At PV&V, we understand the complex insurance needs of tech companies, and the wide array of insurance solutions that are available to ensure you and your company are protected.
A standard tech policy will typically contain the following types of coverage, as well as some additional extensions that are industry specific. You may enter into contracts stating that specific limits or types of insurance be carried. This kind of jargon can sometimes be confusing, and we want to ensure full transparency in the insurance process, so that you are educated about the type of insurance you need to protect your business.
Commercial General Liability: Provides coverage on an occurrence basis for bodily injury and property damage arising out of the insured's business operations. This coverage will protect you if you were to be found liable for either bodily injury or property damage to a third party caused by the products you sell or your business operations.
Professional Liability (Errors & Omissions): Provides coverage on a claims-made basis for financial loss for alleged negligent acts, inadequate work, and errors or omissions arising out of the insured’s professional services. Defense costs are typically included within the liability limits, but can be in addition to as well.
Cyber Liability: This is a fairly new coverage. Cyber can be provided on either a first party coverage (covers your own loss) or third party basis (covers you for your negligence in someone else’s loss). Cyber wordings are all very different so it is important that your broker is knowledgeable about your business’ specific cyber needs. Some of the typical types of coverage that can be found within a Cyber Liability policy are Privacy Notification Costs, Reputation Damage, Digital Asset Loss, Network Security & Privacy Breach, etc.
We can provide comprehensive solutions for a wide variety of tech operations, including but not limited to:
- I.T. Consultants
- Web Hosting
- Software Developers
- Med Tech
- Start Ups
- Digital Marketing/Web Design/Branding
- Network Support Services
- Hardware & Software resellers
- Drone Operators
We are also able to work with start ups that are pre-revenue offering minimum premiums that will allow you to satisfy contract requirements while keeping your start-up costs low.
Contact a PV&V broker today to learn about how we can help protect your business.