Cyber Liability Insurance - Needed Now More Than Ever

There are plenty of things in our day-to-day existence for which we can find the need for liability insurance.

It is not just doctors who require some form of medical malpractice insurance to pay for any blunders they make.

Regular people need liability protection for a lot of things including their car and driving, property owners, or almost every other property you might have which might pose a potential risk of injury, loss, or harm to a third party.

Liability insurance will not compensate the person who is paying for the insurance, but instead the individual who files a claim against the insured.

It helps prevent the insured individual from being responsible to pay out of their own pocket the medical bills, lost income or some other payments to somebody that had been injured due to some negligence of the person who has purchased the insurance coverage.

In businesses there is also a need for this type of insurance. Any time you work with clients or patients or they use your products or are on your premises there is a potential that something might go wrong and a lawsuit may be filed against you. If the other person wins, you might have to pay out quite a bit of money in some sort of personal injury settlement.

Our world is changing though, and these types of liability insurance simply do not cover all types of loss or damage. With the computer age in full swing and more and more people hopping on the wagon and owning their own space on the World Wide Web, there is an increasing incidence of people suffering loss or filing various claims.

Cyber liability insurance works in a way similar to other type of liability insurances in that it is a third party insurance. It covers court costs and other personal injury damages and claims that you would otherwise have to pay to anyone who files and wins a court case against you.

Because it is such a different arena than the real world, there is a need for a different type of insurance that meets different needs. Cyber liability insurance addresses those needs and makes it simpler to take care of suits filed because of wrongs done in the virtual world.

What are some of the reasons you may need cyber liability insurance? Well, if you are self employed and run your own website or websites, the information you provide on your site can be viewed by thousands of people. If you give advice, someone may follow it and claim that they had very bad results and sue for damages. This type of insurance often falls under an addendum to a self employed liability insurance policy

Other common causes for lawsuits are copyright infringement, invasion of privacy or other types of issues that arise when operating on the web. Particularly if you have others responsible for the content on your site, you are open to some of these claims. For this reason be sure that you know what is being published and that it is original content and does not constitute an invasion of other people's rights.

Even if you do take precautions, accidents can happen and you may find yourself in trouble. Acquiring a good cyber liability policy will help protect your personal pocketbook from lawsuits and the financial burden they can cause even if you do win the court case.






 

Commercial Insurance News:

 

QBE North America offers coverage for trucking sector - Business Insurance

QBE North America offers coverage for trucking sector
Business Insurance
The coverage combines motor truck cargo and logistics liability insurance in one policy, the New York-based unit of Australia's QBE Insurance Group Ltd. said Feb. 13 in a statement. The policy protects shippers from financial losses occurring on the .

and more »
..


AIG sells famed ski operations in Vermont - Business Insurance

Business Insurance

AIG sells famed ski operations in Vermont
Business Insurance
American International Group Inc. on Tuesday said it has agreed to sell the ski operations of Stowe Mountain Resort to Vail Resorts Inc. for $50 million. The once-prized AIG ski resort in Vermont has been connected with the insurer since the 1940s when .

and more »
..


Health Insurance Woes Add To The Risky Business Of Farming - NPR - NPR

NPR

Health Insurance Woes Add To The Risky Business Of Farming - NPR
NPR
There are many challenges to farming for a living: It's often grueling work that relies on unpredictable factors such as weather and global market prices. But one .

and more »
..


RIMS grants send risk management students to 2017 conference - Business Insurance

RIMS grants send risk management students to 2017 conference
Business Insurance
The Risk & Insurance Management Society Inc. on Tuesday said it has presented 34 students with a 2017 Anita Benedetti Student Involvement Program grant. Sponsored by The Spencer Educational Foundation, the program recognizes the achievements of .

..


State budget proposals target comp programs - Business Insurance

Business Insurance

State budget proposals target comp programs
Business Insurance
. states have budget concerns and will look to other departments for money to help balance their budget,EUR said Peter Burton, senior division executive for state relations at the Boca Raton, Florida-based National Council on Compensation Insurance Inc.

..


Republicans Are Poised to Repeat Democrats' Obamacare Small-Business Mistake - Bloomberg

Bloomberg

Republicans Are Poised to Repeat Democrats' Obamacare Small-Business Mistake
Bloomberg
The Obama administration concentrated almost exclusively on the individual insurance market and put small business on the back burner,EURœnot recognizing that the majority of people were working and working overwhelmingly for small business,EUR said Barbara .

and more »
..

Dam collapse highlights wider concerns over infrastructure risk - Business Insurance

Dam collapse highlights wider concerns over infrastructure risk
Business Insurance
. when they analyze their business interruption exposures and assess their real estate needs, they say. And as public/private partnerships are used more frequently to repair and construct infrastructure projects, the insurance industry needs to .

..


Whisky maker says rival watered down fiery brand - Business Insurance

Whisky maker says rival watered down fiery brand
Business Insurance
The company that makes and markets Fireball, a sweet, cinnamon-flavored whisky, is suing the manufacturer of a similar beverage, claiming the latter is watering down their infamous brand of Canadian whisky. Metairie, Louisiana-based Sazerac Company .

..


Chubb wins liability dispute with port - Business Insurance

Business Insurance

Chubb wins liability dispute with port
Business Insurance
The U.S. Court of Appeals for the 9th Circuit in San Francisco upheld a lower court ruling that Ace American Insurance Co. had no duty to defend the port district in an underlying lawsuit filed by Greeley Colorado-based Hensel Phelps Construction Co .

..


 

Many, if not all of the links on this website are affiliate links which means that we will be compensated if you choose to buy at some point in the near future. Please accept our sincere thanks for your support.


Technorati Tags: , ,