Get data breach insurance quotes, cost & coverage fast. CO cyber liability insurance helps cover the costs of a data security breach for with coverage like identity protection, public relations, legal fees, liability and more.
Technology is a valuable asset and offers a tremendous amount of benefits; however, there are certain aspects of technology that make it very worrisome. Data breaches and cyber attacks have become commonplace. It isn’t just small companies that are subject to breaches and attacks; mega-corporations are susceptible to them, too.
Take the huge Equifax data breach that occurred in September of 2017 for example. During this breach, highly sensitive data was compromised, including social security and driver’s license numbers, making it one of the worst breaches in history.
These types of situations highlight the importance of Colorado data breach insurance. Whether you own a local brick and motor business or you operate a Fortune 500 company, Colorado data breach insurance should be a top priority.
Colorado data breach insurance (also known as cyber liability) is beneficial for any business that relies on technology to conduct operations. It will behoove any organization that does any of the following to invest in this type of coverage:
When a data breach or cyber attack occurs, your business and the people it services are at risk of having sensitive information compromised. Personal identification numbers, social security numbers, birth dates, medical records, credit history, and various other types of important information can be stolen by whoever is being the attack. Several tragic things can occur as a result of a data breach or cyber attack; for example, identities can be stolen and credit can be destroyed.
Colorado data breach insurance, also known as cyber liability insurance, aids in covering the costs of the issues that arise as a result of a breach in data security. For instance, this insurance can help to pay for identity protection solutions, legal fees, public relations, liability, and so much more.
From an insurance point of view, two different types of data breaches can occur: breaches that affect a business, and breaches that affect the clients of a business. There are two different types of insurance for these two different types of data breaches:
First Party Colorado Data Breach Insurance. This type of cyber liability coverage will help to pay for the costs of the losses a business faces when hit by a cyber attack or data breach. To be more specific, first party data breach insurance covers:
Third Party Colorado Data Breach Insurance. This type of cyber liability coverage assists with the costs that are associated with any lawsuits that may arise after a data breach has compromised the data of a business’ clients. In more detail, third party insurance covers:
CO cyber liability insurance typically does not cover (excludes):
How much does Colorado data breach insurance cost? The cost of this type of coverage varies depending on the type of data breach insurance you choose and the amount of coverage you opt for. Cyber liability insurance premiums are calculated on a company’s industry, services, type of sensitive data stored or collected or processed, the total number of PII/PHI records, computer and network security, privacy policies and procedures and annual gross revenue, and more.
This list shows just some if the companies whose customer data was compromised in just 2016 and 2017 – it is hard to imagine how much damage the breach caused the companies, insurers and most important customers or account holders:
Request a Colorado Data Breach Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at 468 010 USD with a higher limit set at 936 030 USD for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from 500 000 USD to 1 000 000 USD in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least 25 000 USD per person and at least 50 000 USD per accident in liability insurance; as well as an additional 15 000 USD for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Data Breach Insurance quotes, costs and information:
