Copeland Insurance

888-291-7593

Technology firm insurance helps you secure the future of your innovative business.

Elevate your coverage beyond the binary with technology firm insurance.

Innovation Brings Risk

Technology firms are at the forefront of innovation but face unique industry risks. From lawsuits for errors and omissions to liability exposures due to viruses, data breaches, and system outages, these challenges can disrupt your operations. Considering technology firm insurance is essential to mitigate these risks.

The Risks of Running a Tech Firm

Key insurance areas for tech firms include liability coverage to protect against industry-specific risks. Additionally, given the reliance on electrical equipment, having commercial property and equipment insurance is crucial for safeguarding your assets.

The Business Side of Technology

As a tech industry business owner, your primary focus should be on growth and innovation. Having the right coverage in place can help you navigate potential roadblocks.

Here are some key types of coverage that may be included in your technology firm insurance policy:

– Commercial Umbrella
– Cyber Liability
– Errors and Omissions Liability
– Excess Liability Coverage
– Professional Liability
– Systems Breakdown

Understanding the Insurance Needs of the Tech Industry

The insurance needs of technology firms and IT businesses are as unique as the businesses themselves. Important factors to consider when choosing a policy and coverage options include the type of tech business you operate, the scale of your business, and your location.

Keep Your Business on the Leading Edge

Stay ahead of the curve with technology firm insurance. Contact us to discuss your coverage needs and options.

Commercial Umbrella / Excess Liability

Risk Factor

Losses and lawsuits are quite common in business and settlements can be substantial. If your technology business is found to be responsible for damage or injury to a third party, you could be facing a large liability loss that exceeds the basic limits of your standard policy.

Solution

You should consider purchasing a commercial umbrella insurance policy which provides higher limits, typically between $2,000,000 and $10,000,000, and often broadened coverages. Coverage is extended over various policies, including general liability insurance, business auto, and directors and officers liability insurance.

Commercial Property

Risk Factor

When a fire, theft, or another type of disaster strikes, your commercial property and everything within it can suffer a significant loss. This can have a detrimental effect on your technology business.

Solution

Commercial property insurance can help protect the property your business owns or leases, including things like equipment, inventory, furniture, and fixtures. Whether you own your building or lease your workspace, commercial property insurance can be purchased separately or can be combined with other necessary coverage to protect your business’ physical assets.

Workers' Compensation

Risk Factor

If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.

Solution

Workers' compensation protects your employees should a job-related injury or sickness occur during the course of employment. This coverage is required by law and may vary by area, so be sure that you understand your obligations for all physical locations where your business operates in and all physical locations where you hire your employees.

Commercial General Liability

Risk Factor

Businesses are susceptible to many risks, such as claims due to property damage, bodily injury, personal injury, and more.

Solution

General liability insurance is an absolute necessity for your technology business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action regardless of its merit.

Business Auto

Risk Factor

As a technology business, you have many exposures associated with your business vehicles, whether they are owned or leased. With a fleet of cars, trucks, vans or other types of vehicles used in the course of business, a single accident can potentially put your technology business in financial jeopardy.

Solution

Business auto insurance provides coverage for vehicles owned or leased by your technology business and provides coverage for bodily injury, property damage, and other exposures, and could include comprehensive and collision coverage as well.

Business Income

Risk Factor

What would you do if a pipe leak impacted the operation of your business and prevented you from serving clients for a day or more? Or what if a hacker or cyber-criminal caused a system outage or extended downtime, leaving your business inoperable? These and other events can destroy your ability to serve clients and bring in revenue, which can have a major long-term impact on the viability of your business.

Solution

Business income insurance compensates you for lost income if your company cannot operate as normal due to disaster-related damage that is covered under your commercial property insurance policy.

Systems Breakdown / Inland Marine

Risk Factor

Computers, phone systems, steam boilers and other equipment are susceptible to exposures not normally covered under your basic policy. While repairs are being made, you can lose valuable time and suffer diminished profits. More often than not, business interruption, extra expense and recovery costs can outweigh the damage to the equipment itself.

Solution

Systems breakdown insurance can cover more than the cost to repair or replace your equipment. It can cover lost income if you need to temporarily shut down, the extra expenses needed to continue running your business while equipment is being fixed or the losses and expenses your business may incur if normal operations are interrupted by an off-site equipment-related failure.

Cyber Liability

Risk Factor

The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small businesses alike. But with these benefits also come challenges, including protection of privacy, data, and financial information of your customers. If this information is lost, stolen, or compromised, your company is at risk. In fact, you may even be required by law to alert those impacted by the breach and to pay for any financial loss incurred.

Solution

Cyber liability coverage offers protection due to unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, computer theft, extortion, or any unintentional act, mistake, error, or omission made by an employee. This coverage is quickly becoming more and more important as you embrace technology to help run your business.

Professional Liability

Risk Factor

As a company providing emerging technology products and support, you are susceptible to unique exposures and potential lawsuits either by not doing the work correctly (errors) or not doing it at all (omissions). Lawsuits can arise claiming the error or omission harmed your client and caused them a financial loss.

Solution

Professional liability insurance protects you and your business from potentially catastrophic litigation caused by charges of professional negligence or failure to perform your professional duties. This might include errors and omissions resulting in loss of client data, software or system failure, claims of non-performance, or negligent oversell.

Technology firm insurance safeguards the future of your innovative business.

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