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Do Startups Need to Consider Cyber Insurance?

Do Startups Need to Consider Cyber Insurance

Do you know that 90% of organizations reported phishing attacks last year? So with continuous integration of technology and business, it is vital to consider IT security in the budget of your startup.

Do you believe that a breach won’t happen to your organization just because it’s a budding company? Well, think about it again.

In the US, about 65% of organizations faced a successful phishing attack. These stats are 10% higher than the global average. Today, almost all businesses are well integrated with technology in several ways, making them vulnerable to all types of cyberattacks. Small businesses and startups which have zero or no cybersecurity plan are easy prey to hackers.

More and more new businesses are turning to cybersecurity insurance for startups to beat this rising concern. They are seeking reliable solutions to deal with the mounting threat of cyberattacks. Traditional commercial policies may not always include or clearly define coverage against cyberattacks.

How is insurance for startups a smart solution?

Free credit monitoring

Cyber insurances monitor the credit of your customers. If your customers get affected by a data breach, the insurer takes care that their information isn’t used illegally.

It is crucial to deal with this, with assistance from an insurance company, as doing it on your own can be a big-time headache. Research shows that 58 percent of consumers after a data breach want companies to step up and provide credit monitoring, identity theft protection, and other cyber-security solutions. It proves to be a big step toward winning back customer trust and retaining them. When moving ahead, make sure with the insurance provider if they include this service.

Cover legal cost

After a data breach, customers could sue your business, and as a result, the legal cost piles up uncontrollably.

Generally, cyber liability insurance for startups reimburses your significant legal expenses like lawyer fees and settlement costs. These expenses exceed the budget of most startups, and having insurance can help you avoid a huge financial blow.

PR expert to repair your business prestige

After a data breach, the highest and intangible cost a company has to bear is damage to its brand position. Typically, insurers hire skilled PR experts to rebuild and preserve your reputation. Irrespective of the size of your business, these can help you rebuild your market reputation and credibility.

Timely recovery of lost income

An unexpected pause to your business due to a data breach can greatly impact your business operations. It can make your company lose the revenue that it would’ve earned in due course.

Many startup businesses don’t have huge cash reserves – they rely on consistent cash flow. Therefore a pause of income for a few months can be disastrous to many small businesses. However, having good cyber insurance for a startup is a recovery measure that could create a huge difference and keep you up and running despite the unfavorable turn of events.

Thorough investigation

Insurers arrange a consultation with IT professionals to identify the root cause of the issue. The IT forensics team also assesses what measures need to be taken to prevent all sorts of future data breaches.

If you still doubt if your startup needs cybersecurity insurance, make yourself aware that a business takes somewhere around 206 days to know if they’ve been breached in the first place. Consider the damage hackers can do within 206 days, and you’ll realize what needs to be done.

Contact James Page Insurance today in case of any additional questions about business insurance for startups.

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jamespage

Tips for Parents to Reduce Car Insurance Rates

Tips for Parents to Reduce Car Insurance Rates

It is both scary and exciting when you hand over the car keys to your child for the first time.

For your teen, beginning to drive means stepping towards independence and freedom. However, it also adds immense responsibility.

For the parent, it is a surge of anxiety over safety and the added cost of insuring their young new driver.

But you should not worry. A lot of amendments in licensing and insurance laws for teens have taken place since you learned to drive. So, it is necessary to start thinking about how to properly insure him or her as they approach the age of driving. Generally, it is confusing, hurried, and expensive to have car insurance for teens. However, with proper research and asking questions, you can get out of the confusion, and possibly get a lower car insurance rate for your teen driver.

Estimated Car Insurance Cost

On average, adding a sixteen-year-old teen to your insurance coverage increases your coverage rates by 130 to 140 percent or an annual increase of about $2000. But it is possible to save some money when you add teens to your policy rather than getting a separate coverage for them.

Our Parent Guide to Insuring a Teen Driver

Here is our parent guide to insuring a teen for more details needed. In this guide, you will learn about the important steps that you can take to keep insurance rates of your young driver as low as possible.

Compare Effectively

The price of every insurer and its coverage is different, and what might be cost-effective for one might not be reasonable for another. You can compare through online quotes or by calling several agents.

To save money, comparing quotes can be the best option. A few minutes of research could save you hundreds or even thousands of dollars. Or you could hope your teen scores good grades to get a good student discount. A few minutes on the Internet may seem nearly painless now, right?

Discover Discounts

Consult with your automobile insurance company about what it would cost, and if they provide student discounts or any other discounts that you can take advantage of. In general, a good student discount can save 10 to 15 percent on coverage.

Find the Right Car

Buy the correct car for your teen. Your teen might consider a rental-grade sedan, such as a Ferrari, but cars having safety features with low horsepower are best for teenagers. Minivans are the cheapest vehicles to insure, but your teen may be unlikely to want one.

What’s More to Know?

In general, the states’ laws may vary. Make sure to keep in mind that –
● It is needed to add all licensed drivers in a household to a policy. If it is not the case, your insurer may not provide any claim or cover any accident. They may cover the claim only on the payment of the additional premium it would have charged you.
● It is acceptable in some states to exclude a licensed teen from your policy. While some don’t.
● It is not allowed for a teen to title a car in his or her name in most states.
● Getting car insurance is a contract. Though your state may not have age restrictions on titling a car, a person cannot get insurance by themselves if they are not old enough to sign a contract.
Willing to learn more? Contact our car insurance experts today to get car insurance for teens. We will be happy to assist you.

 

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