If you own a business in the technology industry, you should consider technology insurance New York a must. All too often business owners invest in a general liability protection policy and think that they have enough coverage. While general liability insurance is a must, this type of standard commercial liability plan specifically excludes exposures you will come into contact with on a daily basis. If you want a plan designed to protect you industry-related claims you will need to contact a commercial insurance agent for technology insurance quotes. Understand the difference between general liability protection and speciality plans and protect your personal and business assets.
What is General Liability Insurance?
General liability protection is a commercial coverage that covers claims that may arise when your business is negligent for injuries or property damage. General liability will extend to the cover all team members employed with the business. If a client or third party person claims your business or your employees are responsible for their injuries or damage to their property they can sue you. Your general liability insurer will pay for legal defense as well as claims settlements up to the limit on the policy. While this coverage is a must, it does have several exclusions that may affect you if you purchase this as your only form of liability protection.
Errors and Omissions Technology Insurance
One of the most important types of speciality liability insurance plans is errors and omissions. Errors and omissions technology insurance New York protects your company from claims if your client claims you are responsible for making mistakes that cost them money. Some of the most typical errors and omissions claims reported are because of programming errors, software performance, and failure to perform as promised by a contract. Professional mistakes are not covered by a general liability protection policy. When you carry errors and omissions technology insurance and you face a claim, your insurance company will investigate the claim and will pay for legal defense.
Information Risk and Media Liability Insurance
In today's technology advanced society, you face invasion of privacy claims on a daily basis. This type of insurance will protect you against claims involving gathering personal data and communication. This speciality coverage will also provide protection for copyright and trademark infringement claims. You may want to look into adding an advertising injury endorsement to your policy if you want a broader form of defamation coverage.
Business owners in all industries should research their options concerning insurance. Businesses in the technology industry face unique exposures everyday. If you want to protect your business and your reputation in the industry, invest in speciality technology insurance New York. Once you build a comprehensive commercial insurance portfolio you can operate at your optimum potential with peace of mind and protection.
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