The short answer to that question is yes, if your business handles any kind of Personally Identifiable Information at all then you do in fact need Cyber Liability coverage. Personally Identifiable Information might include, but is not limited to;
- Medical information
- Dates of birth
- Social security numbers
- Financial or payment information
- Online business transaction information
Were your system to be breached and any of that information accessed your company would be liable for its loss.
Many business owners believe that cyber liability is included in their business owner’s, commercial general liability or professional liability policies, when in fact most of those policies specifically exclude cyber liability coverage. The best way to ensure that you’re covered for any cyber liability claims you may make would be to ask your agent about a stand alone cyber liability policy as most major companies offer options to customize these policies to fit the needs of each specific client.
If anything written here concerns you please give us a call at (845) 876-7035 and we would be more than happy to take a look at your current coverages and see if or what needs improving and help you take the necessary steps to being properly covered.
- Schneider, Jeanann. “Cyber Liability Insurance – Dutchess Bar Association” 3/28/19