Starting, growing and running a tech company is exciting and complicated. It is also very rewarding to solve business or personal problems with a technology solution. In 2009, the tech sector surpassed BC's traditional resource sectors in overall contribution to provincial GDP. The tech sector has been a driver of growth for the province, growing at twice the rate of the overall provincial economy.
Invest in insuring your technology company
Staying current with technology innovations, obtaining funding for R & D, attracting the right talent, meeting the demands of a changing marketplace are the fun challenges in your business. However, with the threat of a lawsuit, cyber attack, product malfunction, employee incident we encourage you to invest in learning how to ensure you have your business interests covered by the appropriate technology insurance package.
Risk management for technology companies in British Columbia
Our technology products and services help companies drive business resiliency, reduce total cost of risk, achieve business goals and maximize growth opportunities. Working with Reliance Insurance can help you with the following:
- Intellectual Property Protection
- Loss Prevention
- Risk transfer strategies
- Managing reputation and brand reputation
Our customized Risk Management Strategy and insurance solutions keep pace with the emerging risks your business may encounter. Technology insurance coverage is focused on electronics, information technology, gaming, communications, factory automation, medical devices, clean tech or government contractors.
In addition, there are many other insurance coverages you may consider for your operation such as:
- Property insurance
- General liability
- Directors and officers,
- Errors and omissions
- Cyber and other specialty coverages
- Crime insurance
- Patent infringement
- Business interruption
Information technology insurance can include coverage for:
- Losses due to product or service financial injury (errors & omissions)
- Financial injury arising from defects, deficiencies or failure to perform pursuant to a performance contract
- Technology-related injury (intellectual property, privacy and media)
- Infringement of intellectual property
- Violation of a person’s right of privacy and publicity
- False arrest, false detention, or malicious prosecution, libel, slander and product disparagement
- Privacy remediation expense,
- Reimbursement of expenses incurred to comply with state, federal and foreign laws notifying customers of a privacy data breach
- Extended general liability
- Liability insurance, bodily injury due to defective software or information
The real risks of cyber security breaches
It is extremely unlikely your current coverage will protect you in the event of a cyber breach. Cyber Insurance can provide safeguards against losses due to hacking, sensitive data breaches, including fines, penalties, incident response and public relations expense costs, loss of digital assets, denial of service attacks, network failure, business interruption, employee sabotage, error or “data leakage,” identity theft, cyber extortion. In addition, cyber insurance can provide third party protection against damages to third parties caused by a breach of network security and privacy, employee privacy liability, and electronic media liability.
Benefits of risk management strategy for technology companies
Our risk management advisors can help address the complete list of risks tech companies may encounter making sure you have all the coverage you need to stay on track and deliver on your goals, as well as handle any worst-case scenarios.