Technology Industry Insurance
Businesses in the tech space understand all too well how quickly technology evolves. The beginning of lengthy projects undergo continuous upgrades along the way to keep up with changing technology.
This is why it is so vital for businesses within the tech industry to continually update and upgrade technology insurance coverage – to make sure it continues to meet your needs as technology grows and new risks emerge.
In any industry, insurance is about mitigating risks. The technology industry is no different. The risks, on the other hand, are quite different from other industries. Businesses within the tech industry need to adjust their insurance strategies to meet emerging needs.
The Insurance Center of North Jersey is here to help you address your risks head-on so you can conduct business with confidence that you have the right technology insurance to meet those needs today and as technology evolves.
Tech Industries in Need of Insurance
The term “technology industry” covers a lot of ground when it comes to businesses today.
While technology is an industry in and of itself, there are also many smaller specializations within the industry. If your business is in any of these types of technology sectors, you need to make sure you pay a little extra attention to your insurance needs.
- Software as a Service (SaaS) providers
- Software companies
- Hardware companies
- Ecommerce organizations
- Consumer electronics
- Artificial intelligence
- Cloud services
- Information security
- Information technology
- Manufacturing technology
- Transportation technology
- Technology consulting businesses
- Video game companies
- Digital entertainment businesses
- Agricultural technology
- Architectural technology
- Internet of Things (IoT)
You don’t have to look far to find businesses within the technology “sphere.” Each of these businesses needs specialized insurance protection to manage risks and protect your business from your employees, accidents, and even false claims made against you.
As an independent insurance agency, The Insurance Center of North Jersey is not beholden to a single insurance provider. This means we can shop around with many different companies to see which one has the best products to meet your needs. It allows you to stay up-to-date with the latest insurance products so you can upgrade as needed.
Insurance Coverages Tech Businesses Require
The better you understand the different types of insurance for technology companies, the more prepared you are to make educated choices.
We believe in providing you with fundamental education, so you are comfortable with the insurance choices you make and the amount of risk they mitigate for your company.
Some of the insurance coverages you might be especially interested in securing for your business include:
- Technology Errors and Omissions (E&O) Insurance. Very little technology goes out without a few bugs in the programming. There are too many bits and bytes to know all the possible errors or snags along the way. Unfortunately, they can be problematic for your business if they cause problems on the client’s side. This insurance coverage helps you manage the risks of problematic software hitting the market.
- Information Security Liability Insurance. You’re responsible for keeping the information about your users private and protected from prying eyes whether you’re in the “security” sector of the tech industry or not. When things go wrong, and personal information is revealed, this insurance for IT companies is the protection your business needs to have.
- Equipment Breakdown Insurance. Computer equipment, servers, and other machinery used in your business are costly to repair and replace. This helps to take the sting out of those costs for covered instances.
- Business Owners Policy. Every business, within the technology industry and without, needs this essential protection that offers building coverage, business property coverage, business interruption insurance, and general liability protection.
- Workers Compensation Insurance. If you have employees, most states require that you provide this invaluable insurance protection to those employees.
- Product Liability Insurance. Whether you’re selling software, hardware, or something else altogether, you need liability protection for the products you sell.
- Umbrella and Excess Liability Insurance. All liability products have a dollar limit for protection. Umbrella and excess liability coverage kicks in once those limits are exhausted to provide protection above and beyond those limits.
- Business Auto Insurance. If you or your employees operate on-the-go, chances are you will need business auto insurance, especially if they are driving company vehicles. If they are driving their personal vehicles for company business, you may need “unowned vehicle liability insurance.” We’ll work with you to determine which policy serves your needs best or if your business may require both.
Even when you are first launching your business, you’ll need tech startup insurance.
Why Trust the Insurance Center of North Jersey?
The Insurance Center of North Jersey understands Jersey residents and Jersey businesses. We’ve been serving your needs for more than 90 years.
More than that, we know insurance and take our role in helping you get the proper protection seriously.