Protecting Your Business: Why Skipping Cyber Liability Insurance Is Risky

To close out this three-part blog series for Cybersecurity Awareness Month, we are addressing one final question: does my business really need cyber insurance?

Why Do Many Small Businesses Skip Cyber Liability Insurance?

You might still be thinking you don’t need cyber liability insurance because:

●     We’re a small business and can “fly under the radar”

●     “We don’t store personal data”

●     “We’re not a tech company”

●     “Our payment processor is responsible for our customer’s security”

●     “We’re a non-for-profit oganzition…why would anyone attack us?”

Sadly, none of these thoughts make you exempt from a cyber incident. Without proper cyber protections in place, your business risks breaches, downtime, financial loss, regulatory fines, reputational damage, and more.

This is one final post (for now!) to encourage you to build your strongest business yet, with the confidence cyber coverage can provide. Let's jump in.

How Does Cyber Insurance Support Risk Management?

Cyber coverage is an important part of your business’s overall risk management strategy.

In addition to helping you explore cyber coverage options, our team can provide you with comprehensive risk management support.

What Are the Benefits of Risk Management for SMBs?

●     Minimize Financial Losses: Proactively managing vulnerabilities in your business allows you to implement strategies that reduce financial losses. It helps you understand how to allocate resources best and prioritize where to spend your time and efforts.

●     Meet Stakeholder Expectations: Managing risk helps you meet stakeholder expectations. By foreseeing challenges, you can avert crises before they happen, maintaining the trust and confidence you’ve built with your audience.

●     Seize Opportunities: Risk management is not just about preventing crises; it’s also about finding opportunities for improvement and growth. You can identify areas for competitive advantage, innovation, and industry-specific opportunities by thinking ahead.

We’ve helped more than 20,000 businesses to date, and we’re ready to help you, too. Let’s build your strongest business yet - start here.

Disclaimer: The information provided in this blog is for general informational purposes only and should not be construed as professional advice. While we strive to keep content accurate and up to date, we make no guarantees of completeness, reliability, or suitability. Any reliance you place on this information is strictly at your own risk. For guidance tailored to your situation, please consult with a qualified professional.

Missed Part I? Read Protecting Small Businesses from Cyber Attacks: FAQs & Insurance Tips

Missed Part II? Read Protecting Your Business: Cyber Liability, Interruption & Continuity