Financial liability Insurance
Companies are increasingly at risk from exposures that originate from their use of technology. Cyber crime refers to any illegal activities using, or against, computer systems, computer networks, and the internet. Most forms of Cyber insurance either exclude or inadequately cover losses that arise from use of the Internet, e-mail or networked systems. As a result, companies that are reliant on these technologies frequently find that they have inadequate protection, but only discover the deficiency when they need to make a claim. This can come as an expensive shock. Computer crime insurance or Cyber Crime Insurance covers losses that directly result from the use of a computer, and often focus solely on the transfer of property from within the company to parties outside of the company, or vice versa. Cyber Risk insurance policy provides protection from crimes committed through the use of a computer by a company’s employees. Cyber liability insurance coverage is designed to protect IT businesses against liability and expenses arising from the theft or loss of data, as well as liability and expenses arising from a breach of data security or privacy, particularly when you are hosting client information. Cyber liability refers to an IT firm’s liability when it is responsible for the security and privacy of a client’s data stored on the IT firm’s servers.
Fidelity & Crime insurance addresses the most common threats to organizations, including losses due to employee dishonesty, credit card forgery, computer fraud and theft, and the disappearance or destruction of property.
Trusted employees, internal and external oversight, risk management controls …you may believe that your company has everything in place to prevent fraud. But when it comes to occupational fraud and abuse, no business is safe. Fraud can happen in any organization, large or small, at any time, so it is important to have the right coverage.
Professional Indemnity/ Errors and Omissions Insurance cover provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services. The policy is meant to pay for defence expenses and damages and includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage afforded by the policy.
Errors and Omissions Insurance cover provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services. The policy is meant to pay for defence expenses and damages and includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage afforded by the policy.
The D&O policy provides cover for the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment. This policy provides protection for claims brought against directors, officers and employees for actual or alleged breach of duty, neglect, misstatements or errors in their managerial capacity.
Frauds and dishonesty in contractual obligations are a part of the business world. To safeguard your interests from unscrupulous people HDFC ERGO’s Fidelity Guarantee Insurance ensures that organisations do not suffer because of a few bad apples among them.
This policy broadly covers monetary loss sustained as a result of any act of fraud or dishonesty committed by the employees in the course of performance of their duties.