I was recently at an event where there was a presentation on insurance for Online Businesses. Fascinating subject (no really!) because of the number of things it’s now becoming common place to insure against.
There were the obvious items like loss of business because the servers went down, cost of recovery when the software or hardware breaks.
But several more unusual ones too:
- Insurance against Online Extortion – this would protect you from a hacker who threatens to take down your site unless you pay them a large sum of money
- Insurance against rogue employees – with the ease of access that many employees now have into critical systems this would protect you against a disgruntled employee (or ex-employee) setting all your prices to zero, or bringing your site down
- Insurance against human error – many sites can be seriously affected by human error – forgetting the BOGOF is turned on when you put those products in the sale with a 50% price reduction! etc
Whilst not the most interesting of topics – it would be worth reviewing your existing insurance policies to make sure they cover your online business too.