MENUMENU
  • About Us
  • Business Insurance
        • General Liability Insurance
        • Workers' Compensation Insurance
        • Commercial Property Insurance
        • Errors & Omissions Insurance
        • Cyber Liability Insurance
        • Hired and Non-Owned Auto Liability For Small Business
        • Directors & Officers Insurance For Small Business
        • Key Person Insurance For Small Businesses
        • License Bonds For Small Businesses
        • Fidelity And Surety Bonds For Small Businesses
        • Employment Practices Liability Insurance For Small Businesses
        • Excess Liability (Umbrella) Insurance For Small Business
        • Professional Liability Insurance For Small Business
        • Media Liability Insurance For Small Businesses
        • Commercial Auto Insurance
        • VIEW ALL
  • Employee Benefits
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Short-Term Disability
        • Group Long-Term Disability
        • VIEW ALL
  • Who We Insure
  • Resources
  • Blog
Get A Quote
Log In
Get A Quote
Log In
888-242-4675
MENUMENU
  • About Us
  • Business Insurance
        • General Liability Insurance
        • Workers' Compensation Insurance
        • Commercial Property Insurance
        • Errors & Omissions Insurance
        • Cyber Liability Insurance
        • Hired and Non-Owned Auto Liability For Small Business
        • Directors & Officers Insurance For Small Business
        • Key Person Insurance For Small Businesses
        • License Bonds For Small Businesses
        • Fidelity And Surety Bonds For Small Businesses
        • Employment Practices Liability Insurance For Small Businesses
        • Excess Liability (Umbrella) Insurance For Small Business
        • Professional Liability Insurance For Small Business
        • Media Liability Insurance For Small Businesses
        • Commercial Auto Insurance
        • VIEW ALL
  • Employee Benefits
        • Group Health Insurance
        • Group Dental Insurance
        • Group Vision Insurance
        • Group Life Insurance
        • Group Short-Term Disability
        • Group Long-Term Disability
        • VIEW ALL
  • Who We Insure
  • Resources
  • Blog
  • InsureYourCompany.com
  • Blog
  • Industry News
  • A Good Technology Insurance Company Can Help Offset Tech Problems

A Good Technology Insurance Company Can Help Offset Tech Problems

Dan Levenson November 12, 2014

Industry News

Corporations nowadays cannot do without the information technology that allows them to streamline and improve their work, which is why it is important to have as many securities as possible to ensure that nothing terrible overwhelms business. An article in the Business Insurance website dated October 28, 2014, however, discloses that while many executives are aware of the dangers of cyber risks, only half actually buy insurance. The article features a survey that reveals telling details, such as:

While Executives

“If there was any doubt as to the existence of a data security epidemic, 2014 likely changed that,” according to the Zurich Insurance and Advisen survey. “This is the year that it became abundantly clear that no business, government or individual was immune to the threat of an attack.”

However, the survey found great uncertainty concerning preparedness, with only 62% of respondents being certain that their companies had a breach plan in place, which is down 10 points from last year’s survey. Moreover, the survey found that only 52% have a multidepartmental information security risk management team, down from 56% last year and 61% in 2012.

The survey also found that the percentage of companies purchasing cyber liability insurance leveled off this year, with 52% of respondents indicating that their company had purchased cyber liability insurance.

Businesses, even the smallest of them, should be more willing to protect their assets. Insurance might not prevent an actual cyber-attack from happening, but it can preserve business continuity. An accommodating technology insurance company such as InsureYourCompany.com should be able to secure hedges for a business against whatever risks the company could face in the future.

It is not enough to chart the growth of a business; owners also need to plan for the worst. Risk management arrangements can help businesses come up with contingency plans in the event of a crisis such as a cyber-attack or a network crash, but it will not save a company from having to pay for the total cost of the damage. Businesses that have high profile clients, in particular, will need a way to cover for the expensive losses they might suffer, or risk losing their clientele and even more money in the process. Tech insurance for small business owners might sound like a tall investment, but it can be a lifesaver when the need arises.

(Source: While executives more aware of cyber risks, only half buy insurance, businessinsurance.com, Oct. 28, 2014)

Need business insurance?

Get a free business insurance quote today!

Subscribe To Our Blog

  • Stay up to date with the latest insurance news and business advice from InsureYourCompany.com!

Business Insurance

  • General Liability Insurance
  • Workers’ Compensation Insurance
  • Errors & Omissions Insurance
  • Excess Liability Insurance

Employee Benefits

  • Group Health Insurance
  • Group Dental Insurance
  • Group Vision Insurance
  • Group Life Insurance

Business Insurance

  • General Liability Insurance
  • Workers’ Compensation Insurance
  • Errors & Omissions Insurance
  • Excess Liability Insurance

Employee Benefits

  • Group Health Insurance
  • Group Dental Insurance
  • Group Vision Insurance
  • Group Life Insurance

Small Business Resources

  • Business Insurance Blog
  • Get a Free Insurance Quote
  • Schedule an Assessment
  • Insurance for Businesses 101

InsureYourCompany.com

225 Gordon’s Corner Road, Suite 1H
Manalapan, New Jersey 07726
888-242-4675
Privacy Policy | HIPAA Policy | Contact Us
Created by potrace 1.15, written by Peter Selinger 2001-2017

Copyright © 2022 - InsureYourCompany.com, powered by Technology Insurance Associates LLC

Custom website design and development powered by the New Possibilities Group.

888-242-4675
Get a free quote