Technology

Technological advancement within the sector has led to a drastic increase in competition in recent years. The trend is only going to continue as products and services continue to evolve, so it is highly recommended to concoct a plan, such as insurance, to adapt with the ever-changing technological world. Telecommunication companies are exposed to risks such as theft or vandalism of equipment, property damage, installation or specification mistakes, accidents to employees  malfunctioning equipment, improperly laid cables cyber security threat and maintenance of equipment. Such claims can lead to significant financial implications, from lawsuits to compensation to reputational damage.

The vast majority of companies depend on IT systems to run their businesses. Its smooth operation and feasibility is incredibly important as it can enable an increase in productivity, enhance creativity and ensure that there are no hiccups or delays. However, when there are problems, it can severely interrupt the business and cause a loss of income. A complete breakdown in the system could potentially lead to lawsuits as you could become liable for the cost of failure.

With an abundance of software programs in existence, and its growth is only rising, the chances that an unintentional copyright infringement occurrence is not as slim as you might think. Insurance allows you to protect developers should any legal action is taken from the owners. Furthermore, there is a huge reliance from business on the efficient use of its software. Should any of the programs be deemed unfit for purpose, it could waste the client’s time and money, leading to legal action against you.

It is common knowledge that businesses today relies heavily on information technology, which in turn helps drive the industry's growth even further. But there is one thing that is often overlooked and not talked about enough. Given the pressure for companies to succeed, IT providers are increasingly vulnerable to litigation for alleged failure to deliver or perform as per requirements. This could impact the industry’s integrity massively, leaving the industry exposed. The fast-paced nature of the industry has led to some impeccable successes but it is also important to protect the risks and reputation with insurance.

With unlimited potential for growth, the technology industry will be at the forefront of the world’s economy. At CHAZ, we realize and understand the importance it brings and continue to work to help protect the companies in the industry. In an ever changing sector, we understand how the risks will also continue to evolve as we continue to innovate our protection coverages as the trend shifts.

Through our vast experience, CHAZ Insurance Brokers Ltd. recognizes and understand that each and every business, organization and industry are unique in their own ways and can have completely different risks. Henceforth, the content provided are solely examples of the risks that may or many not be relevant to your business. To learn more, contact us on the form below.