No wonder, calamities and mishaps can barge in out of nowhere. And when you own a monster technology company or a small one even, the question of the solid buffer is valid and imperative to consider. So, here appears on the scene, the concept of Technology Insurance, which aims to protect you from related risks.
This insurance provision avails its services to certified IT services companies, that deal with confidential data, valuable software, hardware, systems or other vital research tools consistently. The company bears the risks of damage to these elements, and may likely be dragged into lawsuits for such instances.
As you know, lawsuits cost a king’s ransom! Also, they are so commonplace today.
Ergo, it is pragmatic to play safe and claim a comprehensive Insurance cover, to see you through the dicey situations that may arise.
Different coverages in Technology Insurance
Here are major types of coverages provided by insurance packages dealing with the technology sector. Once you walk through this, you would get clear on the requirements of your firm and hence, will be able to decide better.
- General liability coverage: This covers allegations of injury or property damage from employees or clients. It also spans forth to protect the company from slander and libel against it.
- Professional liability coverage: Highly crucial, this aspect marks coverage against E&O instances in an IT business.
- Cyber liability coverage: It shields the company from liabilities related to the infringement of data, which may either belong to the client or the company itself.
- Commercial umbrella: This promises an extra layer of coverage to the company as it surpasses the limits of the underlying insurance packages.
- Commercial property coverage: This coverage guards the property of the company which includes its systems, gears, hardware, furniture and the overall infrastructure.
- Business income insurance: This encompasses the protection against revenue losses, which renders it difficult for a company to run efficiently.
Akin to E& O coverage insurances, this product of insurance aims to safeguard the IT professionals and the enterprise against lawsuits. This may ensue in the events such as breach of secret data and information, any damage to hardware or system of the client, or income losses.
The decision must now seem simple as to decide what to go for an insurance package for a company. And, hopefully, you would get off the fence too!