Hundreds of millions of people interact on social networks like Facebook, Twitter, YouTube and LinkedIn every day. Like any other new technology, social media brings enormous opportunities and benefits. The ability to communicate and interact instantaneously on a global scale 24/7 enables businesses to reach their customers directly and individuals to voice opinions on any topic they see fit.

Yet as the opportunity to tweet, message, share and “like” grows, so do the risks. As businesses and individuals navigate this shifting online risk landscape, they face a range of evolving social media related liabilities including privacy, security, intellectual property and employment practices liability.

Meanwhile, amid a rising number of high profile data breaches, government is stepping up its scrutiny of cyber security. This is leading to increased calls for legislation and regulation, placing the burden on companies to demonstrate that the information provided by customers and clients is properly safeguarded online.

Despite the fact that cyber risks and cyber security are widely acknowledged to be a serious threat, a majority of companies today still do not purchase cyber liability insurance. However, research indicates that this is changing. Insurance has a key role to play as companies and individuals look to better manage and reduce their potential financial losses from social media and cyber risks in future.

Source: Insurance Information Institute, “Social Media, Liability and Insurance” http://www.iii.org website. Accessed February 25, 2017. http://www.iii.org/white-paper/social-media-liability-and-insurance

© Copyright 2017. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

The online world changes every day, and the risk of a data breach increases exponentially with businesses doubling their data volume annually. In addition, as the Internet becomes more open source and cloud dependent, threats against your data and identity theft, no matter the size of your company, loom ominously. This, alongside the integration of social media initiatives via your website makes the threat of cyber risk very real.

To counter this risk, third party coverage is now available for data privacy and network security liability, Internet and electronic media liability, and professional services liability. Available too, is first-party business interruption coverage in the event of a network security breach; first-party cyber extortion coverage for threats against data and identity theft, and; intellectual property coverage for advertising and technology products.

Information sharing among Internet users via web-based communities such as social-networking sites has today become a real liability threat for many organizations, businesses and universities around the country. Seek professional guidance to ensure your business has a robust, technology-related insurance policy that goes beyond traditional business insurance.

© Copyright 2017. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Professionals that operate their own businesses need professional liability insurance in addition to an in-home business or businessowners policy. This protects them against financial losses from lawsuits filed against them by their clients.

Professionals are expected to have extensive technical knowledge or training in their particular area of expertise. They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business. When liability is limited to acts of negligence, professional liability insurance may be called “errors and omissions” liability.

Professional liability insurance is a specialty coverage. Professional liability coverage is not provided under homeowners endorsements, in-home business policies or businessowners policies (BOPs).

Source: Insurance Information Institute, “Do I need professional liability insurance? http://www.iii.org website. Accessed February 25, 2017. http://www.iii.org/article/do-i-need-professional-liability-insurance/

© Copyright 2017. All rights reserved. This content is strictly for informational purposes and although experts have prepared it, the reader should not substitute this information for professional insurance advice. If you have any questions, please consult your insurance professional before acting on any information presented. Read more.

Dear Valued Customer,

This issue of the “—————-” is focused on providing you with the information you need to understand the importance of protecting your business against the risks that come with vastly increased communication possibilities.

Despite the fact that cyber risks and cyber security are clearly, a serious threat to many companies, cyber liability insurance is still very much overlooked as a key requirement. Read on to understand how the right insurance can protect your business against unseen and unknown network liability, and the importance of professional liability insurance.

We appreciate your continued business and look forward to serving you.

Kind regards,