Ask the Accountant

Does my insurance cover me for noncompliant GDPR claims in the future? #AskTheAccountant

12/07/2018

Accountancy Expertise – here to answer your questions to help you run a successful business. 



We'll be posting frequently asked questions and answers. Can’t find the answer to a question you're looking for? Get in touch at contact@carringtonaccountancy.com one and of our expert accountants will be happy to help. #AskTheAccountant

Question: Does my InsureOnce Small Business Insurance cover me for non-compliant GDPR claims in the future? #AskTheAccountant

Expert Answer from Tom, InsureOnce:

The GDPR legislation came into effect on the 25^th May 2018 and is intended to replace the Data Protection Act 1998. Data Protection cover is provided under the Carrington Accountancy InsureOnce Business and Contractor Insurance policy, under 3 sections;

1. Third Party Cyber Liability Section: in the event that some misguided hacker gets into your data base and abuses the information held therein.
2. Public Liability Section: for negligent breaches of Data Protection Legislation on your part.
3. Commercial Legal Expenses: which indemnifies defence costs for Data Protection breaches.

This will provide cover for GDPR regulations; however, it is your responsibility to show that you have taken the necessary steps to ensure GDPR compliancy. You of course, need to have taken reasonable care to ensure you comply with Data Protection Legislation for example not leaving computers logged on and unattended, use of memory sticks etc. and understandably that you are not deliberately flouting the legislation for other motivations. It also would require that there are no circumstances or claims which you are aware of that are about to land on your desk before taking out the policy.

For more information on GDPR compliance visit https://www.eugdpr.org/

Please Note: I am not a lawyer, this article does not constitute legal advice, and it’s highly advised that you consult a lawyer who specialises in GDPR compliance for an analysis of whether the measures your organisation has taken and/or plans to take bring you into full compliance with the GDPR.

Carrington Accountancy partners with InsureOnce Small Business and Contractor Insurance to provide our clients with the most comprehensive and competitively priced cover in the market.

In addition to offering our clients highly competitive premiums we have also built in additional extras such a third party cyber security cover – for no extra cost. The policy also gives you legal expenses cover and personal accident cover as standard. For more information, contact Nicky Owen at nicky.owen@carringtongroup.co.uk.

Submit your question to one of our experts via twitter @CarringtonAcc using the hashtag #AskTheAccountant