Insurance Advisernet

Cyber-attacks are a growing threat for companies of all sizes. Cyber insurance is designed to help businesses protect against losses incurred from a cyber-attack, such as data breaches and malware attacks. This type of insurance usually covers businesses for financial losses such as extortion payments and regulatory fines, as well as any legal costs that may arise from a data breach or other incident. Some policies will also cover customers who have suffered loss or damage due to negligent businesses failing to keep their data safe, including compensation payments and legal fees. Cyber insurance can even help pay for any third-party services you might need in. Cyber insurance is a relatively new type of insurance that helps protect businesses from Internet-based risks and, more generally, from risks relating to information technology infrastructure and activities. According to the Insurance Information Institute, cyber-insurance pays for losses due to data breaches, extortion, intellec...

Many matters relating to the insurance industry have changed because of COVID-19. Have you ever wondered what these changes meant for your business? Freelancers and sole traders have moved from minimal coverage to cover nearly all risks. Now, if you own a small business and are unsure how to approach your insurance situation, this post could benefit you. Ways in Which COVID-19 Pandemic Changed the Insurance Industry The COVID-19 pandemic has changed the face of the insurance industry. It has impacted almost all sectors, including finance, manufacturing, and healthcare. Insurance companies need to face new challenges and develop solutions to help people when they need it the most. 1.  The Rise in Demand for Cyber Insurance Cybercrimes are rising due to remote working conditions and more people accessing sensitive data from home. Insurance companies offer more comprehensive cyber insurance policies that cover losses from a cyberattack or data breach when an employee works remotely. 2...

Businesses consider so many insurance products in their dealings with insurers, but few ask about professional indemnity insurance (PII).  It can cover financial losses incurred by clients owing to death, bodily injury, malfeasance, and omission. What Does Professional Indemnity Insurance Cover? Professional Indemnity Insurance policies provide cover to professionals and companies. Professional Indemnity Insurance covers you if a client alleges that you have made an error in your professional services or that you have provided a courtesy that has caused them financial loss. It also covers any compensation they seek from you, as well as the cost of defending such allegations. Many different professions require Professional Indemnity Insurance, including; IT Professionals, Accountants/Bookkeepers, Engineers, Architects, Financial Planners/Advisers/Brokers, Insurance Brokers, Real Estate Agents/Property Managers, Fitness Instructors/Health Professionals, Mortgage Brokers, etc. Reasons...

DDOS stands for Distributed Denial of Service. In essence, it's a process where multiple systems attempt to make online services temporarily unavailable to their users. It's one of the most significant growing cyber threats these days and is becoming more common. If you run an online business, this could be an issue that threatens your very existence. And as a result, you need to make sure that you take every precautionary step necessary to aid in its prevention. What Are the Effects of A DDOS Attack on Your Business? What are the effects of a Distributed Denial-of-Service (DDOS) attack on your business? A DDOS attack is a malicious attack that aims to make your website, online service, or application unavailable to users. The attacker seeks to disrupt your business by making it impossible for legitimate users to access your website content. How do they do it? DDOS attacks are often carried out by hacking into computers and installing software without their owners' knowledg...

Professional indemnity insurance is pretty much the most important insurance you can have. If you are a sole trader, self-employed, own business owner, or just starting, maybe you don't think professional indemnity insurance is for you? However, it would help if you considered whether or not it could benefit your business. Who Needs Professional Indemnity Insurance? In the past, some people have seen professional indemnity insurance as something that is simply nice to have rather than a necessity – but in the current climate, it has become increasingly important to protect yourself, your employees, and your clients. Professional Indemnity insurance can cover any costs associated with defending against a claim of negligence or breach of duty by the client. In addition to covering any damages awarded by the court, PI insurance will pay legal costs as well as the cost of defending against any claim. Some examples of businesses that need PI insurance include: ●  An accountant who makes...

What is warranty insurance? Warranty Insurance covers the buyer if a product or service does not live up to the buyer's expectations. Often Warranty Insurance is called 'after-sales-insurance' because it protects you after the sale. Warranty Insurance can cover several situations, like if a product breaks down shortly after purchase or if goods become defective within the warranty period. What Does Warranty Insurance Cover? Warranty Insurance is often confused with product liability insurance. While the two are related, they are pretty different in protecting a business. Product liability insurance covers injuries, illness or property damage that has been caused by either a product manufactured by your company or one that your company has sold. To claim compensation, the claimant only needs to prove that their injury was caused by the product, not who was responsible for the product's design. Warranty insurance is different because it does not cover incidents where some...