One issue that often faces small to medium sized companies is whether or not to buy cyber liability insurance policies. The need and market for such policies is developing. In this post, I will provide an overview of the product and why I recommend that our clients obtain this coverage.
First, with rare exception, today every company is a tech company. Obviously, social networks and electronic marketplaces are run from an internet platform but the same can be said for the auto body shop that interacts with insurance carriers via web portals. Just as tech companies have a significant brick and mortar presence, traditional brick and mortar companies transact large amounts of business online. Because of this simple fact, I advise my clients, large to small, to obtain cyber liability coverage.