In the age of technology, cyber protection is important to consider. Most companies have a digital aspect, whether it’s in how products are paid for or how employee and client information is stored. Some people forego cyber liability coverage because they believe the misconceptions. Here are three misconceptions about cyber insurance.
General Liability Protects the Company
Many people assume that general liability insurance covers cyber threats. This isn’t the case necessarily. General liability doesn’t typically include cyber liability insurance. It’s important to read your contract thoroughly to make sure you have the right coverage.
Cyber Insurance Is Too High of a Cost
The truth is that cyber insurance is affordable. If something happens to your files, your financial information or anything else vital to running your business, it could cost you more if you don’t have protection.
The Company Is Too Small for Cyber Liability
Even if you only have a few employees, if you utilize technology then you need cyber liability insurance. You can still suffer at the hands of phishers. You can still lose money or client and employee information. If your company is small, it may be even more important because of how much you have to lose.
When it comes to technology and your business, there are risks involved. It’s important to have cyber liability coverage despite the misconceptions.