Protecting Your Business Is More Important Than Ever

By Mark Rodefeld, Senior Director of Risk at Oasis, a Paychex® Company

Did you know that the average cost of U.S. cyber breaches, data loss and ransomware attacks is $119,000?[1] Or that U.S. companies spent an estimated $2.2 billion last year on insurance policies covering discrimination lawsuits?[2] With the increasing prevalence of claims such as these, it’s more important than ever to protect your business.

That’s why Oasis, a Paychex® Company, provides its clients with a suite of risk management tools and resources to provide coverage for small and medium-sized businesses.[3] It’s called “Protection Plus,” and it includes Employment Practices Liability Insurance (EPLI) coverage and Cyber Liability Insurance.

 

Do you need EPLI?

Employment discrimination lawsuits are on the rise. EPLI protects against claims made by  employees alleging things like discrimination, harassment, wrongful termination, invasion of privacy, and wage and hour law violations. With Protection Plus, Oasis clients are covered by a policy providing  $2 million in aggregate EPLI coverage to protect their business.

 

Do you need Cyber Liability Insurance?

With more employees working remotely than ever before, there is an increased risk of cyberattacks. Half of confirmed data breaches target small businesses.[4] Forty-eight percent of cyberattacks are enabled by a negligent employee or contractor.[5] Cyber Liability Insurance is one type of insurance you can’t afford NOT to have with that level of prevalence.

Cyber Liability Insurance protects businesses from the unknown financial burden that comes with trying to recover from data breaches and online attacks. No place is immune, and small and medium-sized businesses are just as susceptible as large companies. Cyber Liability Insurance offsets costs involved with response and recovery from an attack, and mitigates the financial risk of exposure due to data breaches, hackers, ransomware and online banking fraud. Oasis clients are covered by a Cyber Liability Insurance Policy that provides access to one of the nation’s top cybersecurity law firms for crisis management. Online self-service certificates are easy to access and there is 24/7 support for crisis management and risk mitigation planning.

As a business owner, effective oversight with EPLI and Cyber Liability Insurance can mitigate risk while also providing you with peace of mind. Please feel free to reach out to me if you would like to learn more about Protection Plus.


[1] Hiscox Cyber Readiness Report, 2019
[2] Danielle Paquette article, The Washington Post, 2019
[3] Applies to new clients enrolled after September 1, 2020
[4] The State of the Cybersecurity Workforce and Higher Education, Champlain College, 2018
[5] Hiscox Cyber Readiness Report, 2019

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