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    NEED COVERAGE, LIKE YESTERDAY?

    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.

     
    Wednesday
    Aug072013

    What the Tech?? Are You Communicating Over Your Clients? 

    Nothing is more tempting than spouting knowledge from the fountain of information you have absorbed over the years. You want to impress your prospective clients with how much you know and are capable of right? Truth is probably most of them do not understand a fraction of some of the techno terms you may be pitching... In fact they may be feel inadequate about their lack of knowledge and turned off of doing business with you.  

    No matter the service or product that you are providing, it is important to speak to the customer at their skill level or just slightly about it (which you can probably pick up on very quickly into your conversation). It will build trust and hopefully the business by providing a solution to their problem by your services in language they understand. Chances are that they came to you with questions on how you may be able to help them. It's your job to sell them on the solution that they feel they can grasp.

     

    AVOID - 

    • Acronyms that someone outside your industry may not know.
    • Too much product talk instead of solution talk.
    • Over selling your services instead of specifically addressing what the client is asking for. 

    DO -

    • Ask questions to get to know their skill level and route of problems.
    • Use visual aides instead of complicated language to explain your product or service.  
    • Use "third party stories" - examples of how you helped clients like them.

    We don't mean to criticize, we just understand since we face the same problem. Technology insurance can be extremely complicated and hard for consumers to understand at times. We want to show our knowledge off as well when it comes to insurance, but we have learned to use the examples above to communicate with our clients and prospects. Have other examples of how you communicate your complicated product or service to your clients? Please leave a comment to help others avoid looking like Q'Bert! 

     

    Monday
    Aug052013

    What is Cyber Liability Insurance?

    Often purchased as part of a Technology Professional Liability policy cyber liability insurance, also known as Network Security and Privacy coverage is designed to protect IT businesses against liability and expenses arising from the theft or loss of data. It also protects them from liability and expenses arising from a breach of data security or privacy, particularly when you are hosting client information. While your clients should carry their own cyber liability for the data and confidential information stored on their servers, IT firms are wise to protect themselves with their own third-party coverage as well.

    Cyber liability refers to an IT firm’s liability when it is responsible for the security and privacy of a client’s data stored on the IT firm’s servers. Cyber liability insurance policies typically include coverage for:

    • Denial of service attacks or inability to access websites or systems
    • Unauthorized access to, use of, or tampering with data
    • Disclosure of confidential data (invasion of privacy)
    • Loss of data or digital assets (malicious or accidental)
    • Introduction of malicious code or viruses
    • Cyber extortion or terrorism threats
    • Personal media injury (defamation, libel, or slander) from electronic content
    • Regulatory action, notification, or defense expenses
    • Crisis management and public relations expenses
    • Data or system restoration
    • Business interruption expenses

    Why Do I Need Cyber Liability Insurance?

    The costs associated with theft or misuse of client data can put you out of business: The average cost to a U.S. business for a data breach in 2009 was $6.7 million, according to the Ponemon Institute, a research center dedicated to privacy, data protection, and information security policy. Losses can include direct costs involved in investigating what happened, notifying those affected, credit monitoring, litigation, and government fines, as well as indirect costs such as lost business and damage to the company’s reputation and stock price.

    If your client accuses your IT company of causing or failing to prevent a breach of data hosted on your systems, you could be held responsible for these expenses.

    Cyber liability insurance protects IT businesses that host personally identifiable information or private data. Companies that provide software as a service, web hosting services or data storage services are at the most risk, but any IT service provider that handles private client information should consider purchasing this coverage. For example, an IT consultant who stores a client’s private employee files on a laptop temporarily is at risk for damages if that laptop should be stolen.

    Fill out one online quote request form, and get quotes from leading technology insurance carriers now.

    Tuesday
    Jul162013

    How Much Does Tech Insurance Cost?

    "How much does technology insurance cost?" is probably one of the most common questions asked of us. This is a simply question with a complicated answer. 

    The three major components of insurance for tech companies are:

    Business Owner Policy

    Depending on your product or service, a business owner policy premium can vary quite a bit. Most carriers have a minimum premium of $500 per year, but we have seen average premiums at approximately 1% of gross revenue. This will cover your General Liability and basic operational liability and property insurance needs. Please refer to our products page for details. 

    Errors & Omissions Coverage

    Like a business owner policy, errors & omissions coverage (or professional liability) will also vary depending on a number of things. This coverage tends to be more expensive since the likelihood of a loss is greater for your professional exposure than your general liability exposure. Average premiums tend to be closer to 2% of gross revenue. 

    Workers' Compensation 

    If you have staff assembling a product, rates will be higher than programmers or or clerical staff. Rates also differ from state to state. For budgeting purposes, if you have office/desk employees, you should budget a rate of 80 cents per $100 in payroll. For example if you have annual payroll of $100,000, premium should be in the $800 per year range. If you have a sales force, the rate for these employees shuld be closer to $1.50 per $100 in payroll. The rate is higher due to the travel exposure. 

    Of course there may be other necessary coverages and premiums will vary on a number of things, but this should serve a basic tool for budgeting insurance costs for your technology based business. If you would like a firm indication of the costs for your business, please contact us or request a quote

    Friday
    Jun142013

    How to protect intellectual property while traveling

    "Think of yourself always as a target," says Stewart. "And if nothing happens,

    consider it a good day."

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