a female small business owner

7 Types of Insurance Every Business Owner Needs to Prevent Losses

If you own your own business, you're in a select group. Estimates differ, but somewhere between 10-16% of Americans own businesses.

Owning a business can be difficult, and a lot goes into it. Not only do you have to figure out who to hire, how to handle records, and figure out how to keep things afloat, you also need insurance.

What kind of insurance do you need, though? What are the different types of business insurance and why are they important? We'll answer those questions in the paragraphs below.

Watch our video summary below:

1. Business Liability Insurance

Of all the different types of business insurance, one of the most essential is business liability insurance. This basic type of insurance is designed to protect your company should anything happen to a client or other third-party because of your products or policies.

You may wonder why you need this, especially since you don't have any intention of hurting anyone. Sometimes, you don't have to. Incompetence and even product tampering can happen at any level, and will always have consequences.

If you lived through the 1980s, you may remember something known as the Tylenol Poisonings. Back in 1982, somebody could slip poison into various Tylenol capsules after they left the factory, resulting in several deaths.

Nobody ever found out who the perpetrator was, but it left the nation reeling and changed the way we sell various products.

There are also insurance fraudsters to worry about, and the small chance that something harmful slips under your radar and makes it to market.

2. Product Liability Insurance

Much like business liability, product liability insurance protects you in case your product harms someone or damages their property.

It differs from business liability because it's more specific. While business liability can include everything from a faulty product to slipping on a wet floor while walking through the store, product liability is more specific.

Product liability protects the businesses in cases where a product is responsible, or is believed to be responsible, for the incident that occurred.

This case can ruin a small business, even if you aren't found responsible. That's because the legal fees in these cases can mount, and you may have to pay them even if you win.

3. Business Interruption Insurance

Business interruption insurance helps to cover your business from a natural disaster. Natural disasters can wreak havoc on a business, and you may even have to repair or rebuild your store.

When this happens, it will put your business on hold, which eliminates one source of income, perhaps your only one. Business interruption insurance helps to cover some expenses until you can get your business running again.

The bad news is that it doesn't always cover everything, and many businesses go under despite insurance. You can help remedy this by having a disaster plan in place and investing in a building that's better at withstanding extreme weather.

4. Commercial Auto Insurance

If your businesses use any company vehicle, insuring it is an absolute must. Commercial auto insurance protects the company in case of a crash.

Note that this insurance only covers company vehicles. If your business doesn't have a company car or your employees carry out business in their own cars, commercial auto isn't necessary.

It also isn't necessary if you use third-parties to carry out tasks, because commercial auto doesn't cover third-party vehicles.

5. Property Insurance

Property insurance covers various types of damage done to a business, including certain weather events. However, floods, earthquakes, and other natural disasters are generally not included.

Not only does it cover the business itself, but it also covers many forms of property inside the building. For instance, tables and chairs would be covered if a restaurant was damaged.

6. Workers' Compensation

While every business owner wants to keep their employees safe, it isn't always possible. Even the best chefs cut or burn their hands sometimes. People who have climbed up a ladder 99 times can still slip on their 100th. Delivery drivers can still get in accidents even if they're doing everything right.

There's nothing wrong with doing what you can to keep your employees safe and happy. We'd even encourage you to do that, but don't assume that everything is under your control. 

This is where workers' compensation comes in. It provides employees with the money to provide an income for their family while also paying for medical bills incurred because of the injury.

7. Cyber Risk Coverage

It seems like hackers are getting smarter every day, and that's definitely bad news for the business world. If you want to protect your clients' information and even your own, you will need cyber risk coverage.

Cyber risk coverage helps reimburse any money lost through the cyber attack itself, or through repairing it. This is especially good news because a successful cyber attack often costs thousands in cleanup.

Different Types of Business Insurance & Why You Need Them

There are many different types of business insurance out there. We've covered many of the important policies in the paragraphs above, but there are plenty more out there. We encourage you to do more research on your own if you're interested.


Injured worker who fell and lost his helmet

How Does Workers' Compensation Work: A Guide For Business Owners

When you are a business owner, you worry about your bottom line costs and profits.

But you also think about what would happen if one of your employees was injured on the job? Do you have enough business insurance to handle an injury like that? How does workers' compensation work for your company?

There is a myriad of different questions and worries running through your head on any day. Employee injuries, insurance, and how much it would end up costing you are right up there at the top of your concerns.

The informational guide below will go over how to understand best what workers' compensation is. The guide will also give information about what workers' compensation provides for your business peace of mind.

What is Worker's Compensation?

The history of workers’ compensation in the U.S. spans over 100 years. When workers' compensation began back then, occupational injuries and fatalities were at epidemic levels. The 1970 passage of the OSH Act set out various recommendations for a system of compensation that would be fair to the business owner and employee.

New Jersey has one of the better state systems for worker compensation insurance and a fair rating system for their disability and compensation schedule for injured or sick employees. The state also mandates that every employer not covered by federal programs must have workers' compensation coverage or approved for self-insurance.

How Does Workers Compensation Work?

Worker's compensation insurance provides business owners some peace of mind from being sued by employees hurt on the job. Employees can still sue, but the worker's compensation insurance helps prevent that from happening most of the time.

The insurance is paid for by companies and is used to provide benefits to employees who become ill or injured on the job. A worker's compensation insurance program provides this care through two types of benefits.

The First Benefit is Medical

Workers’ comp insurance provides medical benefits to employees who become injured or ill on the job.

The Second Benefit Is Lost Wages

Workers’ compensation insurance also covers wages lost by employees unable to work due to their workplace injury. Most of the time, it is an accident the employee had on the job where they can't work for some time. The insurance provides benefits to help cover the wages the employee will lose while they recover.

Workers Compensation and Financial Protection

Worker's compensation gives businesses financial protection. Worker's compensation gives employees who are injured or get sick on the job medical care and lost wages.

If the employee's recovery takes a while, the workers' compensation helps them have a livable income wage while they get better.

What do Businesses Like about Workers Compensation and Financial Protection?

Almost every state requires worker's compensation insurance, and in some states, employers can go to jail or face fines if they don't have it.

Businesses especially like to have worker compensation insurance because the insurance reduces their financial loss in case of lawsuits. Without insurance, if an employee gets sick or hurts on the job, the business may look at a lawsuit for lost wages and damages.

What do Employees Like about Workers' Compensation and Financial Protection?

Employees like the worker's compensation insurance because it helps them get their medical and financial needs met while they recover.

Stellar employees sometimes won't work for companies without workers' compensation insurance. If you are a small start-up business, those are the employees you want and need.

Company Programs That Help Reduce Injury Claims

When you are a business owner, you want your financial statements to look healthy. It's in your best interest to keep your businesses exposure to big-money items to a minimum.

To keep your exposure down and your big-ticket costs to a minimum, there are steps you can take. These steps can help your company keep the risk of injury to your employees at a minimum.

They include:

  1. Keep workspaces clean and free from clutter.
  2. Post signage up in proper places for employees.
  3. Provide a safety program and proper training.
  4. Provide proper equipment that's received maintenance and safety checks.
  5. Provide injured workers with access to the best medical treatment without delay when injuries occur.

But even when you take these steps, your company's safety record begins and ends with prevention. Prevention of accidents, injuries, and illnesses is the only way to go.

Employee Workplace Injury Statistics

Workplace deaths and occupational injuries have dropped over 60% since the inception of workman's compensation. Most injuries and illnesses that have occurred since then were preventable.

In the U.S., there are over 12 workers who die on the job every day. That equals over 4,500 every year. Every year, there are over 4 million employees who suffer a serious, life-altering job-related injury or illness.

These numbers prove that there need to be more pro-active prevention programs offered by companies.

Where Can Your Company Go to Find Out More About Workmans' Compensation?

We hope you've learned more about the importance of workers' compensation, both for you as the business owner and your employees.

There should never be a question about getting workers' compensation insurance; it is the law. That said, if you get coverage without implementing an injury and illness prevention program, it may seem like a futile effort.

Injury and illness prevention programs need not be resource-intensive for small businesses. Most programs can be modified to meet the needs of any size organization.

Your business will not be alone in the quest to provide New Jersey with the safest work record. You will join companies in most of the US states, 27 European Union member countries, Canada and Australia.

If you want to get the right workers' comp coverage for your business, give us a call to find out more: 609-587-8030.


Do You Need Business Insurance? 5 Convincing Reasons Why You Do

As a business owner, it's challenging to cover all your bases, especially if you are new to entrepreneurship.

You might wonder, do you need business insurance?

Businesses can't afford to be uninsured. If you're on the fence about purchasing commercial coverage for your business, it's time to get down.

Keep reading for five of the top reasons your business must have insurance.

1. It's the Law

All businesses in the United States, including small businesses, should have business insurance.

Depending on the insurance and where you are located, you may be legally required to have insurance. If you have hired employees, you are likely required to carry workers' compensation insurance.

Each state has its own requirements for liability insurance. Check the laws in your state to determine which kinds of insurance you are required to have in place.

Don't make the mistake of thinking business insurance is a waste of money. Failing to have the required insurance can ruin your business and could lead to unthinkable financial loss.

Here are some common examples of costly incidents that could leave you in serious trouble without insurance:

  • A fire or flood destroys the building your business is located in or your inventory
  • A lawsuit from a customer who was injured on your property and claims you were negligent
  • If your customer or client's personal information is stolen

2. Contractual Requirements

For many businesses, commercial insurance is required per the terms of contracts they enter.

Businesses contract with other entities for all kinds of reasons. These contracts often outline financial responsibilities and liabilities and require insurance in place to protect both parties.

Here are some common examples of contracts that require insurance:

  • Loan agreements
  • Rental agreements
  • Client contracts

3. To Protect Your Employees

There's a reason that most states require businesses to carry workers' compensation insurance. It protects employees by providing coverage if they are injured while on the job.

There are two types of benefits provided to employees by worker's comp insurance:

Medical

Workers' comp insurance will provide medical benefits to employees who become injured or ill on the job.

For example, if an employee is involved in a workplace accident or trips and falls and becomes injured while at work, they will receive compensation for the cost of their medical care. In exchange, they cannot sue you.

Lost Wages

Workers' compensation insurance also covers wages lost by employees unable to work due to their workplace injury. So, if the employee who was involved in an accident can't work for an entire month, workers' comp insurance will provide benefits to help cover the wages the employee lost.

Having workers' compensation coverage will also help you recruit and retain employees. When employees are looking for a place to work, they are looking for benefits in addition to salary.

The best employees will have the highest standards when it comes to both salary and benefits. Having workers' comp coverage is an easy way to make your business attractive to prospective employees.

You will send the message you care about your employees and you will be there for them through good and bad.

4. To Protect Your Customers

Your business needs a commercial liability insurance policy to protect your customers in case of an accident on your property because of you or your employees' negligence.

If a customer is injured on your property and it's your fault, they will sue you. Liability insurance can help cover the cost of your customers' medical care, lost wages and pain and suffering. Some liability policies offer medical payments available to your customers regardless of liability.

As you can imagine, being able to help customers in this situation will go a long way regarding customer retention and public image. Customers will be more likely to do business with you if they feel that you care about their safety.

Business insurance can also help protect your customers' personal data. Data breaches are becoming increasingly common.

Consumers are hesitant to trust a business who has experienced a data breach and exposed their personal information. Business insurance not only covers you following a data breach, but it gives the public confidence in your business, making them more likely to trust you again with their personal information.

5. To Protect Yourself

The number one reason your business should have insurance is to protect itself.

As a business owner, failing to have insurance is the biggest mistake you could make. It's obvious that you need insurance for your property, but you also need all of the insurance that comes with a Business Owner's Policy.

For example, if your customer who slipped and fell sues you, without insurance, the legal fees would be crippling. The bottom line is, you can't afford to not have business insurance.

Business insurance can also protect you, as the owner of the business, from being vulnerable in case of a lawsuit.

Do You Need Business Insurance?

We hope you're no longer wondering if you need business insurance. Of course, you need it!

Not having business insurance simply isn't an option. You could face backlash from your customers, employees and the law, not to mention the potential financial risks.

If you don't have a business policy, get one today. Contact us now to learn more about how we can help protect your business.


Mac keyboard with a lock on the return key

What Does a Cyber Liability Insurance Policy Cover?

Cyber attacks are the high-tech crime of the century.

The aim of cyber thieves is usually to steal sensitive data stored on company servers. If your company saves customer's personal data, you may need cyber liability insurance.

What is it and how does it work? Harrah & Associates, Inc. explains.

Cybercrime: A Million Dollar Industry

Cybercrime results in millions of dollars in losses to companies around the world. The losses are not only monetary, either. Data breaches can also damage a company’s reputation.

Here are some alarming statistics:

  • The average cost of a malware attack on a company is $2.4 million (Accenture: 2017 Cost of Cyber Crime Study)
  • The average cost of cybercrime increased over 27 percent globally in 2017 (Accenture)
  • Information (data) loss accounts for 43 percent of costs (Accenture)
  • The average cost of a data breach for companies with 50K+ compromised records is $6.3 million (Ponemon Institute: 2017 Cost of Data Breach Study)
  • Including turnover, increased customer acquisition, reputation losses and diminished goodwill, the global cost was $4.13 million. (Ponemon Institute)

Another type of attack involves cybercriminals taking over a network. First, they hack into a system and encrypt the data so the company cannot access it. Then they demand a “ransom” in order for the company to regain control.

Ransomware damage costs exceeded $5 billion in 2017, according to CSO Online.

Why All Businesses Need Cyber Liability Insurance

High-profile cases like the ones that affected Target and Equifax always make headlines. However, small and medium-sized businesses are also frequent targets. According to Forbes, 58 percent of cyber attacks affected small businesses.

So, if you think cyber thieves will leave you alone because you’re small potatoes… think again.

How Cyber Criminals Target Businesses

Cybercriminals are very sophisticated. They spend all their time thinking of ways to infiltrate vulnerable systems. In most cases, hacks occur because an employee opens the door.

Common methods of cyber thieves:

  • Drive-by downloads – In this case, thieves trick employees into clicking on websites with malicious content or plugins
  • Public-facing applications – Thieves target vulnerabilities related to SSH network services, web servers and file-sharing platforms
  • Phishing attachments – Introducing viruses via attachments embedded in emails
  • Phishing links – Emails that include links to malware or infected sites
  • Phishing services – Introducing threats via social media networks or personal email accounts

What do Cyber Thieves Want?

Cyber thieves often target "personal identifying information", including:

  • Social security numbers
  • Bank account numbers
  • Credit card numbers
  • Passwords
  • Network access passcodes/identifiers

Cybercriminals then exploit the data in a variety of ways:

  • Steal identities
  • File for a social security number
  • Establish credit
  • Take out loans
  • Commit fraud under someone else’s name
  • Buy goods and services
  • Sell the information on the dark web

What is Cyber Liability Insurance?

General commercial liability protects your business from financial losses relating to property damage or injuries. It will cover you if you get sued and need help pay legal fees, court costs or judgments against you.

Cyber liability insurance protects you from hacks, data breaches, denial of service attacks and computer viruses.

If your data is stolen or compromised, you could face lawsuits from customers and clients. Government agencies and credit card networks might impose steep fines or penalties.

There are many other costs associated with cyberattacks, beyond lawsuits. You will have to spend time and money investigating the cause of the breach and take steps to ensure that such an event never happens again. This can entail installing more sophisticated security software and firewall protection.

You may also have to hire a computer consultant to recover your lost data, not to mention PR and advertising costs for damage control, both with your customers and in the media.

What Does Cyber Liability Insurance Cover?

Most cyber insurance includes first-party and third-party coverage. First-party coverage applies to direct losses to your company. Third-party coverage applies to claims made against your company.

First-party cyber insurance coverage:

  • Loss or damage to electronic data
  • Legal and police services to investigate how the breach occurred
  • Loss of income or extra expenses
  • Business interruption costs
  • Credit and fraud monitoring schemes
  • Cyber extortion losses (ransomware schemes)
  • Notification costs to affected customers, clients, vendors, and employees
  • Damage to your reputation
  • Public relations to restore faith in the business

Third-party cyber insurance coverage:

  • Settlements related to judgments or damages after a data breach
  • Coverage for employee privacy
  • Government fines and penalties
  • Errors and omissions
  • Cost of reissuing cards (for banks and other financial institutions)

Other types of cyber insurance coverage:

  • Hacker damage - Protects against attacks and covers the cost of recovery and repairs. It also covers PR fees for security and forensic consultants.
  • Multi-media liability - Applies to data shared via emails, social media and other online platforms.
  • Business interruption and income – This coverage helps you stay afloat while you are trying to recover from a cyber incident.

Who Needs Cyber Liability Insurance?

As discussed earlier, it is not only large corporations who need to worry about cyber attacks. Certain industries are frequent targets of cyber thieves.

Vulnerable industries include:

  • Financial institutions
  • Investment firms
  • Hospitals/medical clinics
  • Insurance companies
  • Retail stores

If you store identifying or sensitive information, consider buying cyber liability insurance. This applies to any company that collects and saves any of the following data:

  • Credit card numbers
  • Bank or payment information
  • Personal information: Names, email addresses, phone numbers, addresses, social security numbers, driver’s license numbers
  • Health and medical information
  • Trade secrets or patent applications of clients

Be sure to look into state and federal regulations. Certain states might require businesses to carry cyber liability insurance.

Protect Your Business with Cyber Liability Insurance

Now that you know the risks and results of cybercrime, it’s time to protect your business.

You never know when you might be the victim of a cyber attack. Don’t wait until after an incident to protect your business from financial ruin.

Protect yourself now with cyber liability insurance and any other commercial insurance you might need.


freelancer hard at work on his laptop at a coffee shop

Liability Insurance for Freelancers: Professional vs. General

These days there is so much choice in terms of the employment opportunities. More people are going into business for themselves and freelancing. If this is a career path that you have taken, it is important you are prepared.

This means taking steps to ensure you are doing all you can to become more successful as a freelancer. There are so many elements involved in going down this career path, and it is important to think about how you can improve things. Considering the insurance you need to get as a freelancer is important, one of the big concerns is liability insurance. It is important to make sure you understand what liability insurance is, and why you need it as a freelancer.

What work do freelancers do?

Freelancers can do many jobs these days, and it is important to think about what you might do as a freelancing professional. "Freelancer" is a broad term given to anyone who is self-employed and works for themselves, with a pool of clients they work for. Freelancers often run businesses, but sometimes they are just individuals working for themselves.

The work freelancers might do includes graphic design, blogging, photography, web design, marketing, bookkeeping, and writing. Businesses often outsource content to them rather than hiring permanent staff. As a freelancer, you need to have measures in place to protect yourself (and your clients) from legal issues.

Why do they need insurance?

Why do freelancers need insurance? As a freelancer, you are not part of an organization, and therefore you are liable in the event of any legal issues. As an independent contractor, you are in business for yourself, and this is why it is so important to protect yourself with business insurance.

You’ve got to safeguard your assets as a freelancer, and this could mean covering your premises in the event of fire damage, or to protect yourself if clients claim you’ve caused them financial loss. Lawsuits are not something you want to deal with as a business owner, and they will not do your future business prospects justice.

Why aren’t they covered under client policies?

It’s true that many traditional business policies are not designed with freelancers in mind. This is due to the fact that freelancers have a less rigid structure to the jobs they do, and this can make it more difficult to pigeon hole. Business insurance will generally cover the company for liabilities, but as a freelancer, you are more exposed to more risks than you would be as an employee.

You'll also be responsible for any damages or legal claims that arise. Since you aren’t covered by traditional policies, you are not protected in the event of things like discrimination.

This goes back to the National Labor Relations Act passed by Roosevelt in the mid-1930s, which stated that independent contractors would not be afforded the same insurance and protection as employees. You need to know about the different forms of insurance necessary for you, as a business owner, to protect yourself better.

Professional liability

Professional liability insurance is one of the most important components you need to get right. This will provide you with coverage and protection against legal issues when a client claims that your professional negligence led to financial losses on their part. This is something that can (and does) happen when you are a freelancer, so you need to make sure you are protecting yourself against it. This form of liability insurance for freelancers is crucial for dealing with the legal side of your career.

Sometimes known as errors and omissions, professional liability insurance policies exist to give freelancers watertight protection if any claims are made against them. There are many factors that could cause a client to take legal action against a freelancer, and often it's something that is nobody’s fault, it’s simply the nature of the business world.

General liability

Another form of insurance you should look into as a freelancer is general liability insurance. This differs from professional liability insurance because it doesn’t cover specific work you might have done for a client. Instead, this is a policy to cover personal injury or damage to property that may occur on your premises or because of the work you are doing. This can also sometimes cover instances of slander or plagiarism.

One important component of general liability insurance is that it can protect you in case your equipment is damaged. As a freelancer, you need access to your equipment, and general liability insurance can be combined with coverage for items essential for your work, such as a laptop or camera. Make sure you find the best general liability insurance that suits your needs as a freelancer to protect yourself as much as possible.

These are some factors you have to consider when sorting out your business liability insurance. There are many factors that contribute to your success or failure as a freelancer. Determine the right insurance for you and your freelancing business because it will protect your future and give you a legal shield from any issues that might arise because of freelancing. Now that you understand the difference, it is important to make the right choice and move forward.


man in hoodie hacking on his laptop

What To Know About Cyber Liability Insurance & Security

Every single business should be concerned about their online security.

There are so many cybercriminals out there, and they target a variety of companies and organizations. They aren’t just after big corporations, as many small- and medium-sized businesses have data and accounts that are worth taking

Since cybercrime is common, many companies do not take out cyber liability insurance to cover their firm. Do you think your company would benefit from this kind of insurance coverage? If you aren’t sure, continue reading or watch our video summary to find out what is covered.

Why Should Businesses Be Worried About Cybercriminals?

The first component to tackle is why businesses need to worry so much about cybercriminals. It’s generally because the threat from various types of cybercriminals is larger now than what it once was. Now that more and more companies have a web presence, viruses and hackers can target them easily. No matter where your business may be located, there’s a good chance a cybercriminal could target it.

Did you know that 60% of small businesses that suffer a cyber attack end up folding within six months?

That might sound alarming, but unfortunately, it is very true. That’s largely because the financial cost of cybercrime can be huge. If large amounts of customer data goes missing, a company might be fined, and it can be expensive to get their computer network secured once again. If you don’t want the headache of dealing with these big bills, then you without a doubt want to get cyber liability insurance.

Cyber Liability InfographicThe Financial Impact Of Cybercrime For Businesses

In this blog post, we’ve mentioned that being the victim of a cybercrime can be costly. Let’s inspect why. Data breaches became expensive in 2018, when the average cost rose by 6.4%, costing the economy $3.86 million. The cost of stolen documents rose too, as a single missing document would set a business back $148.

The cost isn’t just felt in expenses that need to be paid to fix the breach and retrieve data. There is also a significant loss of customers, and it can be very difficult to win the public’s trust again. After suffering a breach, most businesses lose 11% of their customers, which can create a major dent in their usual profits.

The effects of cybercrimes are costly, and aren’t something that many businesses can afford to deal with on their own. If they've taken out cyber liability insurance, their policy will pay out to cover most of the costs they entail. If you don’t think your business would be financially stable after dealing with so many expenses, taking out a policy for cyber liability insurance could be the best option for you.

The Main Causes Of Security Breaches

No matter what companies do to prevent security breaches, there is always a possibility that one can occur. That’s why it is advisable for all firms to take out cyber liability coverage since there is no way to completely prevent a hack or virus from attacking your business’s network and data.

Here are some main causes of security breaches that you need to know:

Not Handling Customers’ Data Correctly

Even though 58% of small businesses are worried about cyberattacks, figures show that only 51% have not put a budget in place for risk mitigation. There are many reasons this is the case, but studies show it’s because many small business owners wrongly believe that they aren’t storing any valuable data. Of course, most modern businesses do have some form of valuable data stored, so they need to look after it correctly to prevent losses and breaches.

Storing Valuable Data Incorrectly

Around about 68% of small businesses store email addresses and 64% store mobile telephone numbers - 54% store billing addresses! Even though you might not realize it, these are all considered valuable pieces of information. That’s because others can use them, especially data criminals and thieves.

If you track any of data, store it correctly. As an extra security measure, it would also be worth purchasing cyber liability insurance to ensure that you have coverage in a worst-case scenario.

Incompetence With Basic Cybersecurity Measures

Possibly the biggest reason small companies end up vulnerable to certain cybersecurity threats is they have been incompetent. For instance, even though it is essential that a company’s software and computer programs are regularly updated, only 38% actually do it. Plus, only 31% of small companies actively monitor credit reports.

It looks like most businesses only act to improve their measures after a breach has taken place, and then it's too late. Only 22% will encrypt their database while a mere 16% will review their cybersecurity measures completely. A resounding 75% do not have any cyber liability insurance, means they will struggle to get on their feet in the wake of an attack and breach.

As you can see then, cybersecurity and data breaches a big deal in today’s business world. Even if you are a small business, it would still be a good idea to invest in cyber liability insurance so you know your company will continue to operate, even after falling victim to cybercrime.