When tech companies receive a local, state, or federal government contract award, they've probably waited a long time to get the news. The government's review and selection processes are quite lengthy. After examining every small detail and answering endless questions, tech companies often hear nothing but silence for quite a while before they receive an answer.
Now they're eager to get started. But before they do, tech companies should check with their agents to make sure they have the right technology insurance coverage to meet their contractual requirements and protect them from the broad range of exposures they'll face.
Why Government Contractors Need Comprehensive Technology Insurance
Government contractors need general liability insurance for the same reasons every other business does: to protect themselves from bodily injury or property damage claims resulting from the use of their products and services. But when it comes to government contractors providing IT assistance, they should have additional business protection because of the unique services they provide.
These services include:
- IT Consulting
- Programming
- Systems Integration
- Telecommunications
- Data Storage
Performing these services not only exposes IT companies to financial risk if their product fails but also to data loss and other rising threats from cyberattacks such as ransomware and data breaches. Fortunately, Philadelphia Insurance Companies (PHLY) has wide experience underwriting this sector, and we offer a three-part coverage solution. It's why we've become a top choice for government contractors' technology insurance.
Five Reasons Government Contractors Choose PHLY
Tech companies with government contracts not only benefit from PHLY's comprehensive coverage but can also take advantage of risk management services and PHLY's industry-leading experience handling and anticipating the newest exposures and coverage needs.
1. Start With Comprehensive Coverage
PHLY is one of the only leading insurance carriers offering a three-part coverage solution:
- Tech E&O with Professional Liability, Cyber, and Media Liability coverage options to address a variety of exposures, such as negligence, errors and omissions, technology services, technology products, media liability, and copyright or trademark infringement
- Commercial Package with General Liability, Property, Auto, and Inland Marine coverage protection
- Umbrella to increase limits of the liability coverages and help pay excess claims
PHLY can also offer complementary products for Directors and Officers Liability (D&O), Employment Practices Liability (EPLI), Fiduciary Liability, and Crime.
2. Talk to One Underwriter Throughout the Application Process
PHLY thinks it makes sense to have the actual underwriters answer your questions and bring their regional knowledge and industry experience to your situation. They aren't quoting using an algorithm, nor will calls and emails bounce from one person or department to the next. You get answers and action when you need them.
3. Don't Forget Risk Management Solutions
At PHLY, we offer many no- or low-cost Risk Management Services to help insureds identify, prepare for, and mitigate risk.
- Risk Management Hotline: Two free hours of legal consultation on any matter that could potentially result in a claim
- Cyber Liability Risk Management: Access to our eRiskHub cyber risk management portal with resources to help prepare, respond, and recover from data breaches and other cyber incidents
- PHLYTRAC: GPS Tracking Program for driver safety insights
4. Having a Partner You Can Trust Makes All the Difference
PHLY can provide expedient, personal service and customized policies because of our industry experience. Our underwriters only handle tech accounts and nothing else. Our solid depth of knowledge gives us the freedom and flexibility to change as quickly as the industry.
5. PHLY is Rated A++ (Superior) by AM Best Company
You can relax knowing PHLY offers admitted coverage on A++ paper for all lines. PHLY has everything these clients need and want with the financial stability to be there when needed.
To learn more about business technology insurance for government contractors, visit our product page or contact your PHLY rep today.
