Technology Insurance – Technology Specifications

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 Technology  Insurance for the tech industry usually includes the areas of component manufacturer, software products and services, research and development in new and emerging  technologies , hardware components and manufacturing, and IT consultants which would include IT contractors and tech consulting.

Three broad categories for  technology  insurance:

Liability

  •  technology  professional liability insurance
  •  technology  liability insurance
  • non-owned and hired auto insurance
  • Contents

  • your business contents
  • personal contents of others
  • contents in your care custody or control
  • monies and securities
  • Accounts Receivables and payables
  • Loss of income

  • workers compensation insurance
  • loss of income and receipts
  • disability insurance
  • long-term care insurance
  • life insurance
  • accident insurance
  • medical insurance
  • These are just a few of the broadest categories that can be used in designing a  technology  insurance portfolio.

    It is quite common to see just the first category, liability, as the foundational specifications required by your vendors and or clients. There tends to be more IT consultants then there are  technology  hardware and software companies. Thus, the first category of liability with a subset of  technology  professional liability insurance,  technology  liability insurance, and non-owned and hired auto insurance are usually the main coverages that are requested.

    For a typical one-person operation that is only purchasing the three coverages into liability category your looking at approximately less than $2000 per year in annual premiums for all three policies combined. You can make monthly payments if you so desire. As with any other major business expense, it pays to shop for the best price, but also make sure you are dealing with a seasoned broker with experience in the  technology  industry.

    Source by R. Glenn Matsen

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