Social Engineering Coverage is a crucial part of your cyber liability insurance, designed to protect your business from financial losses due to deceptive practices used to manipulate individuals into divulging confidential or personal information. In today's digital age, this coverage is increasingly important for franchisees and small business owners in the home service industry, where transactions and communications often occur online.

Consider a scenario where you run a painting contractor business. One day, your office manager receives an email seemingly from a trusted supplier, requesting an urgent payment to a new account. Believing it to be legitimate, the manager makes the payment, only to discover later that it was a scam – the email was not from the supplier but from a fraudster. This type of scam, known as social engineering fraud, can lead to significant financial losses. With Social Engineering Coverage, your business would be protected against these losses, covering the funds transferred under deceptive pretenses.

Social Engineering Coverage is essential for:

• Protecting your business from financial losses due to fraudulent communications and transactions.
• Safeguarding the integrity of your business operations in the increasingly digital transaction environment.
• Providing a safety net against sophisticated scams that target businesses through deceptive practices.