Tech Speak – Learn The Lingo Of Technology Insurance

Posted on July 24, 2018 by

Every company needs to have some form of it insurance as part of the risk management plan. Even businesses that require comprehensive Technology insurance policy aren’t confined to those working especially with the design, production, or functioning of company or customer technology. Virtually every company uses technology on some degree, and thus is vulnerable to “Cyber Risk”. It’s very important to be aware that “Cyber Risk” isn’t insured under your General Liability Insurance Coverage. (G.L.I. is for bodily injury or property damage to other people.) Since a lot of technologies entails “intangibles” such as information, layouts, etc., you need Professional Liability Coverage to pay for those risks. Technology Insurance is essentially Professional Liability Insurance that is customized for Tech businesses. To be able to have a clearer idea of the cyber threat can influence your company refer to the frequent tech insurance conditions under.

Due to the rapidly changing area of technologies and engineering itself, insurance definitions and terms may differ from carrier to carrier. Always consult with a knowledgeable technology insurance broker before buying any tech insurance policies.

GENERAL TERMS:

Cyber Risk – Umbrella term for a variety of cases of potential loss faced by any company using technologies.

Cyber Liability Coverage – policy for liability and expenses for your company Due to a cyber threat loss

Electronic Data Processing Property Coverage – blanket term generally referring to digital information, edp equipment, mobile communication land, and communication land. It’s essential to get this policy and also to be clear about what this policy does and doesn’t imply to your personal carrier.

Intellectual Property Coverage – policy for intellectual property or patent infringements including copyright, trademark, or patent violations. This policy is generally available in two components, 1 part at the case where you’re accountable for intellectual property infringement and a single part at the case where somebody has violated your intellectual property rights.