Picture a tech startup and a few images may come to mind: visionary founders, disruptive technologies, and trendy workspaces. Internally, many technology businesses are operating at breakneck speed to bring their new technologies to market, but they're also playing an important role in wider economic growth, innovation, and productivity. From 2006 to 2016, technology-based startups grew 47%. They are responsible for 70% of business research and development and more than 55% of research and development jobs. And as of the end of 2019, there were over 500,000 tech firms in the U.S.
Tech companies have already transformed the way we live and work and will continue to push the world forward.
As agents and brokers, you know that your tech clients are primarily focused on their products and innovations, working around the clock to bring them to life in an increasingly competitive market. Risk management isn't often a priority, and many new businesses lack a complete understanding of their business exposures. Fortunately, PHLY's Integrated Technology product - along with other complementary products and services - can address many of these risks.
PHLY Knows Technology Companies and What They Need Protected
PHLY's underwriting appetite includes both startups and well-established tech firms representing a wide range of product and service offerings. Some of the most common risks we insure include:
- Software Programmers and IT Consultants
- Systems Integrators
- IT Staff Augmentation
- Telecommunications Consulting & Services
- Web Developers
- Government Contractors Providing IT Services
With decades of experience protecting over 120 niche industries, PHLY takes a holistic approach to underwriting business risk, and tech firms are no exception.
Knowing that today's multifaceted tech companies face a broad range of exposures and business risks, our specialist underwriters take the time to individually understand each firm's unique products, services, and business in order to offer the most comprehensive suite of customized coverage solutions possible, including:
- Technology Errors & Omissions (Tech E&O)
- Media Liability
- Network Security Liability
- Commercial Package (Property, General Liability, Auto, Inland Marine)
- Umbrella Liability
- Directors & Officers (D&O) Liability
- Employment Practices Liability (EPLI)
- Fiduciary Liability
- Crime (including Third Party Crime)
In addition to insurance coverage itself, we offer a variety of complementary risk management services, including PHLYTRAC for auto fleet monitoring and our Risk Management (RMS) Hotline, which provides policyholders with two free hours of legal consultation on any matter that could potentially result in a claim.
Protecting Your Startup Client's Future with PHLY
Like many startups, newer tech businesses are often so consumed with their product design and launch that they forget about the inherent business risks they face daily. As trusted risk advisors, agents and brokers can leverage PHLY's underwriting expertise, comprehensive coverage, and value-added services to fill this gap, allowing the client to focus on what matters most - their business.
Speak with PHLY today about how we can help your tech startup clients access our full suite of coverages and risk management services to help protect their success.
(For more information about technology insurance, read our recent blog, Five Must-Have Benefits That Should Be Part of Any Technology Insurance Plan.)
