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Old 08-04-2002, 05:08 PM   #1
Aristotle
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Join Date: May 2002
Posts: 83
Exclamation Insurance for web sites

I did some browsing around and searches in these forums... and I was very surprised to find that there has been very little discussion regarding obtaining insurance for web sites.

I hate to say this to everyone... but everyone with semi-decent traffic to their web site or sites should really have some type of insurance coverage, particulary if they run popular forums.

I am finally breaking down this year and grabbing some because I've watched the law develop in this area closely over the past couple years... and it's unfortunately a must expense these days IMHO.

There's a variety of reasons as to why people should insure popular web sites. For starters, insurance can cover any loss of revenue during any unexpected downtime or hacking event or server crash, etc. Next it lets you sleep at night in case someone files some unfounded lawsuit based on defamation or any other legal concept. Granted almost all lawsuits claiming defamation will fail if the publisher is simply stating their opinion rather than publishing false information as if it's fact... but regardless, many baseless suits are filed and can't be ignored.

Anyway... why this post? Well, I just started shopping around for insurance and was curious if any of my fellow GeekVillager's have found some reasonable rates from respectable carriers.

Web site insurance should likely include the following:

1) General Liability
2) Errors/Omissions
3) Umbrella (of $1Million)

I had a long talk with my insurance agent last week.. and he's tracking me down some quotes. He informs me that the most popular 2 carriers doing web site insurance right now are Chubb and AIG.

The process involves one of their agents visiting the site, getting a feel for exposure based on content and traffic... then looking at what type of annual revenue is involved. With that, they come up with the rate.

If you sell merchandise on your site, you're likely to have a slightly higher rate I'm told... which is understandable.

I'm interested to hear if any of you have insurance... whether you've considered it, whether you have priced it, etc.

Aristotle

Last edited by Aristotle; 08-04-2002 at 05:09 PM.
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