Cyber liability is the fastest growing line of insurance being written today for businesses. Over the last several years, there have been many high profile news stories, from Target department stores being breached to Home Depot and health insurers, where personal data including personally identifiable information and credit card data being stolen by cyber thieves has led to billion dollar payouts to those that were affected. Cyber liability policies are evolving rapidly to meet the needs of small, medium and large sized businesses. The fear of data breach and the compromise of clients’ information have proven to be a significant potential financial liability to those entrusted with securing data.
General liability insurance does not provide cyber liability coverage.
Typically, cyber liability is written on a standalone basis, although some insurers have incorporated cyber liability coverages. However, these endorsements generally tend to be inadequate as the terms and conditions as well as limits written are usually too small for the potential exposure. If you keep personally identifiable information on your clients, which may include everything from names, addresses and telephone numbers to social security numbers, credit card numbers and other banking information then you may have an exposure that needs to be covered.
Please give us a call to discuss how best to protect yourself from the financial perils of a data breach. At Rolfs Insurance Services we can help to protect against this type of exposure.