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Technology Company Insurance

Technology Company Insurance

Let the Smith Insurance Agency Ensure that Your Insurance Protection Evolves with Your Ever Changing Technology Business.

Few industries are growing faster than the technology sector.  With this ever changing and rapidly expanding environment comes insurance protection needs that have to evolve as well.

At the Smith Insurance Agency in Rochester, NY, our job is to help you mitigate those risks by providing an insurance solution that protects your business, your employees, and your clients and vendors.  Whether your business is centered around the development and management of new products, managing IT solutions, or developing or selling software products, you have unique risks that need to be protected.  From Property and Liability endorsements, to technology Professional Liability (Errors & Omissions) coverage, to Workers Compensation, Commercial Auto Insurance, Employment Practices Liability Insurance, Cyber Liability and Data Breach coverage, it is imperative that your insurance agent understands your technology business and the specific coverage that you need.

Consider the following coverage and how small changes to a very important coverage may affect your Technology Company:

  • Professional Liability Insurance or Errors & Omissions Insurance:
    • This coverage is designed to protect your business if you are sued for negligently performing your services, causing financial loss, or for an error or omission in the service or product sold by your occupancy.  For many technology companies, the threat of a lawsuit from Errors & Omissions can be their biggest exposure and having defense costs covered by the insurance can be invaluable.
    • Even if you do have a standard Professional Liability policy, consider the following scenario: What if your internal intranet or your website is exploited and your clients or vendors are infected with malicious code. Your clients will incur costs for cleaning up their networks and will most likely try to recover those costs from you, the source of the issue. Do you know if you would have coverage?  Not if you have a standard professional liability policy that excludes damages cause by your own website.  This is because your website isn’t a professional service provided to others.  This is just one example of why it is important to have insurance built especially for technology-based businesses that includes coverage for allegations of errors arising from website activities.

This is just one of many examples of how coverage’s need to be specifically tailored to fit the needs of a technology company and how the right insurance program can fill some potentially dangerous gaps.   Coverage’s can be customized to meet your individual needs and budget, and may include many features like breach of warranties and representations coverage that are specific to technology businesses.

Your needs change over time; your business is growing, your services and products are evolving, and you may be adding to your team,  contact us today to make sure that your coverage is growing and changing as well to provide the best possible protection for your business.