The only way to protect the assets of your business is to carry adequate Commercial General Liability Insurance. However, because of the increase in the number of intangible assets companies possess and the number of companies conducting business on the internet, new types of liability coverages have emerged to meet these specific needs. Carriage Trade Insurance can help protect your business with the right Cyber Liability Coverage.
Errors & Omissions Insurance, also known as Professional Liability Insurance (PLI), helps fill gaps in traditional CGL policies by protecting professional advice and service-providing companies from having to bear the full cost of defending against a negligence claim if the service the company provided did not have the expected or promised results. An E&O policy can cover intellectual property losses due to copyright infringement and plagiarism while also protecting a business against a data breach or identity theft. An E&O policy can be customized with several coverage options such as:
1. Electronic Data Loss
A fire or a virus could lead to a business losing all of its data. This policy covers against this data loss and helps replace lost income due to the incident.
2. Data Breach
This coverage is becoming more popular as the number of expensive data breaches increases around the globe. This can help a business cover the costs of customer notifications and any associated defense costs.
3. Media Liability
This coverage protects media-related firms from claims arising from defamation, invasion of privacy, plagiarism, copyright infringement, etc.
Carriage Trade Insurance can help you protect your intangibles with Cyber Liability Insurance. Contact us today to learn more about your cyber protection options.