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Running a business is hard work. Sometimes you feel like you have about a million decisions demanding your full attention, and it's easy for you to get overwhelmed. One of the decisions that every business owner must make is the question of insurance. There are hundreds of types of business insurance, each important in its own way. One form of protection you may not have considered is technology insurance. If you're not sure if it's worth paying for this service, here's a quick checklist to see if you need it.
Estimated reading time: 3 minutes
What technology have you developed?
The first box in the checklist is about what your business does. Although there are many aspects to technology insurance, one of the most common ways is to protect new technologies from theft. If your business is involved in technology development in any capacity, an insurance policy can protect you and your work from internet hackers. Whether you're developing a website or programming a new video game, technology insurance will protect your hard work against theft.
Additionally, if your business manufactures electrical components, you can purchase a technology insurance policy. While this policy protects your intellectual work from theft, it also protects you if something goes wrong and someone gets hurt. For example, if you are manufacturing a computer component and a leaking battery causes injury, Insuretech's policy will protect your business from the consequences. If your company is involved in technology development, it would be a good idea to include technology insurance in your coverage.
Do you work with high value data?
The second field in the checklist is your database contents. Tech companies aren't the only ones who need special insurance policies. If you're dealing with online data, it might be a good idea to cover your business as well. Depending on the type of data you process, your competitors and other interested parties may try to hack into your servers and steal information. Although it sounds like a scene from a spy movie, it happens all too often with big tech companies. Instead of leaving your data unprotected, you can purchase an insurance policy to protect yourself.
With that in mind, securing your IT department can help prevent potential data breaches. If all of your company's computers and servers are working properly, disclosure of confidential information will be more difficult and could harm your business. Whether you work in R&D, federal contractors, or just human resources for a large corporation, a technology insurance policy will help keep your information safe. .
Do you have financial information online?
The last checkbox is your financial statements. If your business is better, you pay digitally. All information about your employees, your bank and your business accounts is online. If the worst happens and someone outside your company gets the information, do you have a contingency plan? Technology insurance can help protect you in the event of a financial data breach. While it's impossible to predict when someone will attempt to steal data, insurtech can help your business recover and fight back.
Likewise, if your company handles payroll or HR for another company, you need to make sure your data is safe. Whether or not you manage your employees' financial information, you want to secure your servers and spreadsheets. Instead of dealing with uncontrolled data breaches, purchasing a technology insurance policy will give you peace of mind at work.
In short, technology assurance is a wise move for many companies. If your company checks one of these boxes, you can obtain the appropriate policy.
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