The Technology Insurance policies at MFE Insurance are designed to support your business, from small start-up companies to Fortune 500 corporations. Our Technology Insurance brokers will analyze current risks, potential risks that may arise in the future, and provide viable solutions to help you and your business manage both. Technology Insurance protects companies against information and data lost due to software failure, security breaches, phishing, and other means of data theft and/or destruction. Regardless if your company has 5 clients or 5000 clients, a massive data breach can destroy a company and can result in a legal nightmare. By adding a Technology Insurance policy with MFE Insurance, you are adding a layer of protection that could potentially save you and your company a fortune in the future.
- 1 General Liability Insurance
- 2 Commercial Automobile Insurance
- 3 Workers Compensation Insurance
- 4 Excess Liability Insurance (Umbrella Liability Insurance)
- 5 Loss of Income Insurance
- 6 Crime Insurance
- 7 Directors & Officers Insurance
- 8 Equipment Breakdown Insurance
- 9 Errors & Omissions Insurance
- 10 Property Insurance
- 11 Cyber Liability Insurance
- 12 EPL Insurance
General Liability Insurance
The General Liability Insurance policies at MFE Insurance, protect you and/or your business from claims of bodily injury and property damage that may arise. General Liability Insurance covers third-party lawsuits that may occur during a claim. A “third party” can be anyone other than the insured’s employees and workers (e.g., a programmer working on your floor). With our General Liability Insurance, your business is in good hands, with our knowledge and protection from a wide range of potential liability issues.
What Does General Liability Insurance Cover?
General Liability Insurance policies cover the cost of investigating claims and defending against third-party lawsuits. The policy will pay attorney fees, court costs, witness fees, settlements, and court-ordered judgments. The General Liability Insurance policy may also cover an injured party’s immediate medical expenses and the cost of repairing or replacing their damaged property.
For example: A person walks into your building and slips on water on the floor that had been dripping from the ceiling. If they sustain bodily injuries, they may be able to sue you for medical expenses. In the event that situation arises, your business can make a claim on their General Liability policy to cover litigation costs.
Commercial Automobile Insurance
Commercial Automobile Insurance policies at MFE Insurance covers owned, hired, borrowed and or non-owned vehicles while used in your business. There are two main components to auto coverage, Liability and Physical Damage. Auto Liability is included to cover you against bodily injury and property damage done to others, while the Physical Damage (comprehensive & collision) covers you against theft and damage to the vehicle.
How Does Commercial Automobile Insurance Apply To My Business?
If any employee working for your company uses their own vehicle or a rented vehicle, you and your company are responsible for the vehicle and the people in the vehicle. You and your company are also responsible for any vehicles that are involved in an accident.
For example: One of your employees decides to take their personal vehicle to pick up lunch for the office staff. During the car ride, your employee gets into an accident and causes damage to another person’s body and car. The MFE Commercial Automobile Insurance policy covers the damages caused to both parties.
Workers Compensation Insurance
Workers Compensation Insurance is a program mandated by the state, which consists of payments (required by law) to be made to an employee who is injured or disabled in connection to their work. The business insurance consultants at MFE Insurance provide insightful knowledge about your specific industries rules and regulations. This will give you and your company a better understanding of the policy and ensure that your company is properly covered. Our number one priority is to provide your company with the right amount of coverage needed, while providing competitive rates.
What Does Workers Compensation Insurance Cover?
The Workers Compensation Insurance program coverage varies on a state by state basis, so it is best practice to speak with an MFE Technology Insurance broker for a more insightful look into your states specific coverage. No matter what the varying state coverage details are, Workers Compensation Insurance will cover the medical costs from the injury or illness, replacement income, costs to retrain, compensation for any permanent injuries, and benefits to survivors of workers who are killed at your place of business or performing work for your company.
For example: An employee is walking to their office and falls down the stairs and breaks their hip. The MFE Workers Compensation Insurance policy will cover the medical expenses and the wages the employee would have received during work hours.
Excess Liability Insurance (Umbrella Liability Insurance)
By adding an Excess Liability Insurance (Umbrella Liability Insurance) policy through MFE’s Technology Insurance, you are providing your business with protection for claims that exceed the limits of your primary liability policy. Until the limits of your primary liability have been met, the Excess Liability Insurance policy will not respond. This policy is ideal for growing businesses that run the risk of a potential large loss, with coverage limits starting at $1,000,000.
What Does Excess Liability Insurance Cover?
For example: While visiting your establishment, a large lighting fixture falls on top of a group of potential clients resulting in multiple injuries that exceed $3 million in medical payments. Your General Liability Insurance will cover the first $2 million, the Excess Liability will cover the remaining $1 million.
Loss of Income Insurance
Technology Loss of Income Insurance policies protect your business against loss of income due to a covered loss over an extended period of time. Coverage limits are written based on a percentage of sales or the actual loss sustained. Obtaining Loss of Income Insurance has the potential to cover net losses your business may accrue and may cover relocation fees in the event you move to a new location.
How Does Loss of Income Insurance Apply To My Business?
By adding a Loss of Income Insurance policy with MFE Insurance, payroll, taxes, advertisements, mortgage payments, and similar needs are covered in the event a natural disaster occurs and leaves your business temporarily inoperable. Loss of Income Insurance will also cover the fees required to reinstate your business at a temporary site, while the original location is being repaired.
Crime Insurance policies include several different types of coverage like employee dishonesty coverage (theft by employee), forgery or alteration coverage, computer fraud coverage, funds transfer fraud coverage; kidnap, money and securities coverage; and money orders and counterfeit money coverage.
How Does Crime Insurance Apply To My Business?
In the event that you have an employee that has been embezzling money from your company and skips town before it has been brought to your attention. An MFE Crime Insurance policy will provide protection for your company and it’s lost assets.
Directors & Officers Insurance
Directors & Officers Insurance, also known as D&O Insurance, is a form of liability insurance that covers the executives and the company for claims resulting from their management decisions. Should any unfortunate claim arise within your business, the addition of D&O Insurance provides valuable protection to the accused executive and your business as a whole. Examples of D&O claims include but are not limited to: breach of fiduciary duty, failure to comply with workplace laws, theft of intellectual property and misrepresentation.
How Does Directors & Officers Insurance Apply To My Business?
Say the CFO of your company is accused of theft of intellectual property. With D&O Insurance, the CFO and the company as a whole is protected. This policy also attracts and retains outside directors and officers by reducing the exposure of risks associated with your industry.
Equipment Breakdown Insurance
The Equipment Breakdown Insurance policy at MFE Insurance covers essential machinery and equipment required to run and or operate your business. By obtaining an Equipment Breakdown Insurance policy, your business will continue to run smoothly following a breakdown incident. Once the incident has been covered, it may assist your business with either repairing the broken equipment or a full replacement. Equipment Breakdown Insurance policies come with a coverage limit, therefore once your limit has been met, any additional expenses turn into out-of-pocket costs for you and your business.
What Does Equipment Breakdown Insurance Cover?
At MFE, our Equipment Breakdown Insurance will cover essential machinery and equipment needed to operate your company such as routers, server racks, computers, security systems, just to name a few. It is important to note that Equipment Breakdown Insurance does not cover machinery or equipment that has broken down due to age or improper maintenance.
Errors & Omissions Insurance
Errors & Omissions Insurance, also referred to Professional Liability or E&O Insurance, protects your business against an error or omission while rendering a professional service or delivering a product. Errors & Omissions Insurance policies are intended to cover financial losses, rather than bodily injury or property damage. E&O Insurance at MFE Insurance protects your business from situations where errors are made to a product or while conducting a service that could potentially cause liability issues.
How Does E&O Insurance Apply To My Business?
The Errors & Omissions Insurance policies at MFE Insurance protect you and your company from lawsuits of alleged libel, slander, defamation, of character or invasion of privacy. E&O Insurance also protects you and your business from lawsuits that occur due to unauthorized use of titles, formats, ideas, characters, plots, plagiarism, unfair competition or privacy, and breach of contract.
Property Insurance covers business-related property damage that has occurred at your place of business. The Property Insurance policies at MFE will assist your business in repairing or replacing the covered damaged property. Common types of property include the building or structure, contents, fixtures, improvements and betterment’s, inventory, computers and related hardware. Other beneficial property coverages included in this Technology Insurance policy include loss of income and extra expense, water backup of sewer or drain, and other beneficial enhancements.
How Does Property Insurance Apply To My Business?
In the event an employee is working in the server room and accidentally runs into the server rack, destroying all of your company’s infrastructure. Property Insurance will assist in repairing or replacing the covered damaged equipment.
Cyber Liability Insurance
The Cyber Liability Insurance policies at MFE Insurance protect your company from data theft or information mismanagement. Cyber Liability Insurance covers your company’s liability in the event there is a data breach that involves social security numbers, credit card information, customer records, employee health records, etc.
How Does Cyber Liability Insurance Apply To My Business?
When data is stolen or lost it’s nearly impossible to repair or replace this information, and the lost information could affect multiple clients or customers and can lead your company down a long road of legal battles. The Cyber Liability Insurance policies within MFE’s Technology Insurance will cover issues such as: Legal Fees for defense in court, Judgments or Settlements, Customer Notifications (letters, etc.), Credit Monitoring Services, and Public Relation damage control services.
The Employment Practices Liability Insurance (EPLI) policies at MFE Insurance are designed to protect the employer against employee discrimination claims. Common discrimination claims against employers include age, sex, race, and disability. EPL Insurance also protects employers from claims such as wrongful termination, sexual or non-sexual harassment, glass ceilings and other employment-related discrepancies. EPL policies can also include wage and hour coverage, which pays the defense costs for allegations relating to failure to pay overtime.
What Does Employment Practices Liability Insurance Cover?
Say an employee at your company files a discrimination claim against you because he or she thinks they did not receive a raise they believed they deserved due to their race. Although EPL Insurance cannot guarantee coverage for all claims against employers, your company is much more prepared with an EPLI policy in place. The Technology Insurance brokers at MFE Insurance can provide you and your company important employment law education, to better prepare you and your company, in the event of a claim.