All industries come with a set of risks that need offsetting with proper insurance coverage. In the world of tech, there are countless variables and considerable room for error or cyber-attacks, which is why having insurance for your business is essential. From the small and obscure to the large-scale risks, here are the seven insurance policies that will help save your business.
Errors and Omissions
As a professional business leader, you will have hired experts and created a solid employee handbook dictating the proper code of conduct. However, accidents do happen, which is why you need technology e&o insurance (errors and emissions). This type of insurance helps protect your business if you’re accused of negligence or erroneous work, resulting in a client’s loss of data. To find out more about technology e&o insurance, follow the link.
The majority of states require all businesses to have workers’ compensation, whether you’re in the tech industry or not. This type of insurance safeguards your employees if they’re injured at work. Further, if they face medical bills or illness caused during work, this coverage acts like a financial safety net.
Network Security Liability
The nature of technology means cybercriminals are always looking for new ways to breach systems and access data. Network security liability is designed to protect your business when you suffer losses because of unauthorized data access. This type of cover has plenty of scope including denial of service attacks, unauthorized transactions, data theft, and much more.
Technology businesses have a lot of expensive equipment on site, which can be stolen, catch fire, or physically damaged in any way. Replacing the technology will be expensive and can spell the end for small businesses. This is where commercial property insurance comes in to save the day. Essentially, this cover is like home insurance for business possessions.
Business Car Insurance
If you have any vehicles as part of your fleet – perhaps you do callouts or deliver goods to customers – you will need business car insurance. As you may have guessed, this covers your vehicles if they’re involved in collisions or get stolen. Unfortunately, your regular car insurance won’t suffice because many insurers won’t cover damage sustained while completing work.
Professional liability coverage is similar to e&o insurance, but it broadens the cover by including cyber liability and software infringement. You may think you’re never going to copy anyone else’s work, but with so many existing digital tools, anyone can accidentally infringe on someone else’s work.
Commercial Umbrella Insurance
Even if you’ve got all the covers outlined above, you will only be paid up to a certain amount. If the value of your property and business exceeds this cap, you can benefit from commercial umbrella insurance, which will boost the coverage limit of commercial, employer’s, and auto insurance.
Technology is a lucrative industry to operate under, but it comes with high risk. Therefore, you need extensive coverage to protect your assets and help your business continue.