Insurances for digital professions

E-commerce insurance

E-commerce insurance includes portal and web shop insurance. Web shop insurance is again basic protection that can be expanded individually and protects you against special risks in online trading.

From the pricing regulation to trademark law to the GDPR, small errors can cause major damage. Hackers are also increasingly targeting web shop operators, as the ransomware attacks in recent years have shown.

With the web shop insurance, you are in the basic package against …

  • Financial loss
  • Data protection violations
  • and copyright violations secured.

In addition, you can protect yourself against personal injury and property damage as well as with company and product liability.

A Portal insurance, however, is an adaptation of the traditional liability. It includes protection against trademark and copyright infringements. In addition, there is protection against legal violations when linking to other sites.

  1. GDPR legal protection insurance

This insurance protects you from damage that occurs if a company does not adhere to the General Data Protection Regulation, or GDPR for short. This can happen very quickly without intention and have serious consequences!

  1. Electronics insurance

The electronics insurance takes effect in the event of damage to electronic devices and electrical engineering systems. But there’s business content insurance for that, right? Not quite, because anyone who only has business content insurance or cyber insurance is not protected from personal damage and robbery!

If technical devices fail, are damaged or stolen, internal company data and sensitive customer data are usually lost. This can damage the company enormously and set it back financially – also through inattention of one or the other employee!

  1. Cyber insurance

This insurance protects companies from attacks from the Internet. In principle, cyber insurance protects you from the financial consequences of internet crime. This applies to personal damage and damage to third parties.

Companies that work with sensitive customer data, in particular, should therefore protect themselves against claims for damages by their customers – regardless of whether an employee or a hacker caused the damage. But private individuals can also use them to insure themselves against cyberbullying, data theft and identity theft.

Especially the way in which data is stored today is what makes this insurance so important. Because forms such as cloud services make it easy for almost everyone to access protected data and thus threaten or even destroy professional livelihoods.

What risks are digital companies affected by?

Cyber risks are probably the greatest threat to companies in the online sector. Carelessness and hacker attacks can quickly result in damage in the 5 to the 6-digit range. The Allianz Risk Barometer 2017 ranked cybercrime the third largest global business risk.

Protect sensitive customer data

Especially companies that work with important companies or sensitive customer data should protect themselves. Ransomware, a type of digital ransom extortion, malware, and hacker attacks are probably the most common forms of online attacks on data and therefore your company.

Such risks affect all companies, small and large. Therefore, it is best to obtain even more information on the subject and compare offers so that you do not run the risk of becoming a victim of cybercrime as well.

The thing with the GDPR

Violations of the GDPR regulations (albeit often unintentional) can have existential consequences, which you should protect yourself against. The loss of business-relevant information and data sets also quickly brings a company to a standstill and at least leads to a loss of sales. In the worst case, such a situation can develop into a complete business interruption.

Conclusion

Digital professions are only in their infancy, but the threats that entrepreneurs have to contend within the online sector are anything but child’s play! Cyber insurance and media liability are important insurance that you should not do without!

Especially if you work with (sensitive) customer data and save your most important documents online in a cloud or work with programs such as Skype, Trello, Zoom, or similar. The fact that many employees in the digital industry work from home in the home office also harbors many risks!

Therefore, it is best to get comprehensive advice on the insurance of your choice and thus secure yourself comprehensive insurance coverage in the online world.

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