Entrepreneurs are drawn to Cambridge, Massachusetts to launch their Startups. Cambridge has a thriving technology scene and tech leaders are starting to take notice of the area’s accelerated growth. Kendall Square has the largest collection of tech startup office space within Cambridge. Namely, the Cambridge Innovation Center which holds over 450 companies, from remote office space for tech giants like Amazon to small startups working from their C3 (Cambridge Coworking Community) space. With world-class universities such as the Massachusetts Institute of Technology (MIT), there’s no shortage of industry incubators and accelerators. Cambridge clearly gives entrepreneurs access to the resources they need for success.
Startup companies are heavily technology dependent and any business storing sensitive information on computers, laptops or hand-held devices, is vulnerable to a cyberattack. Small businesses like Startups are increasingly at risk and prove to be easy targets for hackers. In fact, the Insurance Journal, reports that:
“55% of small businesses in the U.S. have experienced a data breach and that 53% have had multiple breaches.”Yet, nearly “90% of small business owners think they’re not at risk”. Often small businesses lack the resources to protect themselves and don’t detect a breach fast enough, making the effects that much more devastating. Corporate Information Technologies reports that “on average the total cost of a breach to a small business is $665,000!”
Launching and scaling your Startup is hard work. Protect your investment with solid insurance protection that grows with your business. No Startup insurance program is complete without Cyber Liability coverage.
Cyber Liability can be tailored to your business needs and budget. Data Breach coverage or a cyber liability policy, can be customized to help cover the costs of:
- notifying clients of a data breach
- efforts to recover any compromised data
- repairing damaged computers
- helping to restore personal identities of effected parties
- legal expenses for any lawsuits that may arise
- public relations expenses associated with the breach response
Your Business Insurance Program Can Include:
- Complete solutions for property, general liability, business auto & workers’ compensation
- 24/7 claims access
- Same-day issuance of insurance certificates
- In-house registry services
- Professional risk exposure consultation
Enhanced coverage options available for:
- Errors & omissions coverage
- Key person life insurance
- Employment practice liability
- Commercial crime coverage
- Directors & officers
We leverage our access to multiple insurance carriers, available technology, and forward thinking and will partner with you to protect your startup business today and into the future. For more information on cyber liability insurance for your Cambridge startup, contact McSweeney & Ricci at 844.501.1360 or send us a message.
