now browsing by month
As advancements in technology increase, companies are faced with more devastating cyber risks. Digital business data is exposed to hackers who can compromise and destroy information. Personal employee data and customer information are at risk as well. Installing a firewall with antivirus software is a good start, but sophisticated cyber thieves can still break through the best antivirus programs.
What Does Cyber Insurance Cover?
In the event of a data breach, cyber liability insurance covers the costs involved in recouping data, as well as the related legal fees. Insurance coverage can be packaged in different configurations, depending on the needs of the company. Some of the considerations include:
- Network security failure – These claims are typically made by a customer or client when a network breach occurs. Coverage protects the business in the event of liability.
- Loss of network assets – Coverage allows the company to recoup or replace the data that has been lost, compromised, or corrupted.
- Interruption of business operations – If a computer system goes down, the resulting downtime costs can skyrocket. Business income and expenses are covered with business interruption insurance.
- Media issues – Coverage will protect a business if it suffers from copyright infringement, false advertising, or plagiarism.
Antivirus software is a must for computers, but the smart business owner should also invest in comprehensive cyber liability coverage.
Many organizations, particularly those in the non-profit sector, rely heavily on the love and support of their volunteers. Despite good intentions, however, volunteer assistance comes with a number of potential liabilities. Organizations, therefore, depend upon insurance for volunteer workers as a means of protecting themselves against the unknown. Here are just a few reasons why organizations choose to invest in volunteer insurance.
Despite best efforts, workplace accidents are sometimes inevitable. Whether the accidents affect flesh or property, organizations want to ensure that they are not held personally responsible. Workplace injuries and damages are commonly covered by volunteer insurance.
Though most volunteers are out to help the organization, the occasional volunteer does not have the organization’s best interests at heart. Some have been known to lie, steal, and cheating so far as to make money or resources from the organizations themselves. Insurance coverage can help organizations detect fraud and take the necessary steps toward not only ending it but also preventing it.
Words can be the most harmful weapon of all. When volunteers use their voices to defame or otherwise tear down an organization, that word of mouth can lead to a decrease in physical and monetary support. Insurance can help organizations cushion the impact of slanderous claims.
Volunteers are usually resourceful figures who help organizations run as smoothly as possible, but insurance for volunteer workers can protect organizations against possible threats posed by the nature of volunteer work.