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This is the dawn of the digital age. Suffice it to say, technology really has revolutionized the way we do things - and the way we do business. Now, you have all your pertinent data stored in your website, including customer names, contact numbers, addresses, social security numbers, and so on and so forth. The websites are also highly depended on for business processes like payments and client profiling.

In the most sophisticated system hacks of 2015 alone, you can have a glimpse of the scale of the damage of not having cyber liability insurance and what it entails.
That's why it's just so unthinkable to think about the possibility of a data breach. Imagine the devastation a cyber attack can do do small and large businesses alike. And here are the top 5 reasons why cyber liability insurance is such a necessary commodity:
1. An Umbrella Policy just won't do.

Say, a general liability policy, for example. There is a very concise clause in that policy that states that losses incurred via the internet is excluded. This is where a no-nonsense and practical cyber liability policy comes in handy. It would also be wise to detail and ascertain that your cyber liability policy covers gadgets such as computers, mobile devices, etc. to broaded the number of situations you're covered for. Also, make sure you are able to integrate cyber liability into your employment and general liability policies to make sure that there are no chinks in your coverage.

2. It won't break the bank.
Poeple usually get intimidated when they here the term "cyber liability" for the simple reason that there really isn't a lot known about it; and we tend to somewhat fear the things we know less about. But the beauty in cyber liability is actually banked on the fact that it's fairly new both in practice and in concept so at the end of the day, you can tailor fit it to your needs with all the variations you require, have lots and lots of room for negotiation, and get high coverage with low deductibles for a fairly low premium (which is also negotiable in most cases).

3. 3rd Party Hosting won't save you.
So you go down the digitally savvy road and get your website hosted to you by a host provider and have all business processes via cloud and you're probably thinking, "Well it's not my fault, I paid these people to manage the data for me and they jeopardized it, they should be liable!". In a sense, yes. But it doesn't mean you get to come out scott free.

4. It's scope of coverage will pleasantly surprise you.
Three magic words for you: first party coverage. A good cyber liability policy will get you coverage for significant things like cost of notifying clients in case of a breach, the losses of business interruption, and even something as "seemingly but not really" frivolous (for a small business, at least) as hiring a PR team to remedy your damaged image due to the breach. Having this kind of cash assistance in the event of a damaging breach that ceases operations can be the light at the end of a dark tunnel for when cases like that happen and at least keep your operations at float until things get sorted out. You'll also be covered for any penalties or fines brought about by the breach.

5. Chances are, you don't have a risk management team.
Big corporations have something that that regular to small business don't: an entire team to help assess risks the company is taking and help set policies and protocol in place to keep them protected. Regular to small businesses don't have that luxury - but a detailed cyber liability insurance policy works similarly. You are also guaranteed that the insurer will do their utmost to keep you protected, after all, no breaches mean no claims.
Posted 6:28 PM

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Astwood Insurance, LLC
287 East 950 South
Orem, UT 84058

8537 S. Redwood rd suite a
west jordan, ut 84088

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