Technology professionals face different kinds of risks. We understand the unique risks faced by technology professionals every day, and we want to make sure our clients in the technology sector fully understand the different areas of exposure and the kinds of insurance protection available. We work with our clients as active risk managers, analyzing their exposure and providing them with options and recommendations.
The seven most common insurance coverages in the technology sphere are:
- General liability insurance – This coverage forms the foundation of your protection. Most clients and vendors require a minimum of $1 million in limits.
- Professional liability and tech errors and omissions insurance – This can be added on to your general liability insurance policy, broadening your coverage to provide protection for professional services exposures. Exposures generally involve claims and losses that arise out of professional advice, consulting, custom programming and intellectual-property violations.
- Umbrella insurance – This policy is normally used to cost-effectively increase your limits on your underlying coverages. This is sometimes referred to as excess coverage.
- Workers compensation insurance – This coverage is normally obtained once you have employees on your payroll (versus having no employees or utilizing independent subcontractors).
- Non-owned/hired auto coverage – This coverage provides your company with protection from automobile claims or losses for liability that arise out of autos your company rents or does not own. If you have employees and/or independent contractors and they are using their personal vehicles on your behalf, this will protect you and your company from auto liability claims that they may be involved in.
- Contents coverage – This coverage provides protection for your equipment, contents, inventory, raw materials, and can be extended to cover the property of others. The premium for this coverage is based on the limits that you choose for your contents value.
- Crime coverage – This is a bond and is not a typical insurance contract. If you have a claim on this policy the insurance company has the right to restitution. It is similar to a bank’s right as a mortgage holder on a piece of real estate to pursue the funds it is owed in the event of a default on the loan. This policy specifically covers theft and/or employee dishonesty related to third party's property.
We help technology companies every day with their insurance and risk management needs. Contact us today to learn more about how we can help you obtain the proper coverage with quality service and competitive prices.