Louisiana Data Breach Insurance

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Louisiana Data Breach Insurance Policy Information

LA Data Breach Insurance

Louisiana Data Breach Insurance. Cyber attacks have become all too common problem for businesses. What many businesses don't realize is that they may not be insured against these data breaches with their existing insurance. Read on to find out if your business needs specific Louisiana data breach insurance.

Your general liability policy does not cover data breaches. You will need a cyber liablity insurance policy to protect you from costly and damaging data breaches.

Louisiana data breach insurance protects your private information from unauthorized use with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.

The Rise Of Cyber Attacks And Data Breaches

In September of 2016 it was announced that more than half a billion Yahoo accounts had been breached. Even worse, the hack had originally occurred in 2014 but wasn't discovered until two years later. Large scale breaches like the Yahoo hack are no longer an infrequent event. In fact 2016 was a banner year for cyber attacks. SWIFT, LinkedIn, Twitter, MySpace hacks occurred in 2016 each resulting in millions of customers losing their private details.

Here are some other of of the largest data breaches in recent history:

  • Adobe Systems
  • AOL
  • Citigroup
  • Dun & Bradstreet
  • eBay
  • Facebook
  • Gmail
  • Home Depot
  • JP Morgan Chase
  • Neiman Marcus
  • Sony
  • Starbucks
  • Target

Louisiana data breach insurance coverage helps to protect your business from this growing threat.

Why LA Small And Medium Size Business Are Vulnerable To Cyber Attacks

It's not just large businesses that are vulnerable to cyber attacks. Small businesses are in fact much more likely to be targeted that their owners often assume. Small and medium sized business owners often feel that because of their small size that they are unlikely to be targeted.

But it is precisely the small size of the business which makes them an extremely tempting target for hackers. Smaller organizations usually have weaker defenses against a cyber attack because they don't have the same IT support or technology resources. In much the same way that burglars are more likely to target a building that doesn't have an alarm over one that does. Hackers look for weak targets and unfortunately that often means small and medium sized businesses.

While in the short term it can seem easy to ignore the possibility of a data breach, in the long term such an approach can be ruinous. It's estimated that the average cost of a data breach is $420,000. The medium scale data breach would force many companies out of business, if they are not properly insured with a LA cyber liability policy.

Why You Need LA Data Breach Coverage

Many companies mistakenly believe that they are covered by their general liability policy. In many cases this has been shown to not be true. In the recent Sony PlayStation breach it was found that the Sony's liability insurance coverage did not include legal defense costs associated with the breach.

Louisiana data breach insurance isn't just for traditional technology companies either. Any business that has access to or retains customers private details could be liable for claims resulting from a data breach. There have been numerous cases of stolen laptops containing sensitive customer information which have lead to legal action and fines.

A good data breach insurance policy will cover the associated costs of a cyber attack. This includes the costs involved with notifying the individuals impacted by the breach. It will include good faith advertising to make sure that the public and specifically those affected are aware of the problem. It should also include the costs involved with legal defines resulting from legal action as part of the breach.

Providing Fast And Comprehensive Support For Affected Customers

Data breaches can have a long term impact on customers. Louisiana data breach insurance insurance can help to offset these costs for the business and its customers. Included among this are identity and credit protection for the affected customers. Being able to provide full support for customers following a data breach is the best way to counter the damage that can be done to a brand following a cyber attack. While it is not possible to turn back the clock to before the cyber attack, being able to help customers recover from the attack, is the best way to limit the damage to the brand.

One of the worst aspects of a cyber attack is the sustained impact it can have on customer's decisions whether to continue to do business with that company. Businesses that are able to respond quickly and responsibility to a data breach are much more likely to retain customer confidence. Providing this support is much easier to do when you are fully covered by a Louisiana data breach insurance policy.

Cyber Liability Coverage

The number of cyber attacks increases every year. The businesses targeted by hackers range from the largest multinationals to local mom and pop businesses. The cost of these attacks can be devastating, and many businesses are not currently fully protected under their existing general liability policy. A specific cyber liability insurance policy is the best way to mitigate against the costs that occur following a data breach.

Louisiana Economic Data, Regulations And Limits On Commercial Insurance

Made In Louisiana

If you are a business-minded individual who is either thinking about starting a new business or who wants to expand an existing business by opening a division in a new state, it's important to choose a location that offers favorable conditions.

In business, it doesn't matter how high-quality the products and services you offer are, if the products and services don't appeal to the market, you likely aren't going to succeed. With that said, if you are interested in starting a business in the state of Louisiana, having a basic understanding of the economic trends is important.

It's also a good idea to know what type of insurance you'll need to carry, as certain commercial policies are compulsory in the state.

Below, we provide an overview of economic trends of the Creole State to determine if it's the right location for your operation.

Economic Trends For Business Owners In Louisiana

Unemployment rate is a good indicator of a state's economy. The lower the unemployment rate, the more advantageous the environment will be for prospective business owners. Unfortunately, the unemployment rate of Louisiana is higher than the national average; as of December, 2019, the rate was 4.9%, which was 1.5% higher than the national average of 3.5% at the same time.

Additionally, the unemployment rate has increased; it was 4.3% in July of 2019, 4.5% in October, and 4.7% in November of the same year. However, despite this, the unemployment rate has decreased in recent years, which does show promise for entrepreneurs who are thinking about starting a business in the state.

The best spots to start a business in LA are large cities and the suburban areas that surround them. The following cities have seen the most significant industrial growth:

  • Baton Rouge
  • Lafayette
  • Lake Charles
  • New Orleans
  • Shreveport

Businesses in various industries do well in the state of Louisiana; however, there are specific sectors that are seeing substantial growth. Those industries include:

  • Advanced manufacturing
  • Aerospace
  • Agribusiness
  • Automotive
  • Commercial fishing
  • Crude oil
  • Energy
  • Entertainment
  • Natural gas production
  • Software development
  • Water management
Commercial Insurance Requirements In Louisiana

The Louisiana Department of Insurance regulates insurance in LA. Louisiana mandates very few forms of insurance coverage by law. They enforce worker's compensation.

Louisiana requires you to have worker's compensation insurance if you hire even one employee on a regular basis or must be approved for self-insurance. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.

Louisiana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.

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.


Information Technology And Internet Insurance

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.


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Also find Louisiana insurance agents & brokers and learn about Louisiana small business insurance requirements for general liability, business property, commercial auto & workers compensation including LA business insurance costs. Call us (318) 232-4100.

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