Commercial

High Tech Companies Insurance

High Tech Companies Insurance

Protection in the digital world

The digital world changes at breakneck speed. From mobile devices and tablet computers to PCs and servers, technology – and the way it is consumed – is changing all the time. Whether you’re a hardware manufacturer or reseller, a software design company or an IT consultant, you are exposed to a wide variety of risks – both on and offline. What if your company lost a huge amount of vital data? Or one of your products caused your customers to suffer financial loss or loss of productivity? And how would you be protected if your company was negligent in allowing someone else’s data to be stolen? Or if your employees violated someone else’s intellectual property rights? The lawsuits you could face would be complex and time consuming – as well as incredibly expensive to fight.

Many high tech companies purchase a range of insurance products to mitigate these risks. However, it is important that this is done carefully and with the help of the right broker due to the complex nature of the risks and the associated coverage. For example, there are major coverage enhancements available for little or no additional cost which are often missed or you may be paying over the odds for insurance which can be purchased more cost-effectively. And you need to be sure that you have adequate limits. Not just to cover offline risks, but the risk of cyber or online crime. Finally, there are risks associated with breaches of privacy which can sometimes be overlooked. However, Axis Insurance has many years’ experience creating insurance coverage for high tech companies, and can create a program tailored specifically for your needs.

By keeping it simple, and getting to know your business, we can help you navigate the maze of different policies and extensions. Thanks to our deep knowledge of the relevant areas of insurance and our long experience working with many high tech companies we are able to understand your business in depth. We scrutinize your insurance coverage in great detail to find areas in which your policies don’t meet your needs – and address them before you’re faced with a potential claim. We’ve worked hard over a number of years to build relationships with insurers who can offer the broadest coverage as well as a wide range of enhancements – which means they are selected to give you the best policies and value for money.

Axis Insurance Managers Inc. will create a full and tailor-made insurance program for your high tech company - whatever its size or type. Thanks to our expertise in insurance in the fast-paced and ever changing digital world you can rest safe in the knowledge that you will be protected.

Types of Insurance Coverage for High Tech Companies from Axis Insurance Managers Inc. include:

• Errors and Omissions/Professional Liability – this policy responds to claims from third parties alleging financial loss due to the rendering or failure to render professional services or from the sale of your product. Related risks include breach of intellectual property, such as copyrights, trademarks, services marks and trade secrets, breach of security system or unauthorized access to system, delays in the execution of a contract or agreement, due to a wrongful act of the Insured and lawsuits and counter-lawsuits arising from a dispute regarding the rendering of professional services

• Directors and Officers Insurance - Aside from any court-related settlements or damages, the legal costs for any lawsuit against directors and officers can be enormous. D&O insurance, which is paid for by the corporation, protects against these risks

• General Liability - designed to you from a wide variety of liability exposures that occur because of bodily injury, personal injury or property damage - including liability from accidents which have happened on your business’s premises or operations, operations completed or contractual liability

• Property Insurance - There are so many types of policies and extensions in commercial property insurance. It can feel like a minefield sometimes with pitfalls and perils lurking at every turn. However, Axis can take you through all the options in plain language

• Business Interruption Insurance - Axis Insurance is able to tailored business interruption coverage for high tech businesses. It includes insurance based on profits, actual loss sustained or gross earnings. We can also arrange coverage for the additional costs of professional fees which are needed to establish the amount loss should a claim have to be made. In addition, business interruption insurance from Axis can be extended to include interruption due to loss of power, as well as interruption resulting from damage which occurs at your suppliers’ or customers’ premises

As with every insurance policy there are different options, policy wordings, enhancements or amendments available. Your Axis Insurance manager will be able to help create a tailor made policy to suit your exact requirements.

To find out more about High Tech Company Insurance, or to discuss your existing insurance policies, please give one of Axis Insurance’s professional and experienced team members a call at 604.731.5328 or email: info@axisinsurance.ca. We would also be pleased to outline the benefits of High Tech Company Insurance with your management team or board members. If you would like to schedule a meeting or request an application form, please contact David Marsh directly at 604.708.6242 or Diane Baker at 604 708.6211.

Axis High Tech Companies Insurance Specialists


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