Cybersecurity insurance is important for small businesses that store personally identifying information (PII) such as credit card numbers or Social Security numbers from employees or customers in their records, according to local insurance experts. John Bouchard, Vice President of Polestar Executive Management, and Rhett VanScoter, President of VanScoter Insurance Agency, state that small businesses can buy $1 million in cybersecurity insurance for $4,000 or $5,000 in premiums per year. Their policies can cover first-party costs, such as damages to physical hardware, the cost of notifying employees and customers of data breaches, expenses associated with credit monitoring, and the cost of defending against any resulting lawsuits.