Tapping the IT Market with Technology Insurance?

By Bryan Costello
InsuranceNewsNet

It’s no secret that the U.S. information technology sector is one of the fastest growing industries we have. But if your agency isn’t taking advantage of technology companies, what are you waiting for? So many startups and new businesses are now technology based and you should be doing everything you can to tap into this valuable market. Perhaps manufacturers, plumbers and contractors carry more physical risk, but the technology sector is prone to many incidents including property damage, liability and theft.  

Here are three ways businesses can receive specialized technology insurance:

1. Management Liability: This generally covers a variety of damages which can include discrimination and harassment. Additionally, this can also protect companies from wrongful termination cases as well as employee theft and forgery.

2. Errors & Omissions: An errors and omissions insurance policy is generally the most important aspect when it comes to coverage for technology companies. This type of insurance will protect businesses from incidents such as a personal injury, copyright issues and intellectual property liability.

3. Key Person Coverage: All companies have essential employees, whether it is a founder, CEO or top salesman. Believe it or not, the value and success of companies can come under fire if a key person involved in the company unexpectedly passes away or has to permanently leave their position. Startups are especially vulnerable to key people leaving, and many startups are tech companies.

Technology businesses are currently booming in our country, so why not do everything you can to add some of these clients to your list? Traditionally, we focus on more obvious choices for commercial coverage, but tech companies also need their own form of technology insurance. Of course, they need their standard policies such as workers compensation, 401k, and health insurance. But by offering unique services that cater specifically to technology companies, you’ll see results in no time.

Bryan Costello is the CEO of Costello & Sons Insurance. As a twenty-year veteran of the insurance industry, Costello has become well known for pioneering unique technology insurance coverage. Additionally, he has been recognized as one of the top 25 Most Innovative Insurance Agents in the country.

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