Technology companies face a unique set of risks, from cyber attacks to intellectual property infringement. Technology company insurance can help protect your business from these and other risks.
Cyber attacks
Technology companies are prime targets for cyber attacks. Cyber insurance can help cover the costs of responding to a cyber attack, including the cost of investigating the attack, recovering lost data, and notifying affected customers and employees.
Intellectual property infringement
Technology companies often have valuable intellectual property, such as patents, trademarks, and copyrights. Intellectual property insurance can help cover the costs of defending a lawsuit alleging intellectual property infringement, as well as any damages that may be awarded.
Errors and omissions
Technology companies can be sued for errors and omissions in their products or services. Errors and omissions insurance can help cover the costs of defending against these lawsuits, as well as any damages that may be awarded.
Data breaches
If your company suffers a data breach, you may be liable to your customers for damages. Data breach insurance can help cover the costs of responding to a data breach, including the cost of notifying affected customers, providing credit monitoring services, and paying for identity theft protection.
Here are a few examples of technology company insurance claims:
- A technology company was hacked and its customer database was stolen. The company filed a cyber insurance claim to cover the costs of investigating the attack, recovering the lost data, and notifying affected customers.
- A software company was sued for copyright infringement by a competitor. The software company filed an intellectual property insurance claim to cover the costs of defending the lawsuit.
- A technology company was sued for negligence after its software caused a customer's computer system to crash. The technology company filed an errors and omissions insurance claim to cover the costs of defending the lawsuit and the damages that were awarded to the customer.
- A technology company suffered a data breach and was sued by its customers for damages. The technology company filed a data breach insurance claim to cover the costs of responding to the data breach, including the cost of notifying affected customers, providing credit monitoring services, and paying for identity theft protection.
These are just a few examples of the many ways that technology company insurance can help to protect businesses and their clients. If you are involved in the tech industry, it is important to talk to JV Hutton to make sure that you have the right cover in place.
