E-risks (cyber liability) insurance
Real protection in a virtual world
New technology comes with new risks. Cyberspace is full of harmful viruses and unscrupulous hackers, and both you and your clients need protection from the damage they cause.
Just the smallest, byte-sized chink in your armour is enough. Before you know it, your customers' confidential data is in someone else's hands. Or your system is so corrupt that you can't do business.
What's broken can be fixed – but that takes time and money. More so if your clients are asking awkward questions about when you’re going to finish their work.
E-risks insurance can help. It covers the cost of repairing your system or website and compensates irate clients or third parties. It'll even pay for temporary equipment if you can't use yours.
Business as usual then. And all without a helpdesk in sight.
It’d be great if we could say that and mean it. But we can’t.
The harsh reality of 21st century commerce means any business that uses the internet or stores customer data or uses email is vulnerable to hackers. So that's pretty much every business.
Unless you can say with certainty that your business is protected and you'll still be able to function if your IT is compromised, then you should at least investigate it further.
You'll find spending a little time and money on good insurance will save a lot of both in the long run.
This depends on how much IT infrastructure you have. If it all went down, how much would it cost to repair?
Also consider the consequences for your clients. If their personal data is stolen from your server, for example, you're liable for that unauthorised collection. And as such, they can sue you.
Always bear in mind that you can’t have too much cover. Your legal defence can cost many tens of thousands of pounds – and that’s before the compensation bill from your client arrives. Your level of cover has to be enough to cover all of this.
Professional indemnity insurance is for claims and allegations of negligence, mistakes and things you've failed to do. Essential if you provide specialist services to paying clients.
Public liability insurance is for when you go out and about on business, or have visitors to your office. It’s for claims of physical damage to property and people. Useful if you’re clumsy.
Employers’ liability insurance covers your business if an employee sues it for damages. Claims are usually because they’ve suffered injuries and illnesses as a consequence of working for you. It’s a legal requirement for UK businesses with employees.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you’re not sure it’s worth insuring, add it all up – it’s probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you’re covered for the costs of setting up elsewhere and for any lost revenue in that time.
Glad you asked.
The simple answer is: we know what we're doing. Professional insurance is all we do so we know what you need, even if you don't.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won't find a call centre here. Or a phone menu. And we've banned nonsense insurance jargon.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you'll get our quarterly risk advice email – 'The Waggle' – to help you avoid problems in the first place.
If you're after a second opinion, have a look at our customers' feedback. They're the ones you should really listen to.