The Information Technology industry is constantly changing at lightning speed. This means that the risk to your business is increasing rapidly. IT companies need a simple solution for financing such high risk. You need an IT insurance provider that can keep up with the demands of the industry while maintaining competitive pricing and exceptional service.
At Toole Peet Insurance, we provide specialized insurance policies that are designed to meet the needs of information technology consultants for operations. Some of the services we can offer protection for with quality IT insurance include:
- System Design or System Analysis
- Website Development/Transactional/E-commerce
- Website Hosting
- Software Development
- Custom Software Design
- Hardware/Software Distributing
- Data Processing
- Application Service Provider (ASP)
- Hardware Assembly/Manufacturing
- Internet Service Provider
Purchasing the right tech insurance for your Alberta business is important, but even more important is the advice that you get along with it. Toole Peet Insurance has a team that is dedicated to offering service that is second to none while providing our clients with the sound advice and support that they deserve when purchasing IT insurance.
The risk profile for a standard insurance policy does not sufficiently meet the needs of an IT firm. Tech insurance policies are more intricate and complex to provide adequate coverage for technology risks.
First Party Privacy Coverage
Privacy coverage included in your tech insurance policy provides compensation for damages and claims expense that you are legally obligated to pay in the event of any claim for violation of a privacy law while your customer’s information is in your care, custody or control, including:
- Loss or unauthorized disclosure of personally identifiable non-public information or third party corporate information
- Failure to disclose a security breach in a timely manner, which is in violation of a breach notice law
Under the privacy endorsement on your technology insurance policy, your business is covered for privacy notification costs, regulatory defense and penalties as well as data loss protection.
Privacy notification costs include the expense of hiring a computer security expert to determine if any theft or unauthorized disclosure of information has occurred and identify the cause of such an event. Costs to provide notification in compliance with a breach notice law is covered as well. In addition, you will be compensated for the attorney fees to determine the applicability of and actions necessary to comply with breach notice and one year of credit monitoring services to those individuals whose personally identifiable non-public information was compromised. Also covered under this endorsement on your cyber liability insurance policy are the mailing and other reasonable third party administrative costs that are associated with the breach.
Coverage for regulatory defense and penalties is an important part of cyber liability insurance. It will pay for claim expenses and penalties that you are legally liable to pay due to any claim in the form of a regulatory proceeding that results from a violation of a privacy law.
Data loss protection is coverage for a loss due to corruption, alteration or deletion of your data that is caused by a network breach or the inability to access a data asset. Be sure to talk to your Toole Peet Insurance Broker representative about including this type of coverage in your cyber liability insurance policy.
First Party Network Business Interruption Coverage
First party network business interruption coverage is to compensate you for any interruption of operations during the period of restoration. This element of coverage will also protect you against an extended interruption period due to access a data asset or a suspension of the computer systems caused by a network breach.
Data breaches may result in a number of expenses, including crisis communication costs, customer notification costs, civil actions, forensic expenses, regulatory investigations, credit card brand investigations as well as other reputational costs.
Technology insurance provides you with coverage for many of these costs in the event that a data breach or other system that leads to a major network shutdown.
Cyber Extortion Coverage
Cyber extortion coverage will compensate you for the costs that are incurred as a result to a breach in your network through a denial of service attack, virus transmission, hacking, or other means.
Companies that open their systems for a wide variety of business operations are vulnerable to attacks. As long as transactions are being done over your networks, you cannot be completely safeguarded against this sort of attacks. Conventional business insurance is not enough to protect your assets; instead you need to seek technology insurance coverage that is designed specifically for your particular needs.
More and more stories are hitting the headlines about companies that are losing data or being victimized by online security breaches. Customer passwords, credit card numbers and loads of other personal data is being stolen or compromised on a regular basis, in addition to the malware and viruses that are infecting computer networks all round the world.
When your network is compromised, whether from malicious activity or faulty hardware, you could end up paying thousands of dollars for repairs and loss. Do not take the risk of losing the successful IT consulting business that you have built. It only takes a moment to complete the quote form to connect with Toole Peet Insurance and protect your network today.