insuranceWhat is GDPR and why insurance
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What is GDPR, and why insurance policy needed?

The General Data Protection Regulation (a.k.a. GDPR) produces one personal privacy law throughout the European Union (EU) and is rapidly ending up being a global privacy standard. GDPR determines how and when a company can gather, share, store, and delete EU citizens' private information.

This law applies to you if you provide goods or services to or gather data about an EU citizen. The law is applicable irrespective of where your company is based or charging fees from the web site. 

The law doesn't just apply to EU organizations, but all organizations globally touch EU citizens' data. As a company, you require to be honest and open regarding how you are utilizing such information. Moreover, you are required to reveal why you are gathering data and get consent before gathering any such information. Should a breach happen, you must report the infraction within 72 hours to the authority. 

The law is complex and challenging to handle. Our team is here to help you understand how to comply with GDPR and help respond to violations. 

Our partner's comprehensive cyber insurance policy will cover security failures and data breaches involving EU citizens' private information. Our insurance policy will respond by paying breach response costs, claim expenses, and any resulting damages. Similarly, Coalition's policy responds by delivering on your behalf claim expenditures and regulatory penalties from a regulative proceeding arising from a security failure or data breach, including any alleged violation of GDPR.

Effective February 1st, 2019, our insurance partner's policy offers enhanced GDPR coverage to all policies by endorsement. Besides offering protection for GDPR fines and penalties emerging from a security failure or data breach, our partner is also leading the industry by affirmatively covering claims emerging from GDPR that are not triggered by a security failure or data breach. Rather, protection arises when a GDPR claim is brought against the insured for failing to abide by GDPR and their privacy policy. Notably, the coverages deal with certain aspects of GDPR that are also deal with in an insured's privacy policy. Anything concerns prohibition or restriction regarding disclosure, sharing or selling of individual information, or the insured's policy concerning access to personal information or to amend or change personal data after the person makes a demand. 

Such protection is critical to avoid fines by EU regulators. Failure to abide by GDPR can be a very costly proposition. The penalties are assessed at 4% of a company's global revenue the whole year, or 20 million euros, (whichever higher).

Always Review Your Insurance Coverage

Over time, businesses may have an increasing need for insurance coverage as their business grows. Always take time to review your insurance and fill in gaps as the situation changes. 

As an insurance broker, we'll help small business owners to decide what is needed and the best fit for their insurance.

Cyber risk coverage

If you take online orders, store sensitive information on the computer, you need proper cybercrime protection. See this section about  cyber insurance

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