As an artist, you create tangible art. You may be aware of the risks your business or product carries, but did you know there are virtual risks you can’t see? You don’t want to put your customers in danger.
In the age of information, personal data has become the most valued commodity. Online hackers are working hard to come up with new ways to access this sensitive information that puts you, your business, and your customers at risk. You’ve even seen it in the news recently affecting the gas and meat industries. These are large organizations that paid out millions in ransoms, but what about smaller businesses like yours?
1 in 4 businesses have faced a cyber attack in the past year. Cyber liability insurance is designed to help you navigate the effects of a cyber attack.
What is cyber liability insurance?
Cyber liability insurance is coverage designed to protect your intellectual property, personal business data, customer information, business funds, and communications. Cyber insurance cannot prevent something like a data breach from happening, but in the case of one you will be able to better face the financial costs from a cyber crime.
Every time you make an electronic sale, the buyer’s data is being collected. This includes transactions using technology like Square, systems like Venmo, and online purchases on platforms like Etsy. Sensitive customer information, such as their full name, billing address, and banking information, deserves to be protected.
How does cyber liability insurance help artists?
As an artist, crafter, or tradesman, you have a special bond with your clients and a unique way of doing business. With COVID-19 recently pushing more businesses online, the number of cyber attacks is quickly on the rise. Whether you make sales online or in-person at events, electronic transactions could put you at risk of a cyber attack. Cyber liability insurance by ACT offers you coverage in many common places you choose to do business.
Most events, festivals, and shows require you to have vendors insurance, but they do not require cyber insurance. Recently, Cash App, the owner of “Square,” has been found unreliable in helping victims of cyber crimes. The financial loss can drain accounts completely, a cost many small businesses cannot afford.
Another invaluable loss your business can suffer from is damage to your reputation. If a customer’s private information is breached, you risk losing their trust. This is an occurrence many businesses never recover from.
As an artist, you own the rights to your original work. In the event of a cyber attack, intellectual data may be stolen. This includes business plans, trademarked designs and techniques, or any other “trade secret” that offers you an advantage. Losing this information can halt your operations, or permanently close your business.
How much does cyber liability insurance cost?
Cyber liability insurance is considered an “add-on coverage.” For only $99 a year, you receive:
$100,000 cyber coverage limit
First-party coverage for cyber attacks on your business (data specific to your business, such as private documents)
Third-party coverage for cyber attacks on your customer’s information (data specific to clients, such as banking information)
Is it time for you to renew your policy? Add cyber liability insurance to your existing plan with just a few clicks.
Why get Cyber Liability Insurance with ACT Insurance?
One Georgia woman had an unfortunate run in with online hackers. Being the proud owner of her own small business, this woman wanted to make sure she took various steps to protect her shop. However, the third-party company she sought cyber security from had gaps in their two-factor authentication system. This allowed hackers to gain access and install ransomware, holding her entire business hostage. Unable to meet their monetary demands, she had to pay an outside company $20,000 to pull her business and client’s data.
After essentially rebuilding her business’s online database and records, this woman found ACT Insurance. If she had invested in cyber insurance sooner, she would have only paid $99 instead of $20,000. ACT Insurance offers you low-cost, top-rated cyber liability insurance.
In the event you were to experience a cyber crime, our agents have been specially trained to help you. Navigating any insurance claim can be confusing, and with the added stress of your business at risk we understand your fears and frustrations.
Most insurance companies leave you to handle the claim, notify customers, and retrieve your information. We have created a system that takes this responsibility off your shoulders. Just one phone call will start the process of recovery and allow you to focus on running your business.
Get Cyber Liability Insurance Today
When looking at the bigger picture, there are a lot of unknown threats you don’t typically consider in your everyday business operations. A cyber attack is more likely than you think, and it can be a scary event to navigate. With ACT Insurance, you are not alone. After all, it’s your job to create and it’s our job to protect. Arm yourself with the coverage you need and keep con artists out of your workshop.
Have any questions or concerns? We want to hear them!
Brianna Hale is a Marketing Communications Specialist at ACT Insurance. She specializes in all things craft insurance—from event liability to covering an Etsy business and more. Outside of work, she can often be found at a concert, traveling, or practicing film photography.