Over the last several years we have seen many changes in business and technology for business. One of the biggest changes is what we have seen in the Internet. A decade ago this was the home of only large firms, but now virtually every firm uses the Internet for many facets of their business.
Here is a short list of claim exposures for each business to consider:
- Utilize e-mail
- Storing Customer data on websites
- E-Businesses
- Click & mortar business
- Brick & mortar business with a website
- Collecting private data on your website
- Posting data on your website
Here is a comparison of issues of traditional insurance compared to E-Business
Traditional E-Business
Physical Premises Virtual World
Physical Customers Virtual Customer
Limited Customer Potential Unlimited Customer Potential
Tangible Property Physical & Virtual Property
Direct Physical Damage Destruction, Alteration & Manipulation
Bodily Injury /Property Damage Acts, Errors & Omissions
Limited Worldwide Unlimited
What are some of the main reasons businesses need to review their insurance for Cyber needs?
Traditional Insurance does not coverage Internet exposures:
- No direct physical loss
- Errors & Omissions vs. bodily injury or property damage
- Existing policies are silent on these issues
- Policy territory does not apply
- It was never intended to be covered
It is time to review these exposures with your insurance program. These types of claims can happen at any business and virtually every business is exposed. Find out before it hits your computer. To learn more about Ramey King, what we do and how our services can be of benefit to you, give us a call today. You can reach a Ramey King Insurance agent at 800-453-9691, by emailing info@rameyking.com or by filling out the quick and easy form on this page. We look forward to hearing from you!
