Category technology errors and omissions

The Importance of Proper Cyber Liability Insurance

cyber liability insurance

Practically all businesses depend on computer systems for some part, if not all aspects, of the function of their businesses. Therefore, it is critical to have the right cyber liability insurance in place, should a cyber security breach occur.

Protect Your Customers

You maintain your clients’ sensitive material. Should any information be illegally accessed or distributed, you must be able to assure your customers that you are working to keep them safe. If not, this could reflect negatively on your business and you could lose those clients.

Protect Your Business

In the case that a client brings a lawsuit against you, cyber insurance helps to cover those costs. Legal fees can become quite financially draining, and the right coverage can keep your business afloat.

Protect Your Peace of Mind

Business owners who are overly concerned about technological risks may not be as open to considering new technologies. With the right coverage in place, you are free to take risks which can lead to great gains and advancement for your company.

It is clear to see that having the right cyber liability insurance in place can provide you with the peace and stability that you need to make sure that your business continues to run smoothly and advance in this technological age. Contact your local provider for more information and to learn about available plans.

3 Ways Big Data Can Improve the Insurance Process

Insurance big data

Big data is a term used to describe large sets of information that can be analyzed to gain insight and understand implications. The insurance industry has been greatly benefited by big data. Insurance big data improves the process in the following ways.

  1. Exposes Fraud: When a fraudulent case came to an insurance agent in the past, it was easy to miss because these shams could manipulate the rules. Big data, on the other hand, uses text mining, exception reporting, rules, modeling and database searches to more quickly and accurately identify fraud.
  2. Makes Settling Claims Easier: Insurance companies have to look at a lot of data before settling claims to ensure a fair price is given. When insurance big data enters the picture, it is easier to settle claims with speed because analytics are able to calculate loss accurately.
  3. Reduces Lawsuits: Oftentimes disputed claims end in litigation. Insurance companies can use big data to analyze the different claims to find out which ones are more likely to end in litigation. The insurers are then able to assign the higher risk claims to senior adjusters who may be more likely to settle the claims without the need for lawsuits.

Insurance big data can be very beneficial for the insurance company and the insured when used properly.

Be Prepared for the Costs of Technological Errors and Omissions

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technology errors and omissions

In today’s digital society, businesses rely heavily upon computers and digital programs to complete their daily tasks and job duties. When technology goes awry or small mistakes are made, costly results can lead to lawsuits and other financial burdens. While you can never predict the end results of technology errors and omissions, it is always better to be prepared in the event that a serious lawsuit comes against you or your business. Errors and omissions insurance may be able to help you cover some of the following costs in the case of a lawsuit.

 

Lawyers’ Dues

 

If a technology errors and omissions claim is made against your business, legal costs start with the price of a lawyer. While lawyers’ dues can get very expensive, these legal representatives may be able to help you resolve the legal claim in a more timely and cost-effective manner. Whether the claim is with or without merit, your business will have to be represented in court to find a claim resolution.

 

Court Fees

 

Along with paying for the cost of a law team, you may also find yourself facing court fees. IN the event that your business is being sued over technology errors and omissions, it is much less stressful to manage the legal costs with an errors and omissions policy in place.

 

Cost of Legal Settlements

 

Should your company be found liable for the charges made against you, the cost of legal settlement can be brutal without proper coverage. Purchasing technology errors and omissions insurance to prepare for the chance of lawsuit can be help you manage the costs without destroying your company’s savings.