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PropertyDamage : Traditional cyber policies typically don’t cover physical damage caused by cyber events. GeneralLiability Insurance: to help cover claims your business caused propertydamage or bodily injury. This can be a critical gap for tech companies with significant physical assets.
Cyber liability insurance helps cover costs related to: Data breaches Ransomware attacks Notification of affected parties Legal fees and fines Why it’s critical in California : California’s strict data protection laws, like the California Consumer Privacy Act (CCPA), mean IT businesses face higher liability if customer data is compromised.
This includes damages that arise from: Fires Theft Vandalism Weather events We are also proud to offer coverages beyond propertydamage for buildings, temporary structures, and building materials. Our program also offers your clients generalliability insurance, which can help cover legal costs that can occur on work sites.
Vandalism : Intentional damage to the job site by third parties, including things like broken glass or graffiti. Propertydamage : Damages to the building that is being constructed or renovated. Equipment : Covers damages to or theft of equipment used on the job site.
This means complete property protection in the event of damages from: Extreme weather events Vandalism Theft Fire Beyond propertydamage, Distinguished also offers coverages for: Generalliability Soft costs Mold and fungus Off-site materials in transit How Much Does Builder’s Risk Cost in Michigan?
Unpredictable weather events and the rise in natural catastrophes pose significant challenges for the property insurance industry. Insureds are facing substantial property losses, leading to increased financial burdens. Social inflation and rising claim costs are top concerns for liability insurers.
But if they did, they would have highly severe consequences, including propertydamage, injury, and loss of life. They could all also have financially devastating liability consequences that standard Property and GeneralLiability policies may not cover.
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