Information Technology & Software Services
Technology Business Insurance can be provided on our broad commercial package policy (CPP) coverage form. The CPP policy language has been carefully written to provide comprehensive insurance for owners of technology business working in software, IT, systems design, and electronic products industries including those with multiple locations. We know that our Technology Business Insurance will be an excellent policy choice for your needs. Technology businesses need coverage for the variety of property and liability exposures inherent in the mission critical applications that you develop, service, maintain and sell.
Some of the typical issues and risks you will encounter and must help solve include:
Electronic Data Liability
Phishing & Spoofing
Legacy Integration & Modernization
Technology Business Insurance for information technology contractors, software services companies, and other technologists are similar to the insurance needs and requirements of other commercial businesses. However, we understand that your business often deals with intangibles and not products you can touch or handle and these in themselves create additional issues for concern. In your Technology Business Insurance you also need to protect the interests of building owners when the building is not owned by you just in case you cause damage to facilities. We can write Technology Business Insurance single locations and those with more than one location.
Technology Business Insurance under our commercial package policy is designed for most technology businesses but some operations might require additional consideration by our underwriters. The policy we write for technology businesses will typically include the following coverage and options when selected. Basic general liability is included automatically:
Technology Business Insurance – Liability
- Bodily Injury and Property Damage, Premises Liability
- Limits available up to $2,000,000/$4,000,000
- Personal Injury and Advertising Liability Coverage
- Electronic Data Liability and E&O
- Intellectual Property Liability
- Employment Practices Liability Insurance
- Fellow Employee Coverage
- Host Liquor Liability
- Non-owned Watercraft
- Hired and Non-Owned Auto Liability
- Products and Completed Operations Liability
- Employee Benefits Liability
- Ohio Stop Gap Liability Insurance
- Cyber Insurance – Data Breach, Cyber Extortion
- Electronic Data Liability Coverage
- Technology Professional Liability
- Manufacturing E&O and Product Recall Expense
Liability insurance protects against the tort of negligence in the Technology Business Insurance policy. The tort of negligence is a breach of duty that is derived from common law principles that have evolved through decades and even centuries of recorded decisions about our relationships with one another including Technology Business Insurance clients. A duty is an obligation we owe to someone else. In essence, we owe each other the duty to protect them from the consequences of our actions and when someone is hurt or suffers harm to either body, property, or reputation. In our culture we boil down our grievances to a money damages settlement in most cases. In the case of the liability coverage provided in our Technology Business Insurance policy, we will pay for the benefit of a legal defense against the claims of injury or damage and we will also pay the amounts that become due to another because a finding of your negligence has been agreed upon. Agreements occur through legal proceedings or an agreement accomplished through the negotiations of your insurance carrier and the other people involved in the claim. This includes bodily injury and property damage as a result of events on the premises, through acts on and away from the work facilities, injuries caused by products, advertising injury, personal injuries other than bodily injury, hired and non-owned auto liability, and injury or damage caused due to computer intrusion and compromise when coverage is chosen.
Technology Business Insurance – Property
- Owned Buildings including multiple locations
- Business Personal Property used to perform your work
- Computers and Electronic Records including media
- Building Limit Automatic Increase at the Time of Loss
- Valuable Papers and Records
- Accounts Receivable Coverage
- Computer Coverage and Cyber Crime
- Outdoor Signs—Attached and Detached
- Building Ordinance and Law Coverage
- Off-Premises Coverage for Business Personal Property
- Property in Transit when properly endorsed
- Earthquake Coverage (Some carriers)
- Loss of Rents, Business Income, including Extra Expense Coverage
- Coverage For Water Back-up
- Equipment Breakdown & Electrical Disturbance
Our package policies are a combination of property and liability coverage so property coverage must be included for your technology business. At the least we must include the business personal property, stock and fixtures along with liability coverage because the Technology Business Insurance policy is a package policy that requires both liability and property coverage be included. The reason the BOP policy is cost effective is the large package credits that are built into the premium charges. The business owner policy provides a lot of coverage in a tidy package and it is flexible enough to handle several locations and variety of situations for building, business personal property, computer and cyber-crime needs, signs, coverage on or off premises, loss of business income, and break down of critical building mechanical systems that may alter your ability to operate. We also offer small to mid-sized technology businesses coverage in our Business Owner Policy Program..
Inland Marine and Special Property
(See IM Section for more Details)
Inland Marine coverage is especially designed for mobile equipment and property that leaves the insured premises/location. If you take property to a client location like a laptop and other hardware or software, the IM coverage provides great protection for this mobile property.
Technology Business Insurance – Umbrella Liability
Technology Business Insurance often includes an Umbrella liability policy as an additional limit of liability coverage because of the potential for large liability claims can occur. Think of an Umbrella policy as an extension of the underlying liability policy limits. What isn’t covered in the primary policies may also be picked up in the Umbrella policy when it is not specifically excluded. Most carriers offering an umbrella policy to cover over underlying policies they also write. It is good to know what is and isn’t covered by the Umbrella so make sure to ask.
Crime, Surety & Fidelity Bonds
- Employee Theft
- Crime Inside
- Crime Outside
- Surety & Fidelity Bonds
While you are busy operating and managing your business, your Technology Business Insurance can be on guard for the loss of money through theft, robbery or burglary, or the dishonesty of an employee. These are losses that can cripple a business and tailoring the needs for crime, surety and fidelity coverage can be done within the Business Owner Policy for technology companies but may be better handled on a separate policy.
(See business Auto Section for Details)
If you maintain your own a fleet of owned vehicles, we can usually easily solve the Technology Business Insurance problems inherent in your operations on a separate commercial auto policy that becomes a part of your coverage package. If you rely on the vehicles owned by your employees for delivery or business errands, you will need employer’s non-ownership coverage. When you operate owned autos as a part of your technology business, it is important to insure the vehicles (regardless of who owns them) with liability protection in limits similar to those you carry on premises and operations coverage. We cover non-owned auto liability with endorsements for small operations in most cases.
The business auto coverage is dealt with in general detail in the business auto section. Follow the link to this section for my information.
Professional Advice for Technology Business Insurance
Quality coverage begins with understanding your needs and the extent of your operation. Our claims and underwriter resources have over 30 years of experience in insuring and providing benefits to Software businesses. Moreover, I have 37 years of experience working with business owners and have insured hundreds of millions of dollars of property through the years along for hundreds and thousands of businesses. Technology Business Insurance is a specialty coverage product and while competitive, it wise to work with experienced companies and agents to get the best coverage and best rates. I have considerable experience working with small business owners and other retail businesses including businesses like yours. This agency represents quality carriers that have the ability to provide the coverage your business needs whether or not it is ultimately provided inside of our Business Owner Policy or our more flexible Commercial Package Policy (CPP) option. Call and ask for Terry McCarthy at (513) 779-7920, 9-5 Monday – Friday most days. We’re available to meet at most any time with an appointment in advance.