Cybercrime costs the global economy about 1 trillion and is predicted to keep increasing. Cyber criminals target small businesses as many are unprepared for cyber attacks. In fact, 28% of all data breaches involve small businesses. $2.35 million was the average cost in 2020 for small organizations targeted in a cyber attack. One in every five small businesses do not have adequate security in place and one in three organizations rely on free cybersecurity measures. Cyber attacks result in loss of productivity, legal liability, loss of business continuity, and damage to the organization's reputation. Frederick Mutual now offers Cyber Suite Coverage that is available for all renewal and new Secure® BOP policies. Some of our Cyber Suite Coverages include:
Data Compromise Response Expenses Coverage including Forensic IT, Legal Review, Public Relations, Regulatory Fines, Named Malicious Code
Computer Attack Coverage including Loss of Business and Public Relations
Cyber Extortion
Data Compromise Liability
Coverage is available in many limit options ranging from $50,000 to $1,000,000 damage” to “your work”, “your product”, and “impaired property” caused by a contractor’s “Wrongful Act” in rendering (or failing to render) “Contractor Services”
Frederick Mutual offers Cyber Suite Coverage for your business owners policy and for your home. To request a quote for Cyber Suite Coverage please click below!