In general, website liability is rather a broad subject, with many similarities of tradition business(brick and mortar) liabilities applying to the online world. Traditionally, website liability covers; intellectual property, online defamation, security and privacy.
This is an overview on those subjects, and the types of way you can protect your web business or website.
Obtaining Cyber Liability
There are a couple of ways you can obtain cyber liability insurance to protect your website from data breaches. You can use a group insurance like the Media Bloggers Association, where the costs for premiums is lowered due to the vast network, or you can access insurance privately on your own with companies like Axis Pro, Ace USA, or Hiscox USA.
If you have a website, and you employ writers or digital artists, for example, you can liable for what they post. If you have a user-driven site generating daily content from your customers or site users, you are also on the hook for certain problematic situations.
Try pretending that your website is a business on the corner of a busy commercial street. Would you leave your door wide open allowing the prospects of thieves to rob your business? Would you keep your files cabinet in the front where anyone can grab any sensitive information about you, your workers, your customers? No, but many online business owners neglect to consider that they are just as vulnerable as any brick and mortar company.
You do have choices and options.
Media Liability Insurance
You could opt to be covered by a media liability insurer and that will cover you in the event of;
Cyber Liability Insurance
The other form of being covered is most likely the better method of coverage if you own a website is, cyber liability insurance. This, as per typical, covers security and privacy matters, but you can get additions to the plan to cover what the aforementioned, media liability, will cover.
What does cyber liability cover for your online business?
Data Breaches: In the event, an online hacker compromises your security system and collects, transfers, or steals your private and personal information without your permissions—then you would be cover under this bracket.
Security Breaches: This bracket specialises more in Denial of Services attacks or malicious coding on your website. This protects you against the harm a hacker can unleash on your security.
Cyber Extortion Threats: Malicious users or hackers have and will threaten businesses to extort information, resources, or permissions from a website’s employee or owner. In this event, you may not have the adequate amount of funds to meet their demands, or the necessary tools to oblige. Having cyber insurance will cover the cost affiliated in dealing with this type of malicious behavior.
Identity Theft: This covers the website, users, and partners in the event identity information is stolen. Identity Theft is one of the biggest concerns for all business owners and online networks.
There are more brackets that are covered under the helm of cyber liability insurance.
Whether you have infringed upon a trademark or a copyright material you need coverage. If you operate in the wide spectrum of an online business, you face the universal and unlimited threats that come along from owning a website.
Security and privacy is constantly under attack from thieves online and in society. While there are steps you can do to make it harder for thieves to steal from you, sometimes it isn’t good enough. The costs associated to go after them is astronomical, and could cost you your business. If you are covered, then you won’t have to sweat all of the small stuff that plays significantly. If you have thousands of users on your website, defamation and intellectual property, trademarks, and copyright infringement are a possibility you could face. Finding the right insurer will help you take the best preventative measures in dealing with those infringements, as well as, shielding you from higher future costs in a lawsuit. Protect you and your web business properly with website liability.