West Virginia Data Breach Insurance Policy Information
West Virginia 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 West Virginia 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.
West Virginia 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
- Dun & Bradstreet
- Home Depot
- JP Morgan Chase
- Neiman Marcus
West Virginia data breach insurance coverage helps to protect your business from this growing threat.
Why WV 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 WV cyber liability policy.
Why You Need WV 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.
West Virginia 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. West Virginia 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 West Virginia 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.
West Virginia Economic Data, Regulations And Limits On Commercial Insurance
Are you thinking about starting your first business? Do you already own a successful business and you're looking to expand to a new location? Whatever the case may be, when it comes to running a business, there are several factors that need to be taken into consideration to ensure your success.
Of these factors, the location of your establishment is one of the most important. In order to achieve as much success as possible, the location must offer a favorable climate and a market that can benefit from the products or services you intend on providing.
The unemployment rate of a state is a good indicator of the overall economy. The lower the rate, the more jobs are available, which indicates that there are more successful businesses in the state. Also, it's important to know which industries are seeing the most growth in the state, as well as what type of insurance you'll need to carry to properly protect yourself and ensure you are complaint with laws.
If you are a business owner who has your sights set on West Virginia, read on for an overview of the economic trends and business insurance requirements in the Mountain State.
Economic Trends For Business Owners In West Virginia
In December, 2019, the unemployment rate in West Virginia was 5.0%, which was 1.5% higher than the national average of 3.5% at the same time. Additionally, the rate increased slightly over the course of the year, as it was 4.7% in July of the same year, 4.6% in August, and 4.9% in November.
The rate has been relatively steady over the four years; however, there has been a marked decrease, as in December of 2015, the unemployment rate was 6.4%.
As with most states, the prime areas for business development in West Virginia include urban regions and the surrounding suburbs. These locations offer a large target market, a larger workforce, and are with closer proximity to surrounding regions, hence why they're more promising for businesses. As such, Charleston, Huntington, Charlestown, Wheeling, and Beckley are the best areas to open a business in the Mountain State.
There are several industries that are thriving in the state of West Virginia. These industries include:
- Aerospace engineering
- Automotive engineering
- Chemical manufacturing
- Hospitality and tourism
If you are considering opening a business in any of the above-mentioned areas, your chances of success in West Virginia are favorable.
Commercial Insurance Requirements In West Virginia
The West Virginia Offices of the Insurance Commissioner regulates insurance in WV. West Virginia mandates very few forms of insurance coverage by law. They enforce worker's compensation.
West Virginia requires you to have worker's compensation insurance if you hire even one employee on a regular basis. 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.
West Virginia 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.
- 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 West Virginia Data Breach insurance quote in Alum Creek, Barboursville, Beckley, Belington, Bethlehem, Blennerhassett, Bluefield, Bluewell, Boaz, Bradley, Bridgeport, Brookhaven, Buckhannon, Charles Town, Charleston, Cheat Lake, Chester, Clarksburg, Coal City, Crab Orchard, Craigsville, Cross Lanes, Culloden, Daniels, Dunbar, Eleanor, Elkins, Elkview, Fairlea and McMechen, Fairmont, Fayetteville, Follansbee, Grafton, Granville, Harrisville and Romney, Hinton, Hooverson Heights, Huntington, Hurricane, Inwood, Kenova, Keyser, Kingwood, Lewisburg, Logan, MacArthur, Madison, Mannington, Martinsburg, Milton, Montgomery, Moorefield, Morgantown, Moundsville, New Martinsville, Nitro, Nutter Fort, Oak Hill, Paden City, Parkersburg, Pea Ridge, Petersburg, Philippi, Pinch, Pleasant Valley, Point Pleasant, Princeton, Rainelle, Rand, Ranson, Ravenswood, Richwood, Ripley, Ronceverte, Salem, Shady Spring, Shannondale, Shepherdstown, Shinnston, Sissonville, South Charleston, Spencer, St. Albans, St. Marys, Star City, Stonewood, Summersville, Teays Valley, Terra Alta, Vienna, Weirton, Welch, Wellsburg, Weston, Westover, Wheeling, White Sulphur Springs, Williamson, Williamstown, Winfield and all other cities near me in WV - The Mountain State.
Also find West Virginia insurance agents & brokers and learn about West Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including WV business insurance costs. Call us (304) 908-4800.