Cyber Liability — Insurance For The Internet
In today’s business world harvesting emails, tax ID numbers and valuable client information onto a server is a part of business. Our internet reliance has shifted our efforts to online business and data storage, making it essential to protect your online exposures well.
This fairly new practice of online business isn’t protected in common liability coverages, it must have a specific liability insurance called Cyber Liability.
What is Cyber Liability Insurance?
Cyber Liability provides protection from 1st and 3rd party risks associated with the internet, e-commerce and data storage. There is a wide range of exposures to be addressed and coverages available.
Coverage includes protection from:
- Damages from breach of security
- Customer Notification Expenses including legal expenses, credit monitoring expenses and advertising costs
- Infringement of intellectual property online
- Breach of privacy
- Virus transmission
- And any other violation passed from first part to third party via internet
Anyone with a website has legal responsibilities and exposures they face. In legal terms a web site owner has the same legal liabilities of a publisher.
If My Internet Business / E-Commerce Site Goes Down Can I Be Covered For Loss of Income?
In order to be protected for loss of business income you need to add a Business Interruption Endorsement.
This endorsement is not offered by all carriers and may come with a sub limit to address with your agent. You must specifically tell your insurance agent to add this desired endorsement to obtain coverage.
Some carriers offer comprehensive interruption expenses coverage for first and third parties and our agents can help advice you on what coverage you need.
Why Do I Need To Buy Cyber Liability Insurance?
More and more our attention and work is online and this new territory requires the proper protection. Traditional liability does not cover internet risks and exposures that have evolved from the internet market.
To protect your business from copyright infringement, defamation, invasion of privacy, loss of income and numerous other risks unique to the online world you need to have Cyber Liability Insurance.
The risks will continue to evolve and your insurance will adapt accordingly as we look at the rise of mobile technology, online education and app development. In an ever changing world you need protection for when things go wrong.
Learn how much Cyber Liability Insurance would cost to protect you and your business, by having a conversation with on of our insurance agents. The easiest way to contact us is to request a free insurance quote.