If your business processes credit cards, bank accounts numbers, driver's license numbers, background checks, credit history and other types of personal information you need to have Cyber Liability Coverage. Property Casualty 360 reported in October of 2015 that around 50% of small businesses have been targeted by some type of Cyber attack and only about 20% of small businesses have Cyber liability coverage. Not only can a Cyber attack cost you money to get the problem fixed & notify customers, it can also make your customer's lose trust in your companies ability to keep their personal information safe.
Aside from Cyber liability coverage, it is also important to make sure that your computers, databases & processing systems are properly secured from possible security breeches. Ways to protect yourself include having your computer systems scanned for viruses or Malware, making sure credit card information is encrypted, have an experienced IT professional set up proper firewalls & anti-virus, and do not keep customer data on file for long periods of time.
On top of your regular Cyber liability insurance policy there are some additional policies that you may need to make sure that your business is fully covered.
This coverage is a requirement in most states if you have employees. It provides coverage for bodily injury, medical bills, loss of income, death for all employees, full time or part time.
If you are a manufacturer, distributor, supplier, or retailer who makes products available to the public you may want to get product liability coverage.
This provides coverage for your business property for fire, theft, vandalism on premises, or if Inland Marine while off premises. If you cannot afford to lose your inventory to theft or fire, this is an important coverage to purchase.
Your personal auto policy has an exclusion for business use so you will have no coverage under your current auto insurance policy. A commercial auto policy will cover you for both business use and personal use. If you use a trailer to carry your rentals to the location add this unto your policy.