The technology sector is one of the fastest growing sectors in the world. It’s one of the most exciting too, but with technology evolving at a rapid rate and no one completely sure what lies on the horizon, there is also an element of uncertainty.
In such uncertain times it pays to have the right insurance policy, one that can protect you against certain eventualities and help your business, whatever that business may be, to prosper even when faced with the toughest of tests. This is what tech and media insurance is—it’s an area of insurance that covers a wide range of businesses across multiple sub sectors, and as the tech and media industry grows, so does tech and media insurance.
There are a huge number of businesses that fall within the remit of “tech and media”. Some of these may be insured through other means, such as liability insurance and even property insurance, but even in those cases there could still be a need for tech and media insurance. The ones who may be able to benefit the most from this highly focused area of insurance include:
• Internet Service Providers and Web Hosts: These companies are in a very unique situation, because no one pays attention to them or praises them when they do well, but everyone calls for their heads when they make a mistake. They face threats from all sides on a daily basis and can therefore greatly benefit from comprehensive and tailored insurance policies.
• Software and Hardware Developers: The consumer marketplace demands products that work exactly as sold and costly lawsuits can arise when that is not the case.
• Game Developers: This industry used to be restricted to major gaming developers working in teams with the backing of big publishing houses, but the advent of the App Store has turned everyone into a developer, exposing them to risks that were previously limited to Triple A publishers.
• Computer Sales and Installation: Anyone involved with the process of creating, selling or installing a computer may benefit from this type of insurance. Those involved in the customer service field, such as IT technicians, should also consider this insurance.
• Advertising Companies: Billions of dollars are spent on advertising every year, making this a very lucrative industry. But it can also be a risky one, and lawsuits resulting from alleged false advertising are very common.
• Journalists and Writers: Anyone who writes about real people in real situations may need some support from specific types of tech and media insurance as they are constantly exposed to risks from defamation lawsuits.
• Broadcasters: TV and radio broadcasters are held to a high esteem and trusted by the general public, but they are not impervious to lawsuits and the biggest companies in this sector devote millions to court fees every year.
• Publishers: Publishing in the modern world extends far behind hard copy books and includes eBooks, news sites and more, all of which may benefit from this insurance. The world of publishing has always been willing to take risks in the name of truth but in a highly litigious age such as this, that can create many problems.
The types of policies and the extent of coverage is as varied as the amount of industries that this insurance covers. Typically, however, it will cover things such as:
• Defamation claims
• Security breaches
• Hacks and other cyber attacks
• Privacy liability
• Intellectual property infringement
These things are typically covered to a maximum monetary value, and in addition to covering financial losses an insurance policy may also provide assistance in dealing with the issue.
Tech and media insurance policies may also cover business interruption, theft, fire, and other such issues, although these are not specific to this type of insurance and are also offered by other insurance types.
At KASE Insurance we are proud to represent companies of all sizes in most industries, and can provide tailored tech and media insurance (in addition to many other insurance types) to any company in the aforementioned sectors. We always put our customers first and look to create plans that perfectly match their needs, ensuring they get everything they require and don’t pay over the odds for anything that they don’t.
Tech & Media Insurance From Toronto’s Best BrokerageThis attention to detail, in addition to our customer-first approach, is why we are one of the top 10 insurance brokerage firms in the Toronto region.
I had the pleasure of working with Arian Ebrahimi at KASE Insurance. He was very knowledgable about the industry, was very responsive throughout the whole process. I felt that he acted in my best interest and I would definitely recommend him to anyone!
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The KASE team helped us in arranging the best possible insurance policy for our business. We were very impressed by their overall knowledge and effort in getting us the right the policy. Highly recommended!