Cyber Insurance

[Peter_G_Stone]

Being in the planning stages of establishing my own business, and how I would like to focus my knowledge & skills to generate revenue, I am reading up on EVERYTHING! I recently read an interesting article on AccountingWeb regarding cyber insurance. I attached the article here for those interested in reading it.   I had never even considered such an insurance. However, it is blatantly obvious why this type of insurance could be a lifesaver for a small accounting practice in today's digital business environment. So I ask those who are experienced owners of a virtual accounting practice: Do you have cyber insurance and is it worth the premiums to you? 

[EmilyCowan]

This is a great question @Peter_G_Stone! I personally know two people whose companies were hacked and held cyber-hostage, but they both work for larger-size companies. I'd never really considered the possibility for smaller-fish businesses or self-employed, but it would seem to make sense - especially for the bookkeepers and accountants among us. Following!

[alw0313]

I do not have the cyber insurance, but I can tell you it is important to understand what people quote you and what the coverage does/doesn't include.  I found numerous insurance companies use different names for the different options of business insurance.  It can be confusing.  My experience was cyber insurance tended to be the higher pricing of the different types of business insurance offered.

[EmilyCowan]

Hey @alw0313 - welcome to QB Community. It's great to see you here :smileyhappy:

Very smart to do your due diligence on pricing and coverage. It's also interesting to know that cyber insurance is now a common add-on for business insurance packages.

@JohnSadler, you're in the small-business insurance business! Do you typically offer cyber insurance as part of your packages? Any thoughts for @Peter_G_Stone on pros and cons?