Server failures affecting customers can lead to lawsuits. Web hosting insurance helps cover financial losses caused by data breaches technical issues that affect your clients injury and other risks.
What type of insurance do web hosting professionals need?
These insurance policies cover the most common risks of web hosting.
- Technical errors and omissions insurance
- Cyber liability insurance
- Fidelity bonds
- General liability insurance
- Workers’ compensation insurance
- Commercial auto insurance
How Technical Errors and Omissions Insurance Works
Technical errors and omissions insurance helps protect you against losses caused by product or service errors. It helps you cover if a customer sues you for:
- Provide the computer manufacturer with the specific part that ultimately failed.
- Missing important deadlines for developing new products caused their profits to drop.
- Selling products that were incompatible with older computers caused them to crash.
Technical Errors and Omissions Insurance Coverage
Specific features of The Hartford's FailSafe technical errors and omissions insurance include:
- Errors & omissions (E&O) liability
- Security liability
- Data Privacy and Cybersecurity Responsibilities
- Personal injury liability
- Intellectual property liability
- Media liability
What does Cyber Liability Insurance cover?
Cyber liability insurance can cover expenses related to data breaches and cyberattacks on your business. These costs may include costs such as lost revenue due to cyber incidents, costs associated with notifying customers affected by a breach, and costs of recovering compromised data. Damaged computer systems and more.
Travelers Cyber insurance can be an important safeguard against the devastating financial consequences of a cyber attack. Travelers offers customized insurance solutions based on your business risk level with underwriting options available to address:
- forensic investigations,
- litigation expenses,
- regulatory defense expenses/fines,
- crisis management expenses,
- business interruption,
- cyber extortion, and
Cyber and Privacy Insurance Benefits
No matter how much an organization invests in protection, cybersecurity presents challenges for organizations. Hacking through the use of social engineering, such as phishing email attacks or other methods, exploits human tendencies as criminals gain access to sensitive or personal information.
A data breach can have a profound and costly impact on a company. It can disrupt day-to-day operations as companies try to understand how a data breach occurred, repair damage to systems and make necessary system updates to prevent similar breaches from happening in future.
Publicity about a breach can have a negative impact on a business's reputation, as customers whose private data has been compromised may turn to competitors, and potential customers may leave for fear of losing their data. Provides monitoring of customer credit can be restored Their peace of mind and cyber insurance can often help cover these costs following a data breach.
Data breaches pose a significant threat of legal action. Companies may be required to notify customers of incidents and may be required to provide free credit monitoring services to affected individuals whose data has been stolen. Additionally, companies may be held liable for fraud Purchases and money transfers due to their security network mishaps.
In some cases, regulators may fine companies, and individuals may initiate civil lawsuits against companies over financial issues related to breaches of security data.
Cyber and privacy insurance can also help your business recover from the financial and regulatory burden that a security breach can cause. The extent of liability in a cyber and privacy insurance policy depends on the terms of the policy.
What is Intellectual Property Insurance?
Intellectual property is often the most valuable asset of a company or individual. That's why every infringement reduces its value, so enforcing and defending your intellectual property is critical. Intellectual Property Professional Liability Insurance Covering Litigation Expenses incurred in enforcing or defending patents, trademarks or copyrights.
Media Liability Coverage
A type of errors and omissions (E&O) liability insurance designed for publishers, broadcasters, and other media-related firms. The policies are typically written on a named perils basis and cover the following broad areas:
- invasion of privacy.
- infringement of copyright.
Thank you and hope it is useful.