BizCover, Author at Inside Small Business

Why BizCover’s cyber insurance offering is great news for small businesses

BizCover — Wed, 26 Apr 2023 00:00:00 +0000

As technology advances, cybercrime is becoming more sophisticated, and cyberattacks frequently target frequently targeting small businesses.

The risk is high for Australian SMEs. Many only are only paying $500 on cybersecurity annually despite the average loss being $63,500 per cybercrime incident.

With more businesses relying on technology and the internet to conduct their operations, the need for robust cyber insurance policies is greater than ever before.

“Cyber insurance is increasingly becoming essential for small businesses in today’s digital age,” Jane Mason, Head of Product, Channels and Risk at small business insurance service BizCover, says. “This is why the bolstered cyber insurance offering from BizCover is great news for Australian small businesses.”

Three leading Australian insurers

In response to the high-profile attacks in the second half of 2022, BizCover launched Chubb’s cyber policy in December to meet the growing demand.

“We were seeing 100 per cent annual increases in the number of enquiries about Cyber Liability insurance since the attacks, so we were extremely pleased to be in a position to support businesses with our new and enhanced offering,” Mason says.

The new cyber insurance product covers a wide range of risks, including privacy and security liability, and business interruption cover among many other safeguards.

The platform was also bolstered by updating the cyber insurance products of current insurers AIG and Dual.

“It’s been an overwhelming success. We have seen a further 40 per cent increase in enquiries about cyber insurance since December,” Mason says.

One of the barriers that stop small business owners from getting cyber insurance is price and coverage.

Fortunately, the BizCover platform has annual Cyber Liability policies starting from $487.50 and caters to a broad list of occupations, including:

Professionals
Trades
Services
Retail
Hospitality.

Is your small business at risk of cybercrime?

With major corporations grabbing the headlines, some small business owners may think their humble operation is not a target.

Mason says this could be a costly assumption to make.

“If your business uses PoS devices, emails or has online systems to manage business or you handle important data that could be compromised, then you may be at risk of being a target of cybercrime,” Mason says.

What cyber risks are covered?

While the coverage for each policy on the platform differs, Cyber Liability insurance generally includes cover for expenses and legal costs relating to the following:

Data breaches
Theft or loss of client information
Business interruption costs
Forensic investigation
Data recovery
Extortion
Fines and penalties
Crisis management costs (to restore your reputation after an attack or data breach)
Legal costs from any ensuing civil action taken against your business.

The insurers also offer optional extension covers such as Contingent Business Interruption, Social Engineering, and Cyber Fraud.

“The risk of cybercrime is a moving beast and we wanted to deliver products that help cover small businesses from a broad range of risks,” Mason says.

The bottom line

Overall, BizCover’s new cyber insurance offering is great news for small businesses.

Don’t wait any longer. While there are many perks to being your own boss, protecting your business from cybercrime can get quite dramatic.

Luckily with BizCover, sorting out your Cyber Liability insurance doesn’t have to be. Visit bizcover.com.au to compare quotes or give us a call today – no dramas!

The post Why BizCover’s cyber insurance offering is great news for small businesses appeared first on Inside Small Business.

Is your small business protected from cybercrime?

BizCover — Sun, 02 Oct 2022 23:00:00 +0000

Whether you’re a tradie in Toowoomba or a bookkeeper in Bunbury, Cyber Liability insurance is something every Aussie small business might want to think about.

Small businesses are some of the most at-risk organisations in Australia, making up 43 per cent of attacks that cost $300 million in 2021.

While there are many things you can do to prevent cybercrime infiltrating your business, hackers are becoming more ambitious in their attempts.

From ransomware attacks that occur every 11 seconds to phishing, malware, remote access scams, and brute force attacks – can you be sure to fully mitigate the risk to your small business?

But it’s not going to happen to you, right? You only hear about that in the news and no small business you know has been a victim of an attack.

What the following examples will show is that it can happen to small Australian businesses like yours, and it’s crucial to have Cyber Liability insurance if you want to remain in business.

1. A hairy situation

An Aussie hairdressing small business had their phone system connected through the Internet. When a hacker gained access to the system, they made unauthorised calls to a premium number for over a month. After a while, the small-business owner received their phone bill – $30,000 of unauthorised calls.

Luckily, the small-business owner had a Cyber Liability policy, with the optional Social Engineering cover. This triggered the policy, and the bill was covered by the insurer.

2. Insider IT sabotage

A disgruntled employee of a mining business used malicious software to corrupt the business’s server. Files containing personal information including credit card information had been accessed. As a result, fraudulent credit card transactions were made in numerous locations around Australia.

A total of $1 million was paid for setting up a call centre to respond to enquiries, credit monitoring services for affected individuals, data restoration costs, together with legal fees incurred in reporting requirements to regulatory authorities.

Don’t wait any longer

At the end of the day, these are good news stories. An attack happened and they remained in business due to having the right safeguards in place. But imagine how the story might’ve ended if they hadn’t sorted out their Cyber Liability insurance?

Don’t wait any longer. While there are many perks to being your own boss, protecting your business from cybercrime can get quite dramatic. Luckily with BizCover, sorting out your Cyber Liability insurance doesn’t have to be. Visit bizcover.com.au to compare quotes or give us a call today – no dramas!

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover.

The post Is your small business protected from cybercrime? appeared first on Inside Small Business.

Are you complacent about the risks your small business faces?

BizCover — Mon, 01 Aug 2022 00:00:00 +0000

If you were to write down the risks your small business currently faces, how many do you have protection for? And are you sure that protection will cover you if the worst were to happen?

Only 43 per cent of Aussie small businesses think they are fully covered from insurable business risks, according to a recent Vero report.

While this shows a level of understanding among SMEs about their cover levels, 34 per cent said they have no plan if something bad were to happen. Some others haven’t even thought about what might happen or simply choose to cross that bridge when they come to it.

From floods, bushfires, and the COVID-19 pandemic to supply chain issues and the rising cost of living, Australian small businesses have had to contend with a lot recently.

This has had an impact on the revenue of many businesses, causing some to look for ways to save money.

It’s tough out there, and it’s tempting to put your insurance on the chopping block. But if it’s tough now, imagine what it could be like if a claim was made against you.

Take this hairdresser for example**. A hacker gained access to their phone system and made calls to a premium number, $30,000 of unauthorised calls. Imagine where they’d be if they didn’t have a Cyber Liability policy* in place to cover the bill.

Or the mechanic who was left with a significant claim after they crashed a customer’s vehicle whilst on a test drive**. Luckily, they had Public Liability insurance* in place that covered the $34k for the vehicle and close to $10k for the customer’s car hire.

And even the chippy who suffered a bulge in his lower back while lifting a ladder**. The doctor deemed the back injury as chronic. Fortunately, his Personal Accident & Illness cover* kicked in and he received weekly payments of $1200 for three months.

What can small businesses do?

While the current situation is tough, there are some things Australian small-business owners can do to protect themselves from even worse situations.

Regularly scheduling some time to consider your exposure to risks could help avoid problems later down the track.

Consider what risks your business is exposed to and think about the possible scenarios that could happen if you weren’t protected in the event of a claim.

After that, consider jumping online to compare quotes so you could then decide whether the price of the cover justifies the protection.

Although reviewing your cover at renewal is a great time to consider your options, you could check in at any point throughout the year.

While there are many perks to being your own boss, overseeing everything can get quite dramatic. Luckily with BizCover, business insurance doesn’t have to be.  Visit bizcover.com.au to compare quotes or give us a call today, no dramas! 

**The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned. Coverage for claims on the policy will be determined by the insurer, not BizCover.

The post Are you complacent about the risks your small business faces? appeared first on Inside Small Business.