Technology is a necessary component of daily operations for most businesses, regardless of size or industry. Given the rising popularity of remote work, increased use of digital tools and ongoing dependence upon internet-related resources, companies must take the time to insure their property.
What Is Technology Insurance?
Your company is unlikely to find a one-size-fits-all technology insurance policy. Although most businesses depend on technology in some way, usage still varies across a broad spectrum. For example, the technology insurance needs of a large IT corporation are unlikely to be anything similar to those of a small retail store.
Still, in general, all companies should ensure their insurance portfolio protects their technology by including the following coverages:
- Cyber liability—If your company uses technology or stores data online, this coverage can help recoup costs arising from a cyberattack or data breach, such as recovering lost data, repairing compromised technology and investigating the incident.
- Commercial property—This coverage can protect computers, servers, smartphones and other technology used to operate your business.
- Business interruption—If your regular operations depend on technology, a malfunction can lead to missed deadlines and lost revenue. This type of coverage can provide restitution for resulting losses.
Get the Right Coverage
As you consider coverage options for your technology insurance portfolio, it’s necessary to weigh several factors. The type of technology you use, how often you use it and the potential consequences of not being able to do so must all be considered when determining your insurance needs.
Our agents are well-equipped to guide you through this process and work with you to craft policies providing suitable protection. Contact Elite Insurance Group today to get started.