The Digital Age (or Information Age) began in the 1980s and continues to grow stronger every day. With the beginning of the Internet came the beginning of cyber crime and hacking. As those threats became increasingly widespread, the insurance industry needed to evolve to keep up with the risks. For small businesses, the risk remains the same as it does for big businesses: your client's digital personal information can be stolen and sold to people who want to steal identities and bank accounts. In fact, 55% of small businesses have had a data breach, and 53% have had multiple breaches.* With cyber liability insurance coverage, you can rest assured that the negative impacts from hacks will be managed by your insurance company.
Any business or individual that collects client information via a website or online credit card payment process should include cyber liability coverage in their insurance package.
General & professional liability coverages protect you from lawsuits and damages arising out of the normal duties of your work, and they don't cover damages to your clients resulting from digital incidents. Cyber liability, on the other hand, fills this gap and offers the following to comply with federal privacy laws:
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