St. Paul Travelers has launched a basic Internet liability policy aimed at small to mid-size technology businesses at the Risk and Insurance Management Society Conference (RIMS) in Philadelphia.
Internet Basic Liability Protection is designed for technology businesses or firms with between $5 million and $100 million in revenues that conduct business over the Internet. Two particular risks are covered: Failing to protect private customer or client information from hackers or accidental disclosure online and failing to prevent the spread of computer viruses. Larger companies may also be eligible for Internet Basic.
“Virtually all businesses are prone to hackers or viruses if they use e-mail or transact business through the Internet,” said Bill Rohde, president, Global Technology Underwriting. “But most commercial general liability (CGL) policies don’t cover these risks. Internet Basic fills key coverage gaps at an attractive price. In addition, we offer a comprehensive Internet liability policy for larger or complex businesses that want to insure against other Internet-related risks.”
Internet Basic fits together with Technology Underwriting’s CGL policy and insures against damages caused by two types of wrongful acts:
– Failure to prevent transmission of a computer virus to authorized users of a policyholder’s Web site or private communication networks; and
– Failure to protect private or confidential information of others from unauthorized access on or through the Internet.
The application and underwriting process for Internet Basic is reportedly fast and easy. Businesses that choose to purchase Internet Basic are not required to undergo a security audit. In addition, in the event of a claim or lawsuit, Internet Basic provides legal defense subject to policy limits.
St. Paul Travelers already offers an Internet liability policy for businesses that face a variety of online exposures. Besides the features of Internet Basic, Technology Internet Liability Protection provides coverage for the following online risks: copyright and trademark infringement, unauthorized use of any advertising material posted online for a client or business partner, plagiarism, libel, slander and disparagement and violating a person’s right of privacy or the publicity right of a person or organization.
For more information, visit www.stpaultravelers.com.
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