Here’s Why Cyber Insurance is a Growing Market for Small to Mid-Sized Businesses

Your business started out small, and you never thought that you’d need certain types of insurance coverage. But now your business has grown. And in the age of the internet, it’s impossible to not have an online presence. With that being said, it’s no wonder that cyber insurance has been on the rise in recent years. Without cyber coverage, your business is left exposed to the elements. A 2018 Hiscox Small Business Cyber Risk Report found that nearly half of all small businesses experienced a cyber attack in the past year, with small businesses being less likely to have prepared for the problem. When you’re less likely to be able to handle the events of a cyber attack, you’re that much more likely to not be able to handle the aftermath of it. Don’t let a cyber attack financially cripple you. Be prepared for a cyber attack to happen at any given time. This blog is going to delve into why cyber protection is a growing market for small to mid-sized businesses, and how these businesses can go about protecting themselves.

Why Cyber Insurance is Important

Today, small businesses are purchasing cyber insurance policies faster than ever before, with over 90 percent of small businesses purchasing a policy, ranging from $1 to $5 million in coverage. It’s no wonder that businesses are grabbing up coverage like wildfire. While cybersecurity is nothing new to deal with, the threat of it has become more apparent with recent years. With that being said, it’s imperative to propagate wholesome solutions to this type of problem. Cyber policies are essential for third-party vendor relationships between companies, with 46 percent of owners saying that they purchased coverage out of a contractual agreement. This type of policy is growing, with a quarterly growth of 34 percent a year, with over half (69 percent) are retaining year-to-year coverage.

The Price of Cyber Insurance

What often keeps people from buying insurance is the price. But in 2018, cyber insurance premiums have actually gone down dramatically. That’s due to the fact that we only grow with innovations and technology as the years pass. Keeping those aspects in mind, it’s no wonder that small businesses are striving to get some type of cyber coverage. In an internet era, it’s no wonder that your business is going to be online. Make sure you get the most out of your business by getting the proper coverage that you need for it. The need for this coverage is absolute, and that’s not going to change anytime soon.

About Axis Insurance

At Axis Insurance Services, we aim to help our customers identify their exposures and protect themselves. Founded in 1999, we offer insurance programs to a wide variety of professionals and industries including attorneys, real estate, healthcare, architects, and more, and also have a wholesale division. We pride ourselves on offering flexible insurance coverage tailored specifically to each customer’s needs. To learn more about our solutions, contact us at (201) 847-9175 to speak with one of our professionals.

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