Gamers Insurance
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Gamers Insurance
An increase in publicity around cyber attacks, has heightened awareness of privacy and cyber exposures. Meaning the Professional, Product and Cyber related classes of insurance are becoming part of a standard business contract.
Many gamers will be requested by investors, co-producers and/or its clients to obtain Professional, Product and Cyber related classes of insurance via contractual agreement.
The GALVANiiZE Insurance team are equipped to help guide you through this process and insure some of the biggest games to come out of Australia.
Essential Component of Risk Management
In today’s digital age, the frequency and sophistication of cyber threats are escalating. Cyber privacy network insurance has become an essential component of a comprehensive risk management strategy for both businesses and individuals.
It provides financial protection and peace of mind, allowing insured parties to navigate the complexities of the digital landscape with confidence. By covering the costs associated with cyber incidents, this insurance ensures that the insured can focus on recovery and continuity rather than being overwhelmed by financial burdens.
Gamers Insurance coverage includes
Cyber Risk Policies
Cyber Risks | Security & Privacy / Media Liability / Cyber Terror / Cyber Extortion / Network Asset Protection.
Cyber Risk protection policies provide the following key elements of cover:
- Third Party Claims – Providing the Insured with protection from third parties alleging failure to keep data secure, including claims for compensation by third parties, investigations, defence costs and fines and penalties (allowed under law) from breaching the Privacy Act.
- First Party Costs – Reimbursement for Insured for the costs they would incur to respond to a breach, including: IT Forensic Costs, Credit Monitoring Costs, Public Relations Expenses and Cyber Extortion Costs (including ransom payments to hackers).
- Business Interruption – Protection by providing reimbursement for the Insured’s loss of profits resulting from the breach, as well as any additional necessary expenses it may need to incur to continue business as usual. Some of the common events that can result in a cyber claim include:
- I.T. systems (designs & games) hacked and attacked
- Breach of privacy & security
- Lost or stolen iPads, smart pads/tablets, smart phones, PC/Mac’s or laptops/macbooks
Professional Indemnity and Public & Products Liability
Information Technology (Professional Indemnity and Public & Products Liability).
Professional Indemnity Section of Cover:
The policy is designed to protect a game developer in the event they become legally liable to pay in respect of claims for compensation for personal injury/bodily injury or property damage as a result of an occurrence in the insurance period in connection with the insured’s business description stated in the policy schedule.
Contractors are quite often engaged to provide specific services for game developers, some policies for a small premium will extend coverage under the policy to include contractors only for the services they are engaged to perform for and on behalf the Insured. Any contractor should carry their own insurances.
Claims can be very expensive to defend, these policies are extended to provide an Insured with Defence Costs too. Specific coverage requirements must be met for a game developer under this section of the policy, so having the right advisor is important, especially even more so when you are doing business with USA and Canadian companies.
Electrical and Technical Equipment
Insuring for loss (includes theft) of and/or damage to your electrical and technical equipment such as Laptops, Macbooks, PC’s, Mac’s, Surface, Phone’s, post edit suites, office contents, etc. is vital. GALVANiiZE can provide you with broadest cover available in Australia for your technical and electrical equipment. Coverage options from Premises Only, Australia Wide to Worldwide can be arranged at your request.
Both Businesses and Individuals can benefit from Cyber Security Network Insurance
Importance for Businesses
For businesses, especially those handling sensitive customer data, cyber privacy network insurance is crucial. It helps manage the financial risks associated with data breaches and cyber attacks, and it ensures compliance with privacy regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Policies typically cover:
- First-party losses: These include costs related to restoring systems and data, business interruption, and crisis management.
- Third-party liabilities: This encompasses claims from customers or partners affected by a data breach, legal defense costs, and regulatory fines.
Given the stringent data protection regulations and the potential for severe financial penalties, having robust insurance coverage is essential for mitigating these risks.
Benefits for Individuals
Individuals can also benefit significantly from cyber privacy network insurance. Personal cyber insurance policies might cover:
- Identity Theft: Costs associated with restoring identity and credit standing.
- Cyber Extortion: Expenses related to dealing with ransomware attacks.
- Online Fraud: Reimbursement for financial losses resulting from online scams and fraud.
This insurance provides peace of mind by ensuring that individuals are protected against the financial fallout from cyber incidents.
Key Benefits of Our Corporate Travel Insurance
Medical Coverage
Trip Cancellation & Interruption
Lost or Delayed Baggage
Your business. Your Cover.
Your Industry. Our Expertise.
Tailored Solutions for Your Business
At Galvaniize Insurance, we work with you to craft the right insurance solution for your business. Contact us today to learn more about our Cyber Privacy Network Insurance policies and receive a personalised quote.
