Technology is involved in nearly everything you do. It keeps evolving at such a rapid pace that it is consistently creating new exposures and changing risks. As a technology company, whether you are a tech start-up or a large organization, you need to have the right coverage protecting your operations and assets against emerging risks such as cyber risk, privacy breach and professional liability so you can keep your focus on growing your business in this innovative environment.
Here are some of the main solutions we offer for technology and communications compagnies:
Property insurance
Whether you are renting a commercial space, operating in a building you own or working from home, commercial property insurance provides protection against loss or damage because of events such as a fire, theft, vandalism, and other perils. This coverage protects against damage to your company’s physical assets, inside and out, such as buildings, inventory, equipment, furniture, and machinery, as well as exterior fixtures like outdoor signs, fences, landscaping, and debris removal.
Business interruption coverage
This coverage applies when the commercial property is damaged due to events such as fire, water damage or other covered perils resulting in the lack of access in or to your business premises because of the damage incurred. Business interruption coverage will compensate for the loss of income and other expenses such as rents, relocation cost, employee wages and more. This policy provides insurance for the loss of income securing the fact that a temporary shutdown does not turn out to be a permanent one because of a lack of income.
Equipment breakdown
Whether you are a building owner or, a tenant in a leased building, your standard property insurance covers damages to your equipment from perils such as a fire, theft, water damage, windstorm, and others. However, property insurance policies do not cover damage from causes such as mechanical failure of equipment, electrical short circuit, explosion from a boiler or other pressure vessel, change of temperature and mechanical breakdown. Coverage for these types of losses requires specific equipment breakdown coverage.
Commercial general liability « CGL »
Commercial General Liability (CGL) is the most well-known coverage and most purchased policy issued to businesses to protect them from liability claims resulting from bodily injury and property damage arising from their operations, products or completed operations as well as advertising and personal injury (PI). Liability coverage is intended to protect your business against both legal costs and any claim payments for which you are ultimately held legally responsible.
Cyber risk and privacy breach
Cyber risk insurance will protect your businesses from losses related to cyber or privacy breaches. If your company data is compromised by hackers, your computer system holding confidential information is breached, or a paper file containing personally identifiable customer information is lost, this policy could help cover the cost of remedial actions. It could also help with the costs of legal claims, substantial notification expenses, network failure, and public relations services to get your business back on track faster. The majority of cyber policies incorporate both first party coverage for expenses your firm directly suffers as cause of the breach and third party coverage apply to claims against your firm by third parties that sustained damages as a result of your actions or failure to act.
Professional liability « E&O »
If you are a company that designs, consults, or provides advice or any other similar services to clients, you and your employees are vulnerable to making mistakes. Whether you unintentionally forget a deadline or miss an important prerequisite in a product design, or give the wrong advice, these types of errors could expose your company to costly actions from your clients. If your clients suffer a loss due to an error in your work, they may sue your company. Therefore, it is vital for your business to have professional liability coverage to protect you from costs related to these kinds of lawsuits.
