The market of gaming companies is in constant development and growth, whether it is the casino and sports betting companies or whether it is the companies that develop online games which succeed in breaking the network. At the same time, we are witnessing a significant trend, during which more governments regulate the field of legal gambling and expand the possibilities for many companies in the field, and more and more players are exposed to the field of online games. According to estimates, the global gaming industry is worth more than 200 billion dollars today and is expected to continue to grow in the coming years.
Along with the possibilities and opportunities that open up to the gaming companies, one must also understand the exposures and risks that come as part of their activities, starting with cyber attacks and ransom, fraud, theft, and claims of violation of privacy or intellectual property. The risks taken by the companies and their officers and directors led more and more of them to have to arrange insurance for gaming companies, who knew how to adjust coverage for them personally, which would reduce the risks they take and allow them to maximize profits and sustain their activities in the best way.
What does insurance for gaming companies include?
Professional liability insurance – which provides expression coverage to the company and its employees, against lawsuits that will be filed against them alleging negligence in the professional services they provided.
Cyber insurance – software companies are today under constant threat of dangerous cyber attacks, which may expose and cause damage to sensitive information, systems, infrastructure and advanced software. The damage from those attacks can be double or even triple, as customers and third parties may also sue the company, for the damages they suffered from the attacks, including for the violation of privacy. The cyber insurance provides them with comprehensive protection, which includes coverage of legal and regulatory investigations, legal expenses and judgments, coverage of ransom payment, cyber incident management expenses and more.
Officers and directors insurance – The senior officials in the company have to make significant decisions every day, which may expose them to lawsuits. both from third parties and customers, and also employees of the company may want to sue the officers and directors, due to various claims in employer-employee relations, which pertain to discrimination for example. The insurance for software companies covers these claims and allows the company’s executives to conduct themselves under the best conditions.
Intellectual property insurance
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