Technology Insurance

man with laptop in server room

If your business is in the technology sector, then your current general liability insurance may be insufficient to cover all your needs. Along with standard insurance plans that most companies have, technology companies often require additional coverage with technology insurance. 

Tech-based businesses have unique risk exposure that other companies may not need to consider. Data security, losses due to server downtime, and software failure are all problems that can sink a company financially.

That is where technology insurance comes in. Working with Lake Region Insurance Agency, you can choose the right policy to cover all your needs. Our independent agents will walk with you through the process. Reach out today to get started. It is time to prioritize your company’s security.

What is Technology Insurance?

Technology insurance is like errors and omissions insurance for other industries. It offers you protection against the cost of lawsuits if your technology fails and impacts your customers. It primarily applies to companies that provide:

  • Hardware
  • Software
  • Data Storage
  • Servers
  • Web Design

Data breaches are what most people think of when they consider technology problems. But there are many forms of tech risks in our digital world. System failures, hacking, and service interruption can all create significant financial and legal issues for you as the business owner.

What does Technology Insurance Cover?

As amazing as technological innovations are, they still contain flaws. And they can be at the whim of human error.

Technology insurance can include protection against:

  • Liability Claims – If someone brings a lawsuit against your business due to a technology failure, the coverage will help pay for your defense. It can also include settlement payments.
  • Data Breach Damages – When a breach occurs, you need to notify everyone affected and may need to offer credit monitoring, as well. Your policy can cover these expenses.
  • Service Interruption – If there is a failure in data storage, your clients may suffer a significant interruption in their service. This plan can help cover those losses.

Benefits of Technology Insurance

Although this type of coverage is still relatively new, it is growing in importance each day. With more and more companies offering tech-based products and services, the risks increase, too. 

Having a technology insurance policy in place gives you legal and financial protection in the event of a lawsuit. In addition, it can make you look viable to investors. A sufficient plan shows that you take your work seriously and are responsible as a business owner. 

Investors are cautious in choosing who receives their money. A policy in hand makes you a more attractive option.

Protect Your Work With Lake Region Insurance Agency

The tech sector is growing tremendously, and your technology company requires adequate protection to thrive. It is essential to seek out professionals like those at Lake Region Insurance Agency for your coverage. We’ve been working with the technology businesses of Greater Minnesota for years and can make sure you have the protection you need. 

Our independence allows us to get the best technology insurance policy possible for your company. We understand how important it is to you and your business to have an insurance partner you can trust. Reach out today for a policy review and insurance quote.

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