As technology continues to evolve, many business experts believe that the possibility of security breaches will also increase. With this in mind, companies across all industries need to ensure that they are taking the proper precautions to keep themselves protected.
During November's Professional Liability Underwriting Society Conference in Chicago, 105 insurance professionals were surveyed. According to the results, 58 percent say they expect to see an increase in requests for media-liability policies to mitigate social-media risk.
Christopher Cooper, an expert in the field, told Property Casualty 360 that while the exposures for small-and medium-size companies are the same as they are for large businesses, the difference lies in the support and training. Smaller firms usually do not have the resources to train employees, monitor postings and have legal advice on hand.
Additionally, 33 percent of the surveyed companies said that their primary concern is data leakage. According to Cooper, this covers the dissemination of company secrets and company information that could pose problems with Securities and Exchange Commission regulations.
Other top areas of concern for businesses were personal injury exposure, copyright or trademark infringement and a lack of explicit risk management policies. Even with all of these concerns, the VP added that "there is more technology out there for more instances to make mistakes."
Small-and medium-sized businesses that are concerned about being liable for anything from property damage to customers being injured on their premises should partner with commercial insurance specialists. These professionals will work with companies to find a comprehensive policy that not only covers their daily operations, but also accounts for unforeseen circumstances like data breaches.
Commercial property insurance will protect companies through technological changes. Regardless of an organization's size, in order to stay profitable over time, owners need to take necessary precautions to keep themselves and employees covered for a number of situations.