Because it's often written as a claims-made policy, cyber liability insurance only covers a claim if the incident and resulting lawsuit happen while the policy is active.
That's why it's important to maintain uninterrupted coverage, because long stretches of time may pass between an incident and the resulting lawsuit in states that have lenient statutes of limitations.
Most new tech businesses purchase a cyber liability policy early on and maintain the policy for the life of their business, so there are no gaps in coverage.
If you think your business might be exposed to risk now or in the past because you’ve let a prior policy lapse, bring it up with your insurance agent. There may be ways to extend your protection.