It’s not easy running a tech company when you’re busy worrying about what could go wrong. The unique risks that come with the territory are often extremely costly. Fortunately, insurance for tech companies gives you peace of mind knowing that you’re protected from these potential disasters. Here are the areas that insurance covers.
System Failures
As a tech company, you might assume you’re safeguarded from system failures, but unforeseen circumstances can strike when you’re least expecting it. Power outages during storms, faulty wiring in a building, or unreliable software can damage your servers. Insurance for tech companies shields you from worst-case scenarios.
Data Breaches
Did you know that data breaches are on the rise? Legal costs for cyber theft quickly add up. Working in tech, it might be tempting to handle these issues in-house, but doing so only leaves you vulnerable to scammers and frauds. Insurance for tech companies provides coverage for all-too-common data breaches.
Broken Equipment
Equipment isn’t cheap, and all it takes is a spilled cup of coffee to ruin an entire computer. Nobody is perfect, so you need to plan for accidents.
Even beyond human error, equipment will get damaged. Imagine leaving work on Friday night, and a severe storm happens over the weekend. When you come back on Monday, you notice a water leak in the ceiling has ruined multiple expensive machines. Insurance for tech companies is crucial to avoid the cost of new equipment during these unforeseen circumstances.
Client Liabilities
Nothing is more important than keeping your customers happy as a business owner, but any of the issues we’ve mentioned will affect your clients as well. If they feel like they’ve missed out on revenue because of an error on your end, you’ll soon find yourself in hot water. Insurance for tech companies will help you cover the cost if third-party financial losses occur.
Securing Your Future
At CTG Insurance, we love seeing our clients thrive. That’s why we provide industry-leading solutions to protect you from costly risks while securing your budget. Contact us today to find a personalized plan that meets your needs.
About the Author: Anton Thornquist
