Information – especially personal and financial information – has become a highly desired commodity these days. Every business website worth its weight in microchips spends a dizzying amount of resources trying to get customers to volunteer their personal information to that company's databases. Customers and prospects are usually, and for good reason, wary of readily volunteering such information for fear of identity theft - amongst other concerns. Even businesses with no significant web presence will still have data to protect. Payment processing, medical records, shipping info, and a myriad of other precious information has been entrusted into the care of these companies. Whether it is in writing or not, there is a contract of trust between the supplier of the information and the company they've entrusted it to.
Why all the fear? Well, because the Internet and technology as we know it are constantly evolving. In many ways, it is like the Wild West of yesteryear – relatively lawless, and rife with outlaws and bandits exploiting any opportunity they can. There is an entire segment of the technology population expressly committed to undermining the security efforts of industry, for profit or simply for notoriety. IT departments everywhere are lodging counter measures daily to protect against these threats on behalf of the customers they serve. But, that's only one area of threat: What about system crashes? Or security breaches from within the company? Or inadvertent errors and omissions in the policies or procedures used by the company?
When one considers the cost of defending even one lawsuit, whether groundless or not, one can see where the need for some type of Technology Insurance coverage is absolutely essential to modern businesses - Especially to those companies dealing exclusively with proprietary information, medical records, or personal and financial data. While the loss of those resources would be a devastating blow, the greater costs of defending lawsuits, losing customer's trust, and the damage to the company's reputation could very well put them out of business.
If you have clients in the Technology industry, or with high web exposure in their business, you should check out U.S. Risk Insurance Group's Technology Insurance programs. Not only do these programs offer businesses that fall into the Telecommunications, Information Technology, Medical Technology, and Electronics Manufacturing categories broad and comprehensive coverages, but they also offer added value resources for these programs which include; Risk Management Services and Tools, Analytical/Engineering Laboratory Services, and 24hr Claims Services – because the Internet never sleeps. These programs are admitted in most available markets, and U.S. Risk Insurance Group's carriers are rated "A" or better.
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