Digital risk insurance specialist Safeonline has launched SafeBusiness. A product that provides cyber cover for small to medium firms that use computers, or email, or have a company web site.
SafeBusiness covers small to medium sized companies against first party damage to electronic data held on their computer systems and also liability claims for content on the company's Web site or sent in an email message including defamation, privacy infringement, virus transmission and unlawful use.
"Traditional insurance products were designed to cover physical loss of tangible property in which case, if a laptop was stolen or destroyed in a fire, the insurer would usually pay to replace the lost or damaged item. Data held on the laptop is not tangible property, and whilst it's infinitely more valuable than the physical hardware, owing to recent exclusions, the Insured now gets nothing under a traditional commercial policy," said Stuart McMillan, Vice President Europe at Safeonline.
