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What is Cyber Liability and Do I Need It?

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Here is another Stolly Insurance FAQ

If you own your own business you may have to consider a Cyber Liability policy, but many people have no idea what it is or why it can be important for your business to have it.

So what is it?

Cyber Liability is “A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.” (

You may have seen big corporation and companies get themselves into trouble when they had data breaches, or when someone broke into their systems to steal the social security and credit card numbers of their customers. This is exactly what a this policy covers. “The policies cover a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by state regulators, fines and penalties, and loss resulting from identity theft.” (

Another kind of policy that tends to get mixed up with Cyber Liability is an Technology Errors and Omissions Policy, which “Helps cover lawsuits when a client sues you over a mistake in your code, a missed deadline, or an oversight that caused them a financial loss.” ( This policy not only helps cover the liability part of technology but also any property loss that may occur.

Both of these policies are in place to keep you and your business protected, and both of them can be useful no matter how big your company may be. If you have any questions about these two types of policies, or if you would like a quote for your business, our Commercial Lines Staff would love to work with you. Give Stolly Insurance a call at 419-227-2570.