Times have changed, and Florida insurance options have followed suit. Today, most of us rely heavily on technology to keep both our businesses and our personal lives running smoothly. We store enormous amounts of valuable information on computers - everything from that data required to keep a business in operation to scans of precious family photographs. But technology is never flawless. Though it usually makes life easier, it's also subject to glitches and breakage, as well as vulnerable to viruses, hackers, and theft. Here are just a few examples of stressful situations that illustrate the importance - and the vulnerability - of the technology on which we so heavily rely:
- A doctor's smart phone is stolen from his vehicle; the phone contains numerous patient records.
- A laptop belonging to a small business owner is lost; it contains the names, social security numbers, and credit card numbers of various clients.
- A virus shuts down a company's order processing system, which causes damage to the company and its customers.
- An unencrypted flash drive containing private information about a company's employees is lost in the mail.
- A business loses valuable data, and cannot afford the cost to replace it.
- Hackers begin targeting small to midsize companies with increased frequency, finding it easy to obtain the personal information of countless individuals and perpetuate instances of identity theft.
All of these are real life instances that might affect any of us, whether we are the ones from whom the technology is stolen or the ones whose private information is stored on it. Fortunately, Technology insurance provides some protection against these and other misfortunes.
Technology insurance is often regarded as one of the four segments of professional liability insurance, along with malpractice insurance, directors and officers insurance, and employment practices liability. Technology insurance can be very comprehensive, covering not only the first party (the one whose technology is lost, stolen, hacked, etc.) but also the third party or parties (those whose information was stored on the technology). Technology coverage may be termed in a variety of ways, including:
- Data breach - This coverage is ideal for retail stores, medical offices, financial institutions, and auto dealers. It protects the insured in the event that confidential information is accidentally exposed, whether electronically or in paper form.
- Privacy - This type of coverage protects businesses in the event that they are sued by a client whose private information, such as medical records, is improperly released.
- Technology E&O - This type of coverage is ideal for the professionals who bring technology to others, such as software designers and developers, website creators, and IT consultants. As they develop technology for individuals and businesses, they need protection from technology exposures.
Other types of technology insurance include hacker coverage and network liability.
Think about the role technology plays in your life. Are you at risk for losing or unwittingly exposing valuable or private information? If so, Call or contact Insurance Wagon about technology insurance, because the future is now.