Nikolas and Holly own a local landscaping company. During the holiday season they are known for creating stunning Christmas light displays for residential and commercial properties. The company relies heavily on its online booking system, which allows customers to schedule appointments and make payments conveniently.
One day, Holly noticed their online booking system was not functioning properly. After investigating the issue, she discovered their system had been hacked, compromising sensitive customer information and payment details. Concerned about the potential impact on their customers and the reputation of the business, Holly immediately contacted their insurance agent.
Fortunately, Nikolas and Holly had previously worked with their insurance agent to develop a comprehensive insurance plan for the landscaping company, which included cyber insurance coverage. They were assigned a team of cybersecurity experts to investigate the incident.
Under their cyber insurance policy, expenses for notifying affected customers and providing credit monitoring services were covered. The policy also provided coverage for the loss of income resulting from the temporary inability to accept online bookings until a new secure system was implemented. If any affected customers filed claims, the cyber insurance policy would also cover the legal fees and potential settlements.
Without the crucial protection of cyber insurance, Nikolas and Holly would have been left to cover all the costs associated with the cyber breach. This could have had a devastating impact on the financial stability of their landscaping business.
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For more information, contact the Victor Small Business team at info.smallbusiness@victorinsurance.com.
* The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.
