The construction industry is evolving. The way you work has officially entered the digital age from tablets to construction apps.

Do I need Cyber Liability insurance?

It depends, if you’re keeping it old school through paper invoices, paper files, mailed checks then you probably don’t need it. On the other hand, if you are evolving with the industry and using construction technology then you would probably benefit from Cyber Liability coverage.

If you do any of the following, you most likely need Cyber Liability:

• Do you take credit card payments from clients?
• Do you use a device to take credit card payments through your phone or laptop?
• Do you use a laptop, tablet or cell phone to do your business?
• Do you take any of your devices (laptop, tablet, cellphone) out of your office to conduct business?
• Do you store your clients’ information digitally? (this includes names, addresses or credit card information.)
• Do you perform contract work for large commercial clients?

Are you prepared for a Data Breach?

Large businesses are not the only companies at risk from hackers and cyber criminals. Small to medium sized businesses are actually at a greater risk to have a data breach because smaller businesses don’t have the same resources to protect themselves from hackers and cyber thieves.

If you work for commercial clients and have access to any of their online systems, you could be the opening wedge for a hacker. Don’t be a pawn in their hacking game, get the coverage you need to protect yourself from costly lawsuits.

What does Cyber Liability cover?

• Services to determine if a breach has occurred.
• Notify clients or other affected parties of a breach.
• Monitor customer credit.
• Crisis management and PR.
• Business interruption costs.
• Judgments, awards, or settlements.
• Lawyer fees.
• Court costs.

Cyber Liability coverage is not necessary for every contractor, but for some especially commercial contractors, this coverage could save you from an entire business collapse.