Claims from third parties in the event of unintentional breach of the Data Protection Act, up to €100,000 or €200,000 at your choice.
Why do you need it?
Because you might have to pay significant fines levied by the Data Protection Agency.
Real-life scenario:
Due to an oversight, your customer database is left open and a colleague at the business incubator uses it for another purpose without realising the risk; one of your customers makes a complaint to the Data Protection Agency and you may end up facing hefty fines.
What does it cover?
If you’re fined for unintentionally breaching the Data Protection Act, AXA will cover this first penalty up to €60,000
Why do you need it?
Because paying a fine like this might bring your business project to a standstill.
Real-life scenario:
Andrés was fined for failing to properly protect his customer database and had to pay a €6,000 penalty.
What does general liability cover? Claims for damage or injury to third parties occurring in the course of your business operations, such as errors or defects in the products you sell, up to €100,000 or €200,000 at your choice.
What does product liability cover? Claims for damage or injury to third parties due to a fault or defect in one of the products or services you sell. AXA will compensate you up to €100,000 or €200,000 at your choice.
What does professional liability cover?
Clients pay for the advice and services your company provides; they may take you to court or claim compensation in the event of poor advice. AXA will compensate you up to €25,000 if this happens.
Why do you need it?
Because any negligence or poor advice can cause harm to a client who may then make a claim, leaving you facing substantial compensation payments which might cripple your business.
Real-life scenario:
Maria is developing new hearing aids; due to a fault in the device, irreparable harm is caused to one of the people testing the product and she ends up having to pay €30,000 in compensation.
What does it cover?
We cover any claims made against you if you damage a third party’s software with a virus even though you have up-to-date antivirus software in place. At AXA, we’ll compensate you with up to €6,000.
Why do you need it?
Because even with the best antivirus software, there may always be something which slips through and you might damage a third party’s devices, potentially causing irreparable harm.
Real-life scenario:
Héctor has developed an app for a company that sells online. When he installed it on his client’s computers, it crashed their network, stopping them from selling online for a whole day.
