Michigan-based digital risk insurance specialist, SafeonlineT announced the launch later this month of a new 1st and 3rd party policy that the company says will provide a much needed in-fill for small to medium firms who use basic technologies and whose insurance now excludes technology-risks.
The new product, called SafeBusiness ™, will offer coverage against first party damage to electronic data held on computer systems, as well as liability claims for content on the company’s Web site or sent in an e-mail message. SafeBusiness includes claims for inadvertent virus transmission and also covers liability for Email and Instant Messages that are sent for non-work related purposes. It will also cover employee error in relation to damage to electronic data. Limits will be up to $1 million for the third party liability cover and up to $75,000 for first party damage.
In announcing the new product, Safeonline urged agents to address a growing coverage gap due to the exclusion of various technology exposures by many leading property and casualty insurance companies.
Safeonline has also developed a new Agent Information Pack for the SafeBusiness policy. The Pack includes a host of information to help agents identify and explain the gaps in existing coverage to their customers. It also includes examples of claims and loss scenarios as well as a guide on how to approach different clients.
Topics InsurTech Tech New Markets
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