Cyber Insurance Coverage Checklist: Everything You Should Know

The Internet has undoubtedly made our lives better in a variety of ways, but it has also made the world a more dangerous place as well. That's why cyber assurance coverage is critical for any business. This is true in a wide range of different ways, all of which are more than worth a closer look.



Why You Need Cyber Assurance

Cyber assurance coverage is necessary, in large part, because the ramifications of a data breach are so large. Going beyond the immediate costs that come with identifying the issue and informing those who have been 

Cyber insurance coverage checklist

impacted, you also have reputational issues to think about. Once people stop trusting your business because you've suffered a data breach, you are unlikely to win those people back - which means that this is an impression that you will carry with you for years to come.

Understand Your Level of Risk


By far, the most important step that you can take on your road to obtaining an appropriate cyber insurance coverage checklist involves understanding the risk that you are exposed to. In the event of a worst case scenario - meaning that those with malicious intentions have access to virtually every piece of data on your server - what would be the ramifications? What is the potential monetary value of the damage that could be done?


Only once you know the answers to these questions will you be able to make the most informed decision regarding the type of policy that you should invest in.


Understand the Need of the Company


As a business, one of the most important things to understand is that you don't just need a blanket "one size fits all" cyber assurance policy. You need something that will protect the specific type of organization that you actually run. That means not only response coverage but also ransomware coverage, data restoration coverage, coverage for losses in third-party systems, and more. Even coverage that helps to account for regulatory fines and penalties in the unfortunate event of a data breach will be essential, all so that you can worry less about cybersecurity and focus more of your attention where it belongs - on your business.


Estimate Your Budget


Another one of the most important steps to making sure that you have enough cyber insurance coverage involves comparing your budget to what you could afford to spend in the event of a worst case scenario happening. Keep in mind that, according to one recent study, the average cost of a data breach as of 2022 is an incredible $4.35 million. Would you rather spend that much in potential costs, or significantly less towards an adequate insurance policy? This is a critical question to answer.


Look For a Plan Based on Your Company Needs + Budget


Along the same lines, it's important to acknowledge that not all businesses are created equal. The type of data that your average healthcare organization maintains is obviously different from something like a retail business. Therefore, you need to always make sure that you're investing in a plan that meets your company's unique needs - all while staying within the precise budget that you have set for yourself.


Regularly Review Your Cyber Insurance Policy with Your Insurance Broker


In the end, it's critical for you to understand that investing in a cyber assurance policy is not something that you "do once and forget about." The conditions of the marketplace will always change and you need to be prepared to adapt right along with them. Only by doing so will you be able to not only address the challenges of today, but better prepare yourself for the ones you may face tomorrow as well.


If you'd like to find out more information about the various types of cyber insurance coverage that you need to have as a business, or if you're just looking to talk about your own situation with someone in a bit more specificity, please don't delay - contact us today.

Cyber Liability Insurance FAQs

  • What are some common types of cyber attacks that are covered by cyber liability insurance?

    Common types of cyber attacks covered by cyber liability insurance include data breaches, ransomware attacks, and phishing scams. These attacks can result in financial losses, reputational damage, and legal liabilities for businesses, making such insurance an important safeguard against cyber risks.

  • Can cyber liability insurance also cover the cost of legal fees in the event of a cyber attack?

    Yes, cyber liability insurance can cover legal fees in the event of a cyber attack. This coverage is typically included in most policies and can help businesses mitigate the financial impact of lawsuits resulting from data breaches or other cyber incidents.

  • Are there any exclusions or limitations to coverage under a cyber liability insurance policy?

    Exclusions and limitations to coverage under a cyber liability insurance policy may vary depending on the insurer, but common exclusions include intentional acts, criminal activity, and bodily injury. It is important to review policy terms carefully to understand what is covered.

  • How much does cyber liability insurance typically cost for businesses?

    The cost of cyber liability insurance for businesses varies based on the size, annual sales, industry, level of cyber risk and more. Policies can range anywhere from $5,000-$500,000. Speak to a BIS Benefits broker who can help you get the best price for your business needs.

  • Are there any specific industries or businesses that are particularly at risk for cyber attacks and should prioritize getting cyber liability insurance?

    Certain industries such as healthcare, finance, and retail are more susceptible to cyber attacks due to the nature of their business and the type of data they handle. These businesses should prioritize getting cyber liability insurance to protect against potential financial losses.

What Employee Benefits Do Georgia Workers Want in 2025?

by Drew Holley • 17 January 2025
Key Insights on Employee Benefits for Small Businesses in Georgia Employee benefits play a pivotal role in attracting and retaining talent, particularly for small businesses striving to compete with larger corporations. BIS Benefits has partnered with Mployer Advisor to bring you an exclusive 2025 Employee Benefits Benchmarking Report, tailored specifically for businesses in the South Atlantic region with 25–49 employees. This blog highlights key findings from the report and how they can help you craft a competitive benefits strategy. Want to dive deeper? Download the full 2025 Employee Benefits Benchmarking Report to gain actionable insights and trends tailored for businesses like yours. Key Findings from the 2025 Employee Benefits Benchmarking Report 1. Medical Benefits: Affordability and Trends 76% of employers in the South Atlantic region offer medical benefits, with 63% of employees enrolling. On average, small businesses contribute $580 per month for single coverage and $707 for family coverage —in line with regional benchmarks. High-deductible health plans (HDHPs) with health savings accounts (HSAs) are gaining traction as cost-saving options. What this means for your business: Offering at least one affordable plan option with employer contributions around regional averages helps you stay competitive in the labor market. 2. Supplemental Benefits: A Strategic Edge Dental and vision benefits are offered by over 80% of employers in this cohort, with high employee enrollment rates of 98% and 93%, respectively. Life insurance payouts are commonly structured as multiples of earnings, with the majority of plans offering 1–2x salary coverage. Voluntary benefits such as critical illness and accident insurance are being increasingly adopted to attract talent without significant cost increases. Takeaway: Supplemental benefits can enhance your overall offering without breaking your budget. Highlight these options to potential hires to differentiate your package. 3. Retirement and Financial Benefits: Securing the Future 91% of employers offer defined contribution retirement plans (e.g., 401(k)), with 74% of employees participating. Employer matching contributions average between 4%–6% , a vital component in employee retention. Auto-enrollment and auto-escalation features are becoming standard, simplifying the process for employees and increasing participation. Action Step: Ensure your retirement plan includes competitive matching and user-friendly features like auto-enrollment to boost engagement. 4. Leave and Flexibility: Meeting Modern Expectations Consolidated leave programs (combining sick, vacation, and personal days) are offered by 69% of employers , reflecting a trend toward greater flexibility. Remote work options and flexible schedules are growing in popularity, with 40% of businesses offering work-from-home arrangements . How to stand out: Consider adding or expanding remote work policies and flexible scheduling to meet employee expectations in 2025. Why Download the 2025 Employee Benefits Benchmarking Report? This comprehensive report provides: Regional and national comparisons to help you understand how your benefits stack up. Detailed insights into cost-sharing, plan designs, and employee preferences. Actionable data on emerging trends like HDHPs, flexible leave policies, and wellness programs. The report equips Georgia small businesses with the knowledge needed to craft a competitive benefits package that aligns with employee needs and business goals. Download the Report Today Don’t miss out on the opportunity to gain insights that can transform your benefits strategy in 2025. Download the full report here by entering your email address and receive actionable data to help your business attract and retain top talent.

HDHPs: How High Deductible Health Plans Can Save Money for Employers and Employees

by Drew Holley • 6 January 2025
High Deductible Health Plans (HDHPs) are transforming how employers and employees manage healthcare costs. By offering lower premiums and pairing seamlessly with Health Savings Accounts (HSAs) , HDHPs provide a strategic way to save money while maintaining access to quality healthcare. In this article, we’ll explore how HDHPs work, their benefits for employers and employees, and how to maximize their potential. To learn more about the benefits of HDHPs and related options, visit our Group Benefits page . What Are HDHPs? HDHPs are health insurance plans characterized by higher deductibles and lower monthly premiums. These plans encourage smarter healthcare spending, as individuals must pay for medical expenses out-of-pocket until their deductible is met. A significant advantage of HDHPs is their compatibility with HSAs. HSAs allow employees to save pre-tax dollars for qualified medical expenses, reducing taxable income and providing a long-term financial safety net. Unlike Flexible Spending Accounts (FSAs), HSA funds roll over year after year, making them an ideal savings tool. To better understand the differences between HSAs and FSAs, check out our detailed guides on Health Savings Accounts and Flexible Spending Accounts . The Employer Advantage: Cost Savings and Competitive Benefits Employers benefit significantly from HDHPs because they reduce overall premium costs while providing employees with greater flexibility. These plans can be part of a larger strategy to attract and retain top talent, especially when paired with proper education about HSAs. Offering HDHPs demonstrates a commitment to cost-effective, forward-thinking benefits management. Businesses can tailor these plans to align with workforce needs, ensuring employees feel supported while keeping costs under control. For help designing a comprehensive benefits package, visit our Group Benefits page for insights on tailoring solutions for your team. The Employee Advantage: Affordable and Flexible Coverage For employees, the main draw of HDHPs is their affordability. With lower premiums, employees can save on monthly healthcare costs while taking advantage of HSAs to manage out-of-pocket expenses. HSAs offer employees tax savings, flexibility, and long-term benefits, making them an excellent choice for those planning for future healthcare needs. This is especially valuable for individuals and families who don’t anticipate frequent medical expenses but want to ensure coverage for unexpected costs. Learn how to maximize your savings with our guide to Health Savings Accounts , a vital companion to any HDHP. Key Differences: HSAs vs. FSAs While both HSAs and FSAs offer tax advantages, they differ significantly in how funds are managed. HSAs allow for funds to roll over indefinitely and are owned by the employee, even if they change jobs. FSAs, on the other hand, are subject to the "use it or lose it" rule, meaning unspent funds may be forfeited at the end of the year. Employees using FSAs should familiarize themselves with rollover and grace period options to avoid losing money. To better understand how these accounts compare, check out our Flexible Spending Accounts overview . Industry Trends: HDHPs Are Gaining Momentum HDHPs are increasingly popular across various industries, from technology to manufacturing. Businesses see these plans as a way to manage rising healthcare costs while still offering competitive benefits. As employers look for cost-effective solutions, HDHPs stand out as a forward-thinking option that balances affordability with quality. Pairing HDHPs with educational resources ensures employees feel confident in navigating their healthcare choices. Key Takeaways For Employers: HDHPs lower premium costs while providing flexibility for employees. For Employees: When paired with HSAs, HDHPs offer significant tax advantages and long-term savings opportunities. For Everyone: Understanding the differences between HSAs and FSAs is essential for making informed benefits decisions. Whether you’re an employer or employee, HDHPs can be a game-changer for managing healthcare costs. To explore how these plans fit into your benefits strategy, visit our pages on Group Benefits , Health Savings Accounts , and Flexible Spending Accounts . 
Drew Holley and Jessie Couch Discussing HSA and FSA

FSA vs HSA | Which One is Best for your Georgia Employees?

by Drew Holley • 12 December 2024
Use It or Lose It? Demystifying FSAs and HSAs Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) are popular options for managing healthcare expenses while enjoying some tax benefits. However, these two accounts differ significantly in how unused funds are handled at the end of the year. This difference can impact your financial planning and overall healthcare strategy. In this article, we'll delve into the "use it or lose it" concept, explore how it applies to FSAs, and compare it with HSAs, highlighting why it's important to understand these rules when making your benefits choices. For more information on HSAs and FSAs, watch the full episode of the BIS Podcast here or below. FSAs and the "Use It or Lose It" Rule FSAs have traditionally been governed by a "use it or lose it" rule. This means that any unspent funds in your account at the end of the year would be forfeited. This requirement made it crucial for employees to accurately estimate their healthcare costs and spend all allocated FSA funds before the year ended. However, since the introduction of the Affordable Care Act (ACA), things have changed. Today, many employers offer more flexibility with FSAs. Thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Alternatively, some employers may offer a grace period of up to two and a half months after the end of the plan year to use any remaining funds. It’s important to know what rules apply to your FSA so that you don’t leave any money on the table. To learn more about maximizing your benefits options, check out our guide on employee benefits strategy . HSAs: A Different Story Unlike FSAs, HSAs do not follow the "use it or lose it" rule. Funds contributed to an HSA remain in the account year after year, regardless of whether or not you use them. This is one of the key benefits of an HSA—you can build up savings over time to cover future medical expenses. Plus, the funds in an HSA are portable, meaning you take them with you if you change jobs or retire. This makes HSAs a valuable tool for long-term healthcare planning. If you're considering switching to a High Deductible Health Plan (HDHP) to become eligible for an HSA, it’s important to weigh the pros and cons. For more information about HDHPs and their compatibility with HSAs, check out our Health Savings Account service page . Making the Most of FSAs and HSAs Whether you choose an FSA or an HSA, it’s important to understand how to make the most of these accounts. For FSAs, knowing your employer's specific rules about rollover and grace periods can help you avoid losing funds. For HSAs, the focus should be on maximizing contributions, as the funds will continue to grow tax-free, providing a cushion for future medical needs. Both FSAs and HSAs can be used for a wide range of eligible expenses, including medical, dental, and vision care. If you want a comprehensive overview of your coverage options, our group health insurance page is a great resource. Additionally, if you work in a specialized industry like construction or technology, it's beneficial to explore options that are tailored to your needs. Industries like construction and technology have unique challenges that may impact the type of coverage you choose, including how you use tax-advantaged accounts like FSAs and HSAs. Key Takeaways About FSAs, HSAs, and the "Use It Or Lose It" Rule: FSAs : Historically governed by a "use it or lose it" rule, thanks to the ACA, employers may now allow employees to carry over a limited amount of unspent funds from one year to the next—originally $500, now adjusted for inflation to about $650. Be sure to understand your employer's policies. HSAs : Funds roll over year after year and are portable. HSAs offer significant long-term savings opportunities, particularly for those on HDHPs. Plan Carefully : Knowing how these accounts work can save you money and help you better prepare for healthcare costs now and in the future. To get more insights into how you can make the most of your employee benefits, visit our resources page and discover helpful tools to make informed decisions for yourself and your family.
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