Global technology is on pace to post record revenues and growth. As the industry grows, the threat posed by liability also increases. As with any other type of business, tech companies face liability issues, but the uniqueness of the tech sector means ordinary liability protection is insufficient. Due to society’s reliance on technology companies, major lawsuits can easily lead to multi-million dollar settlements.Technology insurance is the best defense available for all sizes of businesses in this sector. To get the best technology insurance package, business owners should work closely with a technology insurance company.
What Does Technology Insurance Cover?
Technology insurance is a type of liability protection designed to defend the unique needs of businesses, small and large, in the technology sector. Insurance policies are completely customizable, so entrepreneurs only pay for the coverage they actually need.
It provides full liability protection for claims made against organizations in the technology sector. Coverage options include errors and omissions, data breach coverage, business income extension for cloud service interruption, failure to prevent unauthorized access, and additional coverage options for specific types of tech business. Additionally, technology insurance companies often allow their tech insurance policies to be bundled with general and commercial business liability components.
Who Needs Technology Insurance?
Technology insurance is an extremely flexible type of insurance. Anyone who owns and operates a tech business must have this form of insurance in order to protect themselves from liability claims. Examples of professionals who need technology insurance include web designers, computer programmers, consultants and software developers.
Why You Need To Work With A Technology Insurance Company
Working with a technology insurance company is about so much more than taking out an insurance policy. There are other benefits business owners should be aware of when taking out tech insurance.
To Take Care Of Your Entire Team
Accidents can happen anywhere. Whether in the office or at a client’s premises, cyber insurance coverage offers protection to both the business and its employees. For example, if a computer repairman visits a client’s house and they fall over a coffee table and break their leg, technology insurance will ensure the employee is covered against all costs and the business will not lose out on any income. Having this type of coverage also signals that the business cares about the health and well-being of its employees and the future of their jobs.
Covering All Your Operations
Anyone who works in technology is aware of the potential for problems which lead to outages. There is also a significant rise in cyberattacks, with 43% of all attacks aimed at small businesses.
Technology insurance protects businesses against some of the most common problems, such as software malfunctions, cyberattacks and loss of sensitive information. Anything which could lead to a loss of income is covered by technology insurance. If a named peril occurs, a business’s tech insurance policy will cover any resulting in lost income.
Protecting Your Property
Tech professionals need expensive electronic equipment in order to deliver services to their clients. The loss of this equipment through damage or theft can cause severe disruption to both small and large operations. Technology insurance companies offer full protection for the expensive electronic equipment businesses use. If something is stolen or damaged, technology insurance will offer coverage until the business is able to resume operations.
Furthermore, they can also protect businesses in the event damage is caused to a client’s property. Any damages leveled at the business, and all associated legal costs, are paid by the technology insurance policy. Property protection through a tech insurance provider can prevent a business from being leveled by an accident or other events outside of their control.
Be Able To Put All Your Insurance Needs In One Place
Technology insurance is about so much more than providing for the unique needs of organizations within the technology industry. Technology insurance companies often bundle other forms of insurance together with their tailored policies. For example, as well as errors and omissions coverage, technology insurers are able to offer standard types of insurance, such as third-party liability and commercial business coverage.
This is far more convenient for business owners as they only have to do business with a single reputable insurer. An arrangement like this can pay dividends if a major catastrophe befalls your business because they will not have to manage multiple claims with multiple insurers. Additionally, in many cases combining various types of dedicated insurance into a single super policy can sometimes lead to lower premiums.
Work With The Expert Technology Insurance Company
Technology insurance companies better understand the needs of the sector than a general insurance company. Make sure your business is covered against every risk by working with an expert technology insurance company. Get in touch with MFE Insurance to find out more about the different types of protection they can offer your organization.