Do I need to take cyber insurance policy for working from home?

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I am a 26-year-old professional currently working from home. My job involves handling data. Though my company’s website has a firewall, do I still require personal cyber insurance. If yes, what will it cover?

—Name withheld on request

 

If you transact digitally on a regular basis, it is strongly recommended that you opt for a personal cyber insurance policy. This policy offers comprehensive coverage not only for yourself but also your immediate family members for a variety of risks and exposures. It is also extremely flexible in the sense that you can pick and choose the covers you desire depending on your requirements and budget. Among the perils covered are: theft of funds, identity theft, data restoration/malware decontamination, cyber bullying, cyber stalking and loss of reputation, cyber extortion, online shopping, social media and media liability, smart home cover, liability for intentional misbehaviour of underage persons, online sales, network security liability, privacy breach and data breach liability and/or by third party.

 

As a new business owner, I’m planning to buy a fire insurance for my shop. I was curious as to what one should specifically look for while selecting a reliable fire insurance coverage?

— Name withheld on request

A fire insurance policy provides protection against unforeseen damages arising out of fire and /or explosion. The type of property that can be generally insured are, buildings, stocks, equipment, machinery, and other items like furniture, fixture and fittings. Other perils included in the fire insurance policy are, earthquake, storm/flooding, landslide/subsidence, riot/strike/malicious damage, forest fire, etc. 

Fire insurance policies are usually for a one-year tenure. However, if the requirement is for a shorter period, short period policies are also available. In case the sum insured / value proposed for insurance of the shop is less than 5 crore, we provide SBIG Bharat Sookshma Udyam Suraksha and in case the sum insured is between 5 crore and 50 crore, we provide SBIG Laghu Udyam Suraksha policy. Both these policies offer standardised coverages providing adequate protection for your shop. Fire insurance plays a pivotal role in offering adequate financial protection and considering its importance, it is recommended to buy insurance by paying particular attention to factors like:

1) Choosing sum insured wisely 

2) Not to miss out important details like locations to be covered, items to be covered etc.

 3) Awareness around policy exclusions 

4) Careful comparison of available fire insurance quotes. Fire safety is always critical, stay safe and opt for fire insurance with relevant add-ons to ensure absolute protection to avoid any unwelcome situations arising from a fire accident.

Subramanyam Brahmajosyula is head – Reinsurance and Product Development at SBI General Insurance.

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