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CAN YOU AFFORD TO BE WITHOUT PROPER PROTECTION?
Technology companies get to work on the cutting edge of various industries. Your company may focus on creating brand new web-based technologies and services or it may concentrate on creating technological solutions to pollution or communication. Depending upon how it is structured, your technology company may work directly with consumers or it may work with other companies instead. Despite this, you must protect your hard work and investments by carrying the right types and amounts of business insurance coverage.
General liability insurance is a broad level of coverage that can protect your technology company as it grows and expands. This insurance helps cover you in the event that things go wrong, whether you expect them or not. Several areas of coverage include the following:
General Liability Insurance Includes:
- Premises Liability - Premises liability coverage protects your customers from harm while they’re on your business premises. This insurance protects your customers in the event that they receive bodily injuries and need to seek medical or emergency care. Your premises liability will pay those medical expenses they incur. This coverage also protects your customer’s property when it is at your company locations as well. Premises liability coverage pays for the repairs of a customer’s property that is damaged on or in your business location.
- Products Liability - Products and advertising liability protect your customers from two levels of harm. If your technology company produces products that are later found to be harmful due to defects, your products liability coverage will pay for injuries or damages your customers sustain. This part of your general liability policy also protects you from litigation and settlements that arise due to mistakes in your company advertising.
- Completed Operations - If your technology company offers services to customers, such as installing security monitoring services at a home or business location – you may be at risk for problems in the future. If you or an employee completes a contracted operation that is later found to have caused harm to the customer or his property, your completed operations coverage will pay for the repairs, suffering and related costs.
Business Owners Policy
General liability insurance is automatically included in a business owners policy (BOP). This business insurance is designed to protect your technology from losses or damages to your physical or intangible business assets, such as buildings and equipment or payroll. This coverage can be customized to meet your specific business needs. Coverage examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Carrying business auto insurance for your technology company protects you in the event there is an auto accident. If you or an employee is in an accident while driving for business purposes, this insurance coverage can pay for physical injuries as well as property damages.
Workers comp insurance is designed to protect your employees. If any employee ever becomes injured or ill as a result of performing their work duties, workers comp will pay for their medical bills and recuperation expenses.
As a contracting professional, you can be held liable for errors and omissions in service. If, for example, you or an employee makes an electrical wiring mistake that later causes a fire, your company can be held responsible. Professional liability coverage protects you from suits related to errors and omissions of this sort.