Whether offering software, services, or systems, technology is big business - with even bigger risks. In addition to regular business risks (such as property damage, bodily injury, employee issues, and contract disputes), technology companies often face unique exposures owing to their clients' reliance on their products and services, as well as the personal data they collect, store, or process.
Claims can run from tens of thousands of dollars (for instance, when a new computer system corrupted an old one, resulting in a $70,000 claim) to millions (mishandling sensitive account information when processing credit cards can cost over $2M).
Insurance for technology companies needs to address the financial impact of these critical and far-reaching operational risks. And the insurance carrier should be able to evolve as quickly as the technology itself in order to anticipate future risks. Agents should look for several key features when researching IT business insurance for their clients.
Five Key Features Technology Insurance Should Provide
Whether a well-established firm or a fledgling start-up, your tech company clients will benefit from an insurance carrier like PHLY with our comprehensive coverage. You have direct access to an underwriter, and your clients can 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 this three-part coverage solution:
- The Professional Package with Tech E&O, 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.
- The Commercial Package with General Liability, Property, Auto, and Inland Marine coverage protection.
- The Umbrella Package to increase limits of the liability coverages and help pay excess claims.
Additionally, unlike many other insurers, PHLY has separate insurance agreements for both technology services and technology products. PHLY can also consider complementary products to cover Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, and Crime.
2. All Policies Are Claims-Made Policies
PHLY covers the insured for claims on active policies regardless of when the claim happened. PHLY also covers subcontractors, which is something other carriers may not offer.
These insurance options protect:
- Light assembly
- Telecommunications
- Hardware and software creation and distribution, including SaaS and Application Service Providers
- Programmers
- Consultants and government contractors
- IT Staff Augmentation
PHLY can handle your tech clients' unique and complex needs with ease. But, there's more to being a trusted partner than coverage.
3. Talk to One Underwriter - Not a Series of MGAs or MGUs - 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.
4. 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 risky situations. Tech company clients will especially appreciate:
5. Know That a Partner You Can Trust Makes All the Difference
PHLY can provide expedient, personal service and customized policies because of our industry experience. The majority of our underwriters handling these policies each have over 10 years of experience covering tech companies. Our solid depth of knowledge gives us the freedom and flexibility to change as quickly as the industry. It's why we're often able to cover start-ups when others don't.
PHLY Handles Tech Insurance with Experience and Ease
These five key reasons to consider PHLY for your tech clients' insurance needs are also backed by our A++ (Superior) Rating from AM Best Company. You can relax knowing that PHLY offers everything your client needs and wants with the financial stability to be there when needed.
To learn more about how business technology insurance can help your clients, visit our product page or contact your PHLY rep today.
