In today’s fast-paced, technology-driven world, the way we live, work and connect has transformed, and so have our risks. As our lives become increasingly digital, the insurance industry has evolved to protect against threats and situations that didn’t exist a decade ago. From data breaches to remote working, the landscape of risk has shifted, making it essential for individuals and businesses to rethink their cover.

Here we explore how insurance needs have changed in the digital age and why it’s important to regularly review your policies to ensure you’re fully protected.

1. The Rise of Cyber Risks

One of the most significant changes brought about by the digital age is the increase in cyber-related risks. Businesses of all sizes now rely on cloud systems, online payments and digital communication tools. While these technologies offer efficiency and convenience, they also open the door to cyber attacks, ransomware, phishing scams and data breaches.

Cyber insurance has quickly become a must-have for modern organisations. It helps cover the costs of:

  • Data recovery and IT forensics
  • Legal and regulatory obligations following a breach
  • Business interruption caused by cyber incidents
  • Ransomware or fraud-related losses

Even individuals are more vulnerable than ever, with identity theft and fraud posing real threats. Personal cyber protection is now emerging as a new category.

2. Remote Work and Changing Business Models

The pandemic accelerated a shift towards remote and hybrid working models. While flexible working has become more commonplace, it has also created new exposures. Companies need to consider how home-based work impacts their insurance needs, from professional indemnity to cyber cover. Traditional business interruption insurance has also had to adapt, as risks no longer apply only to physical premises.

3. The Sharing Economy and Gig Work

The growth of the sharing economy, ride-hailing, short-term rentals, freelance marketplaces and more, has redefined what risk looks like. Whether you’re a property owner renting out a holiday home or a gig worker using your own vehicle for deliveries, you may need specialist cover that goes beyond traditional personal or business policies.

4. Digital Assets and Intellectual Property

In a world where data and ideas can be some of a company’s most valuable assets, intellectual property protection is more important than ever. Businesses now need insurance that accounts for digital assets such as proprietary software, data set and creative content.

5. More Personalised Cover Through Data

While digital innovation has introduced new risks, it has also enabled insurers to offer more personalised cover. Telematics in motor insurance, wearable devices for health policies, and AI-driven underwriting all mean insurance products can be tailored more closely to the individual.

Why Reviewing Your Insurance Matters

As the risks we face evolve, so must the protection we have in place. A policy that was sufficient five years ago may now leave significant gaps in coverage.

  • Individuals: Consider whether your home insurance covers smart devices, whether you need additional protection for identity theft, or if life and income protection policies still reflect your current needs.
  • Businesses: Review whether your commercial policies address modern risks such as cyber attacks, remote work and digital intellectual property.

How Cherry Godfrey Can Help

At Cherry Godfrey, we understand that the modern world requires modern solutions. As a trusted broker with over 30 years of experience, we work with individuals and businesses to ensure their policies keep up with changing times.

Our team can help you:

  • Identify new or emerging risks relevant to you
  • Compare the latest insurance products across multiple providers
  • Tailor cover to suit today’s digital challenges

Final Thoughts

The digital age has changed nearly every aspect of daily life, and insurance is no exception. By staying proactive and seeking expert advice, you can make sure that your cover continues to provide peace of mind in a constantly evolving world.

Talk to Cherry Godfrey today to review your insurance and ensure you’re ready for the challenges of a digital-first future.

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