regulations regarding commercial insurance.
The Economic Outlook In Oregon
In 2018, Oregon is projected to see an increase in their economy. The unemployment rate was 4.1 percent at the end of 2017, and it is expected that it will either stay the same or drop even lower by the end of 2021.
There are several industries that are expected to contribute to the job market and the economy overall in the state of Oregon. The industry that is expected to see the most gain in this state during the 2018 calendar year is construction, with an increase of 10.5 percent. The manufacturing industry is also expected to see significant growth, with a forecasted increase of 4.3 percent. Other industries that are expected to see growth in OR in 2021 include:
- Financial Services
Insurance Requirements For Oregon Businesses
The Division of Financial Regulation oversees the insurance industry in Oregon. Here workers compensation insurance is mandated. If you employ one or more person, whether that person is full-time or part-time, or is hourly or salaried, you are legally required to carry this type of coverage. Additionally, you must carry commercial auto insurance if you operate vehicle for any business-related purposes, whether it's meeting with clients, making deliveries, or transporting goods.
While commercial general liability insurance is not required in OR, it is highly recommended. This type of coverage will protect you from any lawsuits and the accompanying settlements that may arise in the event that some slips and falls, or claims that you damaged their property. You should also consider investing in commercial property insurance, as it can help to offset the cost of any property losses that you might experience.
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
- Amazon Seller
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- eBay Sellers
- Electronic Data Processing Equipment
- 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.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Computer Fraud, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Errors and Omissions Liability, Professional Liability, Umbrella Liability, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Real Property Legal Liability, Forgery, Cyber Liability, Employment-related Practices Liability, Directors and Officers Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Cyber Liability Insurance Oregon in Albany, Ashland, Astoria, Aumsville, Baker, Bandon, Beaverton, Bend, Boardman, Brookings, Burns, Canby, Carlton, Central Point, Coos Bay, Coquille, Cornelius, Corvallis, Cottage Grove, Creswell, Dallas, Damascus, Dayton, Dundee, Eagle Point, Estacada, Eugene, Fairview, Florence, Forest Grove, Gervais, Gladstone, Gold Beach, Grants Pass, Gresham, Happy Valley, Harrisburg, Hermiston, Hillsboro, Hood River, Hubbard, Independence, Jacksonville, Jefferson, Junction, Keizer, King, Klamath Falls, La Grande, Lafayette, Lake Oswego, Lakeview town, Lebanon, Lincoln, Madras, McMinnville, Medford, Milton-Freewater, Milwaukie, Molalla, Monmouth, Mount Angel, Myrtle Creek, Myrtle Point, Newberg, Newport, North Bend, Nyssa, Oakridge, Ontario, Oregon, Pendleton, Philomath, Phoenix, Portland, Prineville, Redmond, Reedsport, Rogue River, Roseburg, Salem, Sandy, Scappoose, Seaside, Shady Cove, Sheridan, Sherwood, Silverton, Sisters, Springfield, St. Helens, Stanfield, Stayton, Sublimity, Sutherlin, Sweet Home, Talent, The Dalles, Tigard, Tillamook, Toledo, Troutdale, Tualatin, Umatilla, Union, Veneta, Vernonia, Waldport, Warrenton, West Linn, Willamina, Wilsonville, Winston, Wood Village, Woodburn and all other cities near me in OR - The Beaver State.
Also find Oregon insurance agents & brokers and learn about Oregon small business insurance requirements for general liability, business property, commercial auto & workers compensation including OR business insurance costs. Call us (503) 610-0300.