Get insurance made for online businesses
Insurance made for modern-day cyber risks
- Dedicated cyber insurance
- 24/7 emergency response
- Covers threat of extortion costs
Many modern businesses have an online presence of some kind, whether they operate an ecommerce extension of their bricks-and-mortar trade or are an online-only business in their own right.
Unfortunately, while the Internet opens up whole new markets to business, it also exposes them to a whole new raft of risks, any one of which could damage or even destroy the business.
Insurance made for modern-day cyber risks
Where once a bricks-and-mortar business would face the risk of someone slipping on their wet shop floor and suing them for damages, liability has now moved into the cyber realm.
A business now risks harming its customers through digital means, such as inadvertently spreading viruses or malware in marketing emails or compromising customers’ privacy and personal details via an online security breach.
And unfortunately these new exposures are not instead of the normal risks but as well as, meaning a business must not only insure itself against online risks but also take out other more traditional forms of business cover. These might include product liability insurance if they are selling goods online and professional indemnity insurance if they are offering professional services or advice online.
While online business insurance has been around for at least a decade in countries like the US, it is still relatively new in Australia. A typical policy might offer the following types of cover:
An online business should also have a range of traditional business covers in its portfolio, including:
As well as taking out online business insurance, a business can further reduce its exposure to online risks in the following ways:
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