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.
The United States is the largest technology market in the world, accounting for one third of the $5 trillion global information technology market. It is also a huge source of employment in the U.S., with about 377,500 job openings projected each year, according to the U.S. Bureau of Labor Statistics (BLS). Overall employment in the sector is estimated to grow "faster than the average for all occupations from 2022 to 2032," BLS said.
While financial investments in technology startups decreased in 2023 and 2022, certain startup sectors like artificial intelligence, healthcare, energy and robotics are experiencing significant and sustained investor interest.
The bottom line is this: 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, Philadelphia Insurance Companies' (PHLY's) Integrated Technology product - along with other complementary products and services - can address many of these risks with tech insurance coverage.
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 tech insurance risks we cover 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 more than 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
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 Best Practices Help Line, which provides policyholders with free consultations on workplace risks.
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 advisers, agents and brokers can leverage PHLY's underwriting expertise, comprehensive coverage, and value-added services to fill this tech insurance gap, allowing the client to focus on what matters most - their business.
Contact us today to learn how we can help your tech startup clients access our full suite of coverages and risk management services.
(For more information about technology insurance, read our blog, Five Must-Have Benefits That Should Be Part of Any Technology Insurance Plan.)