E-risks Insurance For Small Business

In this day and age, the internet is the connecting tissue for the entire world

. You can now do business with people half a continent away with the touch of a button. The world has indeed become a small place after all and this is good news for many in the business world.

Nevertheless, for all the great things the internet has done for a global economy there are also many threats that come down the super highway. You may need insurance that covers your business against all types of E-risks.

Information:

Many businesses store a great deal of information on computer mainframes. Proprietary information about how a product is made, secret ingredients for food products, business models and much more that you do not want to share with the rest of the world could become fair game if a hacker gets past your defences. By dinnertime, your sensitive information could be available to the whole world via YouTube. Do not wait until the damage is done to look for business insurance that covers this type of cyber attack.

Customers:

You may be thinking that you have little to worry about, your secrets are all safely stored in a locked vault under your home and no trace of it has ever been seen on a computer. This is all well and good but what about your customer information? The days of storing customer databases in a ledger book or roll-a-desk are long gone, if you have not computerised this part of your business operation chances are good you only have one or two customers at best. Imagine what an individual could do with your customer information.

A well-informed hacker could sell your customer information to the competition, but most will likely just harass your customers at best or try to compromise their personal financial information at worst. Either way your company could be found liable for any number of damages and to stay alive financially you had better have business insurance with this type of cover.

Virus:

There is one word that strikes terror in the heart of many business owners and organisations, that word is 'virus'. A computer virus can cripple a business or organisation quickly. Viruses for computers are similar to the flu; it starts small and in one person (computer) then quickly spreads. Worms, Trojans, blasters and more have stopped many a computer in its tracks, insurance can cover the cost of replacing damaged equipment, rebuilding sites and much more.

Conclusion:

Pretty much any business in the world has some level of computer dependence. Whether it is simply storing customer information or an internet based business you need business insurance that protects you and your customers from the affects of a cyber attack. Since you are the owner of the business in which the information was taken you could have long-term liability issues. Do not be caught in this type of situation without the proper commercial insurance cover. It would be a shame to lose your entire business due to computer crimes perpetrated against your company.

by: Tom Jones

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