Data Breach Extension to Professional Liability

Data Breach Coverage

Big Data Breaches are happening and it is a very scary situation.  Unauthorized access to personal, private, or sensitive information can be viewed or gathered via an unsecure network or even secured. Data may include personal health information, personally identifiable information, and trade secrets.

Opportunity:

• Size of Market:  Over $100 Million in premium
• Average Premium:  $1,200
• Minimum Premium:  $500

How to Quote:

• Tech E&O Application
• EZConnect Online Quoting

Categories include:  

• Computer Security
• Network Security
• Network Security Software Development
• E-Commerce
• Mobile Solutions

Exposure Concerns:

Securing private, personal or healthcare information is an important key.  The use of passwords, firewalls, and security software is a great benefit of helping secure private data.  Also performing network reviews regularly, system backups and disaster recovery planning.  Being prepared for a data breach is just as important as preventing a data breach.  Data Breach and Regulatory expenses can be costly.  Provide your clients with computer professional liability that includes notification expense. 

Key Questions:

1. Does the prospect store private data?
2. Who are their clients?
3. What types of industries does the risk serve?
4. What written security policies does the prospect have in place?

 Coverage:

• Revenues from $1k to $25M
• Limits up to $5M
• Deductible options ranging from $1k to $250k

If you think that you have a business or know of a business that provides these type of services and is in need of technology E&O, please contact Stuckey & Company.