Liability insurance is essential coverage that helps protect technology companies from claims related to normal business operations, such as personal or bodily injury. Specific advantages include:
- Additional insured – primary and noncontributory (helps specify which policy applies and when), either within the policy form itself or by endorsement, if requested
- Blanket additional insureds (to extend liability coverage to multiple third parties)
- Blanket waiver of subrogation (prevents an insurer from recovering money they've paid on a claim from a negligent third party)
- Broadened property coverage for damage to personal property in your care, custody, or control.
- Electronic liability coverage against loss of software, digitized documents, customer data, etc.
Whether you or your employees travel to job sites in company vehicles, move equipment, or attend client meetings, you need commercial auto insurance. Selective’s commercial auto policy helps protect you against out-of-pocket costs for legal fees, medical bills, auto repairs, and property damage if a business vehicle is involved in an accident. Other advantages include:
- Coverage for additional insureds
- Newly formed/acquired entities (up to 180 days)
- Temporary workers included as insureds
Property insurance from Selective helps protect you if you suffer a loss to the computers, IT equipment, software, and other valuable property your technology company runs on. It may also cover structures and loss of business income following a covered loss at the covered location. Examples of contemplated risks include:
- Brands and labels
- Computer equipment and electronic data are included in the definition of business personal property
- Consequential loss to stock and selling price valuation
- Contractual penalties
- Coverage for electronic data destroyed or corrupted by a computer virus or harmful code
- Loss of business income due to a denial of service attack (DDOS)
- Equipment breakdown
- Service Interruption
- Spoilage
- Utility services – direct damage and time element
- Worldwide coverage for laptops, personal property, property in transit, and business income from dependent properties
Cyber thieves are becoming bolder and more sophisticated as businesses continue to move more of their operations online. Cyber Liability and Data Breach Response Coverage offers businesses protection from the exposures arising from a security compromise. Coverage highlights include:
- Information Security and Privacy Liability
- Privacy Breach Response Services
- Website Media Content Liability
- Regulatory Defense and Penalties (not available in NY)
- PCI Fines, Expenses, and Costs (not available in NY)
- Cyber Extortion
- First Party Data Protection
- First Party Network Business Interruption
- Fraudulent Instruction
- Electronic Crime
- Optional coverage endorsements: Consequential Reputational Loss, Telephone Fraud, and Criminal Reward