The Experts on Business Insurance for Internet & IT Service Providers

TechInsurance provides Commercial General Liability, Errors & Omissions, Excess Liability and Workers’ Compensation insurance coverage for Internet companies.

Internet Business Insurance

Internet businesses find that their security is vulnerable to hackers and computer viruses. To increase their own security, as well as that of their clients, Web-based businesses are taking out specialized insurance policies that cover any liability they may incur as a result of damage done to their business.
Given the ever-changing nature of online security, a number of industry players have initiated consensual means to ensure secure Internet business experiences and client transactions.

Center for Internet Security benchmarks serve as a security “ruler” to which managers, business partners and insurance underwriters can refer. Each increment on the CIS ruler represents a set of security-enhancing actions. By referring to this ruler, organizations can select the level of security they consider appropriate for their operations and implement the specific recommendations associated with that security level. The CIS benchmarks specify interventions that are suitable for implementation before, during and after an attack to control and limit losses. CIS benchmarks can be customized for specific industries or risk profiles.

Individual insurance providers' actuarial statistics differ widely, so the industry seeks standardization to ensure comparable levels of security for all companies that take out Internet business insurance. Premiums for traditional insurance are based on the frequency of certain risks, for every kind of event from automobile accidents to fire and floods. Full actuarial statistics for every kind of incident are available for age, gender and other criteria.

While the industry seeks to establish businesses’ security, premiums for Internet business insurance vary from one provider to another. Observers suggest that the kind of consensual benchmarking that CIS represents is linked to the standardization of Internet business insurance premiums. Industry experts point out that Internet liability insurance premium discounts for demonstrated compliance will foster adoption of consensus-based benchmark practices.