You buy insurance for the what-ifs.
Auto, home, renters.
Cyber insurance is the same thing.
It will protect you in case of a breach and provides a widespread policy for things that you can’t even individually list or comprehend prior to a breach.
Cyber insurance is not a substitute for having strong security measures in place. While cyber insurance does cover many of the costs associated with a breach, you can’t put a price tag on your reputation.