Most certainly small businesses are not immune from Cyber Attacks. This is a frightening thing for small business owners. It is not enough that they have to purchase all kinds of liability insurance, now comes another one to consider…Cyber Liability Insurance.
Why would you need to consider Cyber Liability Insurance?
Once a hacker has access to your customer’s information then can virtually bring your business operation to a screeching halt. This type of insurance is more affordable than you think. It will pay for things like business interruption, the cost of notifying your customers and the expense of having to hire a public relations firm. Having a good insurance company will help manage your risk and help protect you from Hackers.
Do not make the mistake and think your General Liability Policy offers you this kind of protection, in most policies they will specifically exclude any loss you incur through the internet.
Cyber liability insurance is undergoing changes to protect not only your customer data but also the economic and societal developments of cyberspace and help to prevent cyber failures. This kind of coverage is more customized than others depending on the size of the business and the customer base.
Cyber Liability should be considered for all business owners, small and large.