The field of technology is exploding in growth, from software design to equipment development. Technology companies offer highly specialized services that impact every area of life. Along with this great privilege comes great risks, whether it be product defects, cybersecurity threats or employee healthcare mandates.
Protecting Against the Greatest Threats
The vast range of services within the technology sector prohibits comprehensive insurance from being a one-size-fits-all model. There are liability concerns with those working as directors or officers, business interruption, workers’ compensation, property damage and more. Insurance for technology companies is not only a must-have but must also be customized to the individual business. Adequate coverage is protection for the personal assets of the business directors and the general assets belonging to the company.
Securing Multiple Coverages
Technology companies often go through several phases before churning out software applications, devices or other products. At each phase, the coverage needs for the company may vary. It is wise to start with general liability and business property coverage in the early days of startup and move toward additions of cyber liability, workers’ compensations, directors and officers and product liability as your company grows. Errors and omissions is a crucial addition for the protection it affords in the event clients level claims of inadvertent mistakes, negligence or unsatisfactory work against your professional services.
Don’t leave your tech company unprotected from risks and losses. Develop an insurance strategy that addresses all key exposures.