Working with technology insurance brokers can bring your business countless advantages. A technology insurance company can lower your company’s risk of costly claims, enhance your business’s customer relations, and ensure that you have ample financial support in the event of a technology-related lawsuit. Technology insurance brokers can help analyze your current risks as well as those that could arise in the future.
Learn what to look for in a technology insurance company, the benefits of having a technology insurance policy, and how an insurance policy can protect your business.
Qualities of a Technology Insurance Company
When shopping for a technology insurance company, there are numerous factors to consider. One of the most important qualities to seek in an insurance company is good customer service. When facing a lawsuit, you want to have an insurance company on your side that you can trust. Customers should be able to reach their insurance company easily and through several modes of communication, such as phone or email. The ability to get a quick response to questions or concerns is vital when response time is limited. A good technology insurance company has real humans answering the phone, not a long chain of automated recordings.
Experience is also an important quality for a technology insurance company to have. Not all insurance companies specialize in technology, meaning you may have to look a little harder to find a company that offers these specialized services. Technology insurance brokers possess a unique skill set and enhanced qualifications designed to spot potential risks and find solutions to common technology-related problems. The company that you choose should also have solid claims processing practices that help ensure that your claims are processed in a speedy and accurate manner.
Also take note of the reputation of the technology insurance company. The company you choose should be licensed, honest, and transparent. Unless the company is newly established, they should have a history of satisfied clients and should be able to show you testimonials from real people. Honest insurance companies will make adequate disclosures about the terms and conditions of their services and products. It is not good practice for any technology insurance company to hide paramount information from its customers. If you find that a company is not being completely honest with you, consider moving onto a more transparent insurance company.
Different Types of Technology Insurance Policies
A technology insurance company can help protect your company from data loss due to security breaches, software failure, data theft, phishing, and similar types of data theft and destruction. Technology insurance consists of many types of policies designed to cover a wide range of potential lawsuits. These insurance policies include general liability, commercial automobile, workers compensation, loss of income, and excess liability insurance (umbrella liability insurance). Other types of coverage include crime insurance, errors & omissions insurance, equipment breakdown insurance, directors and officers insurance, cyber liability insurance, property insurance, and EPL insurance.
Moreover, a reputable technology insurance company will carry insurance policies that can protect against costly liabilities including:
- Data Breaches. A data breach is a type of security incident that can hurt businesses in a number of ways. Data breaches are often the result of cyber incidents, such as malware, phishing, or stolen or compromised credentials.
- Embezzlement. Embezzlement is defined as the act of withholding assets for the primary purpose of conversion. This type of financial fraud can result in felony charges depending on the value of the goods that were converted.
- Property Damages. Property damage may occur when private or public property suffers destruction caused by a person who is not an owner or by a natural phenomenon. Property damage may be caused by negligence or a willful act and could potentially result in personal injury.
- Loss of Income. Loss of income can occur if a person suffers an injury that prevents them from working at their job either temporarily or permanently. Loss of income claims may cover lost wages or benefits for a set period of time or indefinitely in the case of a permanent disability.
- Lawsuits from Employees. Workplace lawsuits occur for a range of reasons, such as personal injury, harassment, discrimination, or wrongful termination. If a business is found guilty of charges, they may need to pay damages.
Learn More About Technology Insurance
Businesses involved in the technology sector must keep themselves protected from certain risks. By working with technology insurance brokers, you can help minimize these risks and help prevent the costly repercussions involved in common technology claims. From small businesses to large corporations, all sizes and kinds of businesses can benefit from obtaining technology insurance. To learn more about the benefits of working with a technology insurance company or to acquire a technology insurance policy, contact the professional technology insurance brokers at MFE Insurance today.