Insurance giant Travelers this week launched a new offering designed to help small businesses protect against the growing risks of cyber attacks and data breaches.
Dubbed “CyberFirst Essentials – Small Business”, the new offering provides insurance coverage to protect against some of the most common information security breaches including:
• Online hacking and data theft of confidential information such as credit card numbers, Social Security numbers, medical data, etc.
• Accidental loss or sharing of personally-identifiable information regardless of whether that information was from electronic data or from physical paper records.
The new CyberFirst Essentials for Small Business is part of a Travelers MasterPac business owners policy and can include coverage for the costs associated with breach disclosure, credit monitoring services, resulting litigation and more, starting at $120 with flexible limits ranging from $25,000 to $250,000, the company explained.
“This new coverage targeted exclusively to small businesses extends Travelers’ cyber insurance expertise to a critical driver of the economy. Small businesses may have exposures to sensitive information that can be compromised,” said Marc Schmittlein, Executive Vice President, Small Commercial. “Cyber threats are on the rise and our customers rely on Travelers for products that provide them with the depth of protection they need.”
According to a study conducted by Travelers, only 29 percent of small business owners surveyed were very confident that they had adequate coverage to protect their business against cyber liability.
Travelers has provided cyber-related insurance for more than 15 years and also offers cyber coverage to meet the needs of medium- and large-sized businesses including CyberFirst for technology and public entity customers and CyberRisk, offered as a stand alone or through management liability coverage packages for public and private companies, nonprofit organizations and financial institutions.