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As Insurance Advisors, we are routinely asked by our clients “Do I really need this?”  in reference to whatever type of coverage we’re discussing.  The various lines of coverage discussed could be something as simple as a personal or commercial umbrella (discussed HERE in a previous blog), errors & omissions coverage, or most recently, cyber liability coverage.

Often times companies are not aware of the full threat of cyber liability exposure.  As we become increasingly reliant on electronic media as a way to store or exchange personal information, cyber liability exposures are at an all-time high.  And many business owners are surprised when they find out that their general liability policy excludes coverage on this type of material. 

When addressing your need for cyber liability, consider what type of sensitive information you are storing or exchanging.  Names, dates of birth, social security numbers and medical information are just some of the pieces of data that hackers are looking for to steal someone’s identity.  If the client has been entrusted with this sensitive data, it’s their responsibility to protect it as well as make their customer whole if something were to happen to it.  So how is it protected?  Through the cyber liability policy!

Cyber liability would respond to an occurrence where someone did steal that sensitive information.  It would pay for notification of customers/clients whose information was stolen, as well as defense for the litigation that is sure to follow.  It would also pay to restore that data up to the limit of the policy.

So do you or your business need cyber liability coverage?  That’s a question only you can answer.  But, with the rising trends in electronic media, we suspect that cyber liability coverage will become as commonplace as a property or general liability policy has become over the past 50 years.

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