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    Whether you just closed a huge new account or if you are moving into that sweet new office; chances are you need proof of insurance - and you need it fast!

    Here @ Insurance4Technology, we utilize the best insurance tech available to turn around customized quotes catered to your exact needs in hours, not days.


    Is Your Business Being Held Ransom?

    Picture this... It's Monday morning and your staff are getting settled into a very busy work day. Next thing you know your screens goes blank and you get a pop up message telling you that your server has been locked and you need to pay a ransom in order to free your system. They ask for a $5,000 untraceable payment to be sent immediately. What do you do?

    Unfortunately, this is not an uncommon occurrence. Hackers are getting smarter, faster and better at ways to incapacitate and essentially terrorize businesses big and small. Your first response might be to just pay them and fix the access point afterward. Everything we hear and read on this subject indicates that negotiating with hackers is the worst thing you can do. 

    Here are steps you might want to take if this situation arises:

    1. Remain calm... Try not to worry or involve staff until you fix the problem. Having more people involved only compounds the anxiety and stress level. There is always plenty of work that can be done without their computers. Have someone on your team keep staff calm and busy until the crisis is over. 
    2. SHUT DOWN! Try to shut down to prevent loss of any sensitive data. This may or may not be an option, but sometimes shutting down is the first and best step. The damage that can be caused from the loss of data to hackers is far worse than the damage that can be causes from a hard shut down. 
    3. Contact your IT team. Chances are that they have seen hacking like what you are experiencing and can help resolve it or bring in experts that can. You may need to have a deeper conversation with them later on why you were not protected... You may need to spend a bit in either extra man hours or specialty services to regain control of your system, but it beats giving in or negotiating with hackers. 
    4. BACK UP! Many times you can reboot using a back up of your system before the hackers gained access. You may lose a day or so of work, but it might be your most affordable and fastest solution. Check with your IT specialist to see if using a back up is a possibility coupled with up to date anti-virus/security software.  

    Hopefully by this time you have resolved your problem and are back in business. Being held digitally hostage is almost as frightening as the real thing for business owners. Your hold enterprise and livelihood can come to an immediate stop. Take steps now by making sure you have the best technology on your side to prevent any hacker from ever getting access to your system. 

    Cyber Liability Insurance policies typically have extortion coverage and loss of business income coverage due to a ransom situation as outlines above. Every business should consider if Cyber Liability is worth investing in to protect their business. Even with up-to-date software, hackers are coming up with new ways to get access. If you have any questions about this subject or are interested in a quotation, please contact us


    Insurance Coverage that Technology Startups Should Consider

    Most new businesses start with little to no capital. Technology companies are no exception. Even though new technology companies operate within razor thin margins at times there are important insurance coverages that should be seriously considered to ensure their continuation and future success.

    Here are the policies you may want to consider:

    Technology Errors & Omissions (Tech E&O) – Insurance for failures in your technology service that could cause customers damages. Tech E&O is quite possibly your most important coverage because most everything you do would be considered a professional service and is excluded from General Liability.

    •Data Breach/Privacy Coverage – In case you lose sensitive employee or customer data, this policy pays to notify, monitor credit, and anything else you need to do in case of a breach. We wrote another entry just on this here.

    •Media Coverage – If you are doing any kind of software/media/social networking. Some of these coverages are added automatically to the Personal & Advertising injury section of the General Liability policy, but are explicitly excluded for companies with a media focus. Examples of these exposures include libel, slander, unintentional copyright violations, etc.

    •International Coverage – If you have operations outside the coverage area (US, US Territories, and Canada)

    •General Liability Coverage – This is your most basic insurance that most contracts will require: covers basic trip and fall. You can also add supplementary auto coverage for rented and non-owned (including employee) vehicles. If you have company vehicles, you should consider purchasing a Business Auto Policy.

    •Property – Cover your computers, servers, tenant improvements. In addition, business income is added to this policy; look for coverage including business income for Denial Of Service attacks, etc.

    •Directors & Officers – Insurance if you have investors or stakeholders. Directors and Officers can be held personally liable for decisions of the company, so this coverage can be crucial in securing high profile board members.

    •Disability – Insurance for the owners if they are in an accident and no longer able to work.

    •Key Man Life – Insurance policy in case something happens to your partner. Both partners buy life insurance policies on each other, so they can buy out the partner’s share. This way you avoid becoming partners with that person’s significant other.

    •Health Insurance – Great way to keep your employees on board and attract great talent.

    •Workers’ Compensation – Mandated by California and most state laws even if you just have one part time employee. Good news is that rates for most technology workers are very inexpensive. Computer programming is the lowered filed rate in California. We currently see rates around 20 cents per $100 in payroll. 

    •Employee Practices Liability – Protect yourself from employment related lawsuits: wage & hour, wrongful termination, discrimination, harassment, failure to promote, etc.

    Some of these policies are offered in packages, while others are sold separately. Most large companies that you will contract with will require you to have General Liability, Technology E&O, Workers’ Compensation, and Business Auto.

    Feel free to contact us to see which coverages would be a best protect your business.


    Do Yourself A Favor, Fire Yourself!

    If you are a small business owner and entrepreneur you probably wear way too many hats. This is necessary during the infancy stages of your start-up, but unhealthy for you and your business as you grow. As the brainchild of your service or product, you are probably not the best person to handle HR, accounting or even janitorial issues. Your time is much too valuable to take away from the primary purpose of your business. I'm not discounting the importance of operational roles in most businesses, in fact most are very important and very specialized. You need to fire yourself if you're in growth mode and hire professionals so they can do what they do best and you can do what you do best. 

    Most successful entrepreneurs realize their own limitations and understand that they need help. Even Henry Ford admitted to not having all the answers, but being able to contact the right people to get the right answers. Sometimes the best thing you can do for your own sanity and for the success of your business is to let go and let others take control where appropriate.

    As a startup you can wear your "multi-hats" with honor and brag about all you do. Once you reach capacity and hopefully profitability, you will just look foolish doing everything. Most entrepreneurs have control issues because they want everything done to perfection or at least their opinion of perfection. However, the best entrepreneurs know they are not perfect and that someone else can probably do a specific job for which they were schooled and trained for better than themselves. Delegation is key to the continuation of your business. Focus on your passion of growing your dream and fire yourself from the positions you should not hang on to. 


    Why You Should Not Rely On Your Homeowners Insurance

    Helping small technology businesses often means helping home based businesses. When you have little or no employees, why spend a fortune on office space when your job probably allows you to work from home? Working from home is great; we encourage it! However, we are often met with objections to covering business contents because these home based business owners and consultants think their homeowners policy covers them for their business contents. 

    Most common homeowner policies have a limitation on business owned contents of $2,000. If you have a new laptop loaded with software and a decent home office with desks, chairs, printers, etc. that were purchased with company money, you will not have enough coverage in case of a loss. Also, if you are traveling there might be limitations or no coverage for your laptop. 

    Most Business Owner Policies (BOPs) will cover business contents for a very nominal charge. A one person operation can likely purchase a BOP for about $500 per year vs. just buying liability for $425 per year. $75 seems like a very small price to pay to avoid any gaps between your homeowners policy and your Business Owner Policy. Also, most small BOPs carry a low deductible of $250 or $500 per year and most homeowners policies will have a $1,000 deductible. 

    You can get an instant quote from us and our trusted insurance carriers that can include your business contents for your home based business. Think seriously about protecting your contents and contact us if you have any questions about properly protecting your business in general. 


    10 Things Kids Think About Technology

    I'm constantly amazed by the human ability of adaptation. A perfect example of this is how quickly children are able to learn the technology in their surroundings. I have two children ages nine and five. They both are already familiar with iPhones, iPads, laptops, gaming, etc... My seven year old son is already better versed in iPhone and remote control navigation than my wife (sorry Honey, it's true). I didn't give him much tutorial or have him read instruction manuals, he just seems to naturally know what to do. Part of this is the fact that devices are becoming much more intuitive, but evolution must be playing a role in this advancement. Here are some examples of things kids think about technology (my kids anyway):

    1. Everything they need to know they can learn on YouTube (good or bad).
    2. The layout of keyboards make no sense to them. 
    3. Everything with a screen should be navigable with their fingers, clean or dirty.
    4. They should be able to be pause any show no matter what or where they're watching. 
    5. Siri is really not that smart. 
    6. They think cars can understand whatever they say or ask it to do. 
    7. They never think to grab a book for an answer, just Google it.  
    8. If they want to hear a song, it should be instantly availalbe to them. They never used a tape cassette or CD. 
    9. If they want to see how they look they ask for the phone to reverse the camera, they don't go to the the mirror. 
    10. They think evertyone is on Facetime and when handed the phone, they don't know why they don't see Grandma. 

    Looking back, I guess I did know more about technology than my parents. I was the only one who could stop the VCR from blinking and knew just the right amount of breath pressure necessary to clean a 8-bit NES cartridge. I'm not sure how much more technology can really advance, but I imagine that one day my kids will say "Remember when we used to have to type what we were thinking?" Kids will decide the future of technology. It's their thoughts now about what they need technology to do for them that will guide where we are headed with advancement.  

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