Technology firm insurance supports a business by meeting all of its business-related insurance needs.
There are a few very important areas in which a tech firm should be insured. Given the nature of the industry, liability insurance that includes errors and omissions coverage is especially essential for technology firms, as is data breach and cyber liability insurance. Firms that house their electrical equipment on-site should also consider protecting their investment with property and equipment insurance.
Losses and lawsuits are quite common in business and settlements can be substantial. If your technology business is found to be responsible for damage or injury to a third party, you could be facing a large liability loss that exceeds the basic limits of your standard policy.
You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.
Note: Actual policies must be consulted for specific terms and conditions.
When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your technology business.
Commercial property insurance can help protect the property your business owns or leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.
Note: Actual policies must be consulted for specific terms and conditions.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.
Note: Actual policies must be consulted for specific terms and conditions.
Businesses are susceptible to many risks, such as claims due to property damage, bodily injury, personal injury, and more.
General liability insurance is an absolute necessity for your technology business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action regardless of its merit.
Note: Actual policies must be consulted for specific terms and conditions.
As a technology business, you have many exposures associated with your business vehicles, whether they are owned or leased. With a fleet of cars, trucks, vans or other types of vehicles used in the course of business, a single accident can potentially put your technology business in financial jeopardy.
Business auto insurance provides coverage for vehicles owned or leased by your technology business and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.
Note: Actual policies must be consulted for specific terms and conditions.
What would you do if a pipe leak impacted the operation of your business and prevented you from serving clients for a day or more? Or what if a hacker or cyber-criminal caused a system outage or extended downtime, leaving your business inoperable? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.
Business income insurance compensates you for lost income if your company cannot operate as normal due to disaster-related damage that is covered under your commercial property insurance policy.
Note: Actual policies must be consulted for specific terms and conditions.
Computers, phone systems, steam boilers and other equipment are susceptible to exposures not normally covered under your basic policy. While repairs are being made, you can lose valuable time and suffer diminished profits. More often than not, business interruption, extra expense and recovery costs can outweigh the damage to the equipment itself.
Systems breakdown insurance can cover more than the cost to repair or replace your equipment. It can cover lost income if you need to temporarily shut down, the extra expenses needed to continue running your business while equipment is being fixed or the losses and expenses your business may incur if normal operations are interrupted by an off-site equipment-related failure.
Note: Actual policies must be consulted for specific terms and conditions.
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers. If this information is lost, stolen, or compromised, your company is at risk. In fact, you may even be required by law to alert those impacted by the breach and to pay for any financial loss incurred.
Cyber liability coverage offers protection due to unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your business.
Note: Actual policies must be consulted for specific terms and conditions.
As a company providing emerging technology products and support, you are susceptible to unique exposures and potential lawsuits either by not doing the work correctly (errors) or not doing it at all (omissions). Lawsuits can arise claiming the error or omission harmed your client and caused them a financial loss.
Professional liability insurance protects you and your business from potentially catastrophic litigation caused by charges of professional negligence or failure to perform your professional duties. This might include errors and omissions resulting in loss of client data, software or system failure, claims of non-performance, or negligent oversell.
Note: Actual policies must be consulted for specific terms and conditions.
Lena had always been interested in technology and dreamed of owning her technology company. She worked hard, took risks, and eventually made it happen. Her company, Tech Innovators, was a success, and she was proud of everything she had accomplished.
But with success came new challenges. Lena had now considered the risks of owning a technology company when her colleague’s laptop was stolen. The laptop contained sensitive company data, and Lena knew it could have disastrous consequences if it fell into the wrong hands.
Lena realized she needed to protect her business from risks like theft, cyber-attacks, and lawsuits. That’s when she started looking into technology firm insurance.
With the help of her insurance agent, Lena was able to find a policy that fit her needs. The insurance covered theft of company property, data breaches, and liability lawsuits, giving her peace of mind knowing that her company was protected.
Not long after, Lena’s company was targeted by a hacker attempting to steal confidential information. Thanks to the cyber insurance policy she had taken out, Tech Innovators recovered quickly, and the hacker was brought to justice.
Lena was grateful for her insurance’s protection and continued to make it a priority for her company. She knew that owning a successful technology firm was challenging, but with the right insurance coverage, she felt more confident in taking on the risks that came with it.
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