Technology Insurance in Rockville Centre, New York
In recent years, many organizations have become more dependent on technology. These advancements have proven helpful for both advancing larger projects and finetuning daily operations. However, while technological solutions may have many advantages, implementing these tools in your workplace can also create additional risks and exposures. With that in mind, your company’s insurance portfolio must adequately cover technology-related incidents.
What Is Technology Insurance?
When assembling a suitable insurance portfolio capable of protecting it from technology-related risks and exposures, your organization should first understand that technology insurance does not generally refer to a single type of coverage. It may be necessary for your business to compile a collection of policies that, when woven together, create a safety net for common incidents. As such, maintaining the following coverages may be advisable:
- Cyber liability insurance—This coverage can provide critical financial assistance in response to a data breach or other cyber security incident, including phishing attacks and malware infections. Although details may vary, a policy can generally help pay for the following:
- Notifying affected parties (e.g., customers, vendors, stakeholders)
- Investigating the incident
- Incident management services (e.g., credit monitoring, public relations)
- Noncompliance fines
- Legal costs (e.g., defense, settlements, judgments)
- Commercial property insurance—This coverage, also known as business property insurance, can help pay for losses and damages arising from incidents that affect your organization’s technology and devices. This may include the following:
- Business interruption insurance—If a covered event forces your company to pause or alter its normal operations, this coverage may insulate you from the following losses and expenses:
- Lost income
- Rent/mortgage payments
- Employee payroll
- Tax/loan payments
- Commercial umbrella insurance—This form of secondary coverage can provide additional financial aid if the liability limits of other policies, such as general liability insurance, are exhausted.
Who Needs Technology Insurance?
Generally, any organization that regularly relies on technology should implement appropriate loss control measures. By identifying coverage needs related to your workplace’s use of technology, you can help ensure that an incident involving physical property, cyber incidents and other technology-related risks and exposures does not lead to devastating out-of-pocket losses.
How Much Cyber Liability Insurance Does a Business Need?
Like most types of insurance, cyber liability coverage needs may vary significantly. Your organization should consult a qualified insurance professional to acquire and maintain an adequate policy. This process may include a thorough analysis of your company’s operations and circumstances, including consideration of the following factors:
- Existing cybersecurity controls
- Amount of data stored
- Type of data being stored (e.g., banking information, health records, social security numbers)
Get the Right Coverage
As you consider coverage options for your technology insurance portfolio, it’s necessary to weigh several factors. The type of technology you use, how often you use it and the potential consequences of not being able to do so must all be considered when determining your insurance needs.
Our agents are well-equipped to guide you through this process and work with you to craft policies providing suitable protection. Contact J.A. Faccibene & Associates, Inc. today to get started.