Technology and IT businesses are using the Internet and electronic communication to transact their business in a very complex way and now more than ever. The internet, e-commerce and web communication is growing as a means of marketing, advertising, maintaining customer’ relationships and interacting with them at the same time.
But, it has opened up a whole new set of risks that Technology & IT businesses now face. Traditional insurance policies may no longer cover the risks to which these businesses and their clients are exposed. Insurers’ understand this and have been insuring these risks for the last decade. A Technology & IT combined policy including specific Cyber Liability cover can cover these risks and work in tandem with traditional property and liability insurance covers.
As the legal climate evolves along with the Data Protection Act and changing privacy laws in Ireland, the high litigation costs for cases against copyright infringements, trademark disputes, virus transmissions, theft of data etc., all combine to make Cyber Liability a cover which Tech & IT businesses cannot afford to be without.
A traditional commercial or office combined policy can cover your business’ premises, contents, equipment, stock, business machines, machinery, plant, fixtures and fittings and computers if it is damaged, lost or stolen. Also includable are Public, Products & Employers’ Liability cover. In addition, you can also add a range of specialist covers to your policy: portable equipment (all risks), business interruption including rent payable / receivable, legal expenses, personal accident, directors & officers liability, goods in transit, fidelity guarantee, money and glass and work away from the premises extension.
Added to this is Cyber Liability / Errors & Omissions cover which is a specific form of professional indemnity cover for Tech / IT firms.
Buildings, Contents, Fixtures, Fittings, Computers tick Stock, Business Equipment, Machinery, Plant
Why have traditional combined insurance?
Cyber Liability Insurance protects your business against many of the risks arising from using the internet. Cyber Liability policies have been designed with the needs of small, medium and large businesses in mind and cover damage caused by viruses, hackers and electronic identity theft. The following is an example of the threats / risks coverable;
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