Your inventory, payroll information, sensitive human-resources info, internal emails, client contacts and other data are crucial to making your business run smoothly — and it could all vanish in a second. Hardware failure, human error or natural disasters can compromise or even wipe out your business's digital assets.
Regular data backups are a wise move for any small business owner to make, but those aren't foolproof. And many business owners, despite having the best intentions, simply don't have time to coordinate backups.
Data Compromise Coverage May Help Limit Your Liabilities
At the top of the list of your most valuable digital assets might be customer data — especially if your business is involved in any kind of online retailing, even business-to-business. An instance of lost or stolen customer data can be costly. Not only can it make for a very angry customer, but it can also mean a blow to your company's reputation and possibly even result in legal liability.
Going the extra mile to secure customer data — and training your employees to do likewise — is always a good idea. Why shouldn't customer data be protected the way your other assets are? The right policy with Allstate can help prevent revenue loss, commercial liability and much more.
Allstate offers several business insurance services to help ensure that your coverage, liabilities, and risk issues are evaluated according to your business specific needs. It doesn't have to be difficult to use Allstate's loss-control evaluations, risk assessment services and commercial liability planning to align your data-related risks, coverages and budgets—an agent can help you choose the best insurance policy for your business.
If your business entails storing personal customer data electronically, talk to your agent about how to shield your company against data loss and electronic data liability. You may want to consider Data Compromise Coverage to protect your business against legal liability related to the distribution of customer data via the Internet.
Studies show that 42 percent of small to medium sized businesses have lost confidential or proprietary information in the past and a 100 percent of those companies have seen direct financial losses or costs associated with the data loss. In addition, almost every state has legislation requiring notification of security breaches involving personal information.
We're Here to Help
There's no escaping your business's responsibility in protecting customer data. Allstate business insurance can help you do just that. Just call us at 1-888-322-3070, or find an agent near you to learn more about Data Compromise coverage as part of your business policy.