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Best Cyber Insurance for Contractors

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cyber insurance for contractorsBest Cyber Insurance for Contractors

I don’t need cyber insurance. for contractors.

I don’t have a website.

I don’t take credit cards.

My life takes place on the job, not in my office.

These are often the myths that contractors tell me and themselves when I ask them about cyber insurance.

In this video and post, I’m going to dispel those myths, coming right up

Also, if you have a specific question or issue I didn’t cover here regarding cyber or contractors’ insurance in general, please let me know by calling or emailing me. Thanks.

Okay, now why do contractors need cyber insurance?

Even though your business may not rely heavily on computers or computer networks, and most of your “work” takes place in the field, you still have a significant cyber risk, and here’s why.

  1. Those businesses that perceive the threat of cyber attacks as low, usually let their guard down and don’t take digital security very seriously. This is great for hackers and not so great for those firms.
    Having weak network security makes you vulnerable and a target for hackers who can wreak havoc with your business and your personal life.
  2. Social engineering is a sophisticated technique deployed by hackers to trick you into wiring money to pay for invoices for supplies and materials to them instead of to your vendors.
    We see this happen regularly to firms of all sizes and while proper protocols can help control this risk, it still happens.

    If you accidentally were tricked into paying $15,000 or even $80,000 to a fraudulent account how would your business deal with that type of out-of-pocket loss?

    Cyber Insurance includes coverage for social engineering like this.

  3. Ransomware is a tremendous cyber threat today where an employee accidentally clicks on an unsuspecting link in an email and malware is released on the company network.
    Whether that’s one computer or ten, regardless of whether you have a server, or you’re operating on Microsoft 360 in the Cloud, your entire network is seized and held hostage.
    Until you pay a ransom you can’t access any of your information. This means your scheduling software, your POS system, your customer information, and your business information is unreachable.
    You’re out of business until you pay that ransom. And, even after paying the ransom, you may not get all your data back. Now what?

    Cyber insurance can help pay for the ransom, and pay for the experts you need to recover from a claim like this.

  4. Data Destruction – this is a risk associated with ransomware as well as with rogue employees. It involves threat actors whether they are hackers or as I mentioned rogue employees, maliciously destroying your data.
    Dumping digital documents., digital history, customer information, and similar from your hard drives and backups.

    How do you operate a business if the data you rely on has been impaired or destroyed

    The costs to recreate or restore this data are often included in a cyber policy.

I could go on with other coverage features, but I think you get the point.

Cyber risk is very real.

It affects businesses of all types and sizes and a cyber event can turn a business upside down for a period of time while you try and remediate and recover from that event.

Without cyber coverage, you’re figuring it out on your own and downtime will be longer and more damaging.

In my opinion, contractors who rely on any level of data in their business, need cyber insurance.

If your data is valuable you need this coverage.

Want to learn more about how to get cyber insurance and what it will cost?

With a short questionnaire, we can get you a premium indication in about an hour.

Just give me a call or drop me an email and let’s chat – no pressure, no sales gimmicks, just a conversation so I can help you figure out cyber insurance for your contracting company.

Thanks!

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