You may have heard of identity theft and "cyberliability" and recognize that they are areas of concern for your clients -- especially those that are web-based or technology-dependent.
These third party exposures are not the only ones facing your techie insureds. There are additional First Party exposures you will want to consider.
These exposures include many types of attacks on systems that render your insured's technology unable to perform its core functions. Your insured's business basically cannot continue in the absence of the systems, or it is seriously hampered in its performance.
Some insureds rely upon backup tapes or hot sites in case of disaster -- whether physical or technological. However, data restoration can be flawed, and hot sites are quite expensive.
A proper first party technology policy will defray extra expenses and provide business interruption coverage for claims arising from covered perils.
Learn about those perils in next week's Knowledge Knugget.
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