There is a big need for cyber liability insurance, which promises to cover costs associated with a breach. And if you are like most employers, you have questions. Hopefully they are among the five below, which are the most common questions employers of all sizes have about such coverage.

Don’t my other policies cover me?

No. Your general liability policy’s property form protects your physical computers and servers, but not the data that is stored on them.

How much does it cost?

Because cyber liability insurance is still a new and evolving concept, coverage will vary from policy to policy and there is often some room for negotiation.

Aren’t our IT department and firewalls enough?

Usually not. Many data breaches occur because of an employee error or an “inside job” from rogue employees. From passwords tacked on computer screens in plain sight and employees opening suspicious e-mail and downloading malware, to lost laptops and smart phones, many security breaches occur because of employee actions.

If we use a third party for credit cards, do we need coverage?

If you take credit card payments online, you are likely using a third party and your network is not storing the data. But, your customers’ personal information, in case of a data breach, is still your responsibility.

What are my state’s privacy notification laws and penalties?

In many states, the law requires the inclusion of certain content in data breach notifications, including a description of the incident, the type of PII breached, the time of the breach, the toll-free numbers and the addresses of credit-reporting agencies.

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