San Rafael, California (PRWEB) July 24, 2012
Since the IT and technology industries require specialized insurance products; the insurance experts at CoverITfast are issuing answers to some commonly asked questions about IT insurance and technology insurance.
CoverITfast recommends purchasing Technology Errors & Omissions insurance in addition to General Liability insurance. A lot of people wonder why they need General Liability insurance and Technology E&O insurance.
a) General Liability insurance is a standard requirement by your office landlord. It covers basic slip, trip and fall liability otherwise known as Bodily Injury and Property Damage.
b) Tech E&O covers the real exposure faced by Tech Companies. It covers intangible or financial losses. Losses that firms can be held liable for when their technology or service is found negligent.
CoverITfast recommends Tech E&O insurance because it provides coverage for risks more relevant to technology companies. Additional important coverage can be added to a Tech E&O policy such as cyber liability, intellectual property infringement, media liability, and privacy liability.
Now that the question: “What type of coverage should a Tech company buy?” has been answered, the next most common question is, “How are Tech E&O premiums determined?”
The answer is: By industry sector, years in business, revenue, claims history, location, no. of employees, and risk management procedures in place. All contribute.
CoverITfast is an insurance product specifically designed for IT Consultants and technology businesses. Clients who benefit from CoverITfast are in one of the most innovative and dynamic industries and require a technology insurance company that truly understands their unique business needs. Due to the fact that TechAssure is a non-profit association made up of independent brokerages, customers can be assured that their agent will work hard on their behalf in the event that they need to file a technology insurance claim.