Commercial Insurance for Technology Companies and Startups in Alberta
Given the plethora of unknowns, it helps to have an insurance broker who puts a great deal of thought into creating the ideal policy for a technology company. And while we pride ourselves in offering comprehensive solutions, it helps to be open-minded and flexible as well. We’ll evaluate your coverage needs, create a technology insurance solution that’s a perfect fit for your business, and help cut down on the uncertainty.
What Is Technology Insurance?
With technology constantly advancing, insurance coverage must change and adapt to fit the change needs of technology focused businesses. Every business is different and requires a tailored plan to make sure you are covered when it comes to protecting your company’s hard and soft assets. With ransomware claims increasing rapidly in the past several years – its important to know exactly what your insurance plan covers.
Technology Insurance for Businesses and Professionals
If using a computer is key to your business’s operations – you should be discussing the different types of technology coverages available to you with one of our Rogers McLean Shaw technology insurance brokers.
Just a few of the types of businesses we work with include:
- IT consultants and IT service providers
- Software developers and engineers
- Technology Security Consultants including Penetration Testing & Ethical Hacking
- Web design and hosting
- Internets, networking and communication services
The technology sector is huge and constantly evolving – whether you are a one-man consultancy firm or a huge corporation – our insurance brokers can assess your business risks and tailor a plan to provide tech-focused coverage.
Common Types of Coverage for Technology Businesses
Like any business there are a variety of general coverages available as well as a few technologies specific ones that include:
- Cyber Liability – depending on the policy, this coverage helps your business deal with a cyberattack or data breach and can help cover some of the costs associated with that.
- Media (Multimedia) Liability – can help address risk exposures that may happen if a corporation or individual shares something that could be considered slanderous and open to legal action.
- Commercial General Liability – helps to cover property damaged and injuries suffered by visitors to your business premises and can include the legal expenses if you’re sued.
- Professional Liability – if a client who experiences financial loss due to advice or services they were provided by your business, it could result in a lawsuit. Professional liability insurance (also known as errors and omissions insurance) can help protect your company if an instance like this occurs.
- Property Insurance – protects your businesses physical assets that include equipment, tools, inventory, materials and more.
- Equipment Breakdown Insurance – since most equipment breakdowns aren’t under regular property insurance coverage, equipment breakdown insurance ensures that you will have coverage for repairs and replacement if something breaks.
- Business or Project Interruption Insurance – protects against income loss that is the direct result of destruction, loss or damage of insured property.
- Crime Coverage – this coverage isn’t usually part of a normal policy, and it protects you from crime that is related to running your business. It includes fraud, misrepresentation, theft and other crimes.
Cyber Liability for Technology Businesses
Data breaches and cyberattacks can get expensive – especially if your company holds people’s sensitive data like banking information, medical records and contact information. A breach can severely impact your company’s reputation and bottom line.
Depending on your policy, cyber liability insurance typically covers:
- Cyber extortion
- Public relations and brand reputation recovery
- Businesses interruption and/or restoration expenses
- Regulatory fines and legal expenses
- Investigation and forensic expenses
These coverages do leave a lot of room for customization so its important to talk to a broker about what is specifically covered.
What Influences the Cost of Technology Insurance in Edmonton?
There are a number of factors that can impact the cost of a technology insurance in Alberta. They are:
- Your specific industry and niche/specialization within that industry
- Your business operations, number of employees and annual revenue
- Where your business is physically located
- Mitigation devices or measures for cyber security
- Whether you hire subcontractors
- Your insurance history including any losses and claims
Depending on your company’s needs, costs will vary, but generally most technology insurance premiums start at $500.
Why Trust Rogers McLean Shaw for Your Technology Insurance Needs?
At Rogers McLean Shaw we keep up with changes in the industry and stay on top of emerging trends related to cyber security to make sure you get the risk-management assessments necessary to customize the ideal package for your business. We understand what you’re up against and can work with you to keep it simple and easy to understand and manage.
As a partner of the Rogers Insurance Group of Companies, we have access to a variety of international insurance companies to ensure we can find the best insurance carrier for your needs.