One of the benefits of coming to an experienced commercial insurance broker is their detailed and intricate knowledge of the industry – and how we can protect you and your business against any liability. You might be aware new Privacy Laws came into effect in 2014, meaning your company could be forced to pay civil penalties of up to $1.7 million. Our Geelong commercial insurance brokers can provide advice and strategies on how to keep your interests safe.
The Australian Privacy Principles were established under the Privacy Amendment Act to regulate how personal information is handled by businesses.
How does this affect my business?
Commercial insurance brokers can assess your business and identify where the risks are. In particular, the incidence of cyber attacks is growing and presents a constant threat to businesses.
Most businesses, no matter how small or large, store a vast amount of personal information on computers. This leaves your business vulnerable to data hacks and potential penalties if sensitive customer information is breached.
Data breaches can include lost or stolen laptops, portable storage devices and paper records, to databases being ‘hacked’ into, or your business mistakenly providing information to the wrong person.
Don’t fall into the trap of thinking it won’t happen to you – in fact, our brokers are hearing more and more stories about medium to small business owners having their data breached.
What do I need to do?
Firstly, you need to develop a strategy to protect your data. As the majority of businesses rely heavily on their IT infrastructure and systems to conduct their business, it makes sense to take steps to protect your data. The sort of things you need to consider are:
- email,
- internet connections
- websites and
- computer packages.
Secondly, you need to obtain insurance to cover your liability if your system is breached.
Our commercial insurance brokers help identify potential data risks for your business. We have relationships with leading insurance companies and industry organisations, so our brokers are in the unique position of being able to create an insurance package that suits your particular needs.
How can I protect my business?
At Roderick Insurance Brokers, we offer cyber crime policies to cover you should your IT security be breached. Cyber crime is any malicious act by an employee or third party to compromise data stored within a business. This data can include personal client information and intellectual property which can be used by competitors.
To understand your own risks and responsibilities, please contact our commercial insurance brokers in Geelong. We’ll explain everything in plain English, making it simple for you to protect your business.