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Protect your cyber service with a properly endorsed business owner policy

Protect your cyber service with a properly endorsed business owner policy

For many businesses around the world, remote work is here to stay after companies experienced success operating virtually during the COVID-19 pandemic.

The benefits are clear—less expenditures on rent or mortgages, flexibility to conduct business from anywhere and, for some businesses, increased productivity. All of these provide businesses more freedom to operate.

But while remote business models have positive benefits, virtual business activities also can pose cybersecurity threats.

“If you watched the news of the Colonial Pipeline cyberattack unfold in May, then you know just how costly ransomware can be,” said Lisa Whitus, personal and commercial lines underwriting manager for Virginia Farm Bureau Mutual Insurance Co. “Instances like these have become a huge issue for businesses, and as more businesses buy, sell, operate or communicate online, the higher their cyber liability risks will be.”

By purchasing a business owner policy through Virginia Farm Bureau, owners of small to mid-size businesses can obtain insurance tailored for their needs, including cyber liability coverage.

Business owner policies, commonly referred to as BOP, offer combined business insurance coverage without the need to purchase multiple policies. Through BOP, property coverage, lost income coverage and business liability coverage are combined into a single, comprehensive policy.

Policies can be customized according to industry, and often cost less than having individual policies. VFBMIC policies can provide coverage for hospitality businesses, nonprofit organizations, retail stores and markets, personal services businesses and specialty contracting services.

Customers also can endorse their policies with a cyber suite endorsement, which includes protections again data compromise liability, network security liability, cyber extortion and malware and ransomware attacks. The endorsement also will help pay for data recovery, legal and public relations costs, identity recovery and more.

Business owners also may endorse their homeowner policies to provide coverage for business property in homes and protect against certain business liability exposures. Unendorsed homeowner policies will not automatically provide those protections.

“As new working models continue to emerge and include work-from-home elements, the needs of your business are likely to change,” Whitus said. “These policies ultimately protect your livelihood, so it’s a good idea to review your business owner policy with your Farm Bureau agent to make sure you have the correct coverages in place.”

To learn more about BOP coverage options, visit