As a small business owner today, you have so many concerns over and above running your business that it is hard to get a handle on everything sometimes. There is risk everywhere and despite the best laid risk management plans, it can get tough to foresee everything.

Today’s world is hard wired into technology in general and computers in particular. Business today cannot function without computers. Because of that, your electronic data has now become one of the five serious threats to your risk profile and your viability.

A stoppage in your business caused by a natural disaster is, perhaps, your major concern. A recent statistic released by the U.S. Department of Labor sites that a full 4 out of every 10 businesses in the country never recover from a natural disaster. The threat of a lawsuit is always in the forefront of the prudent small business owner’s mind. The litigious atmosphere of current American society is all pervasive. People sue for everything. They are not always successful but the time spent away from your business and the hit that your reputation, and your finances, could take just may be ruinous.

Then there is property damage and loss as well as injuries to yourself and your employees. Any risk management strategy must take these things into consideration and, for the most part, small business owners recognize and identify these risks. Business owners need to stay on top of these situations, especially injuries happening in the workplace. Not only is worker’s compensation involved, but there could be litigation and indemnity issues that could send your insurance premiums through the roof.

And, finally, there is a menace that many entrepreneurs and small business owners do not even consider in their risk management planning. It is the calamity of an electronic breach. Your systems are hacked and you lose much, if not all, of your data. This is a calamity that many small businesses might never recover from.

You can have all of the IT pros and latest firewalls you want. This will not prevent determined hackers from stealing your data if they really want it. Just ask the New York Times. Just ask Target. Just ask any of the thousands of companies, large and small, who have been victims of a cyber attack. Losing precious corporate data such as trade secrets and customer profiles can be devastating not only to company operations but to brand reputations. Are you large enough, or prepared enough, to survive a cyber attack?

This is a risk that must be managed for and it is prudent to find yourself some cyber liability coverage. You and your risk advisor can identify this risk and mitigate it by transferring the risk to your insurance firm. Your cyber data is classified as a non-tangible asset. Your regular business insurance will not cover this as it deals with just tangible assets. Cyber liability coverage is only about a decade old but the need is growing so re-examine your risk management strategies to include this threat.