Cyber Liability Insurance: Your First Line of Defense Against Digital Threats

The cyber insurance market has almost tripled in size over the past five years, and for good reason. Technology companies are prime targets for increasingly sophisticated attacks. Our cyber liability insurance provides comprehensive protection against data breaches, ransomware attacks, and network security failures.

What Cyber Liability Insurance Covers:

• Data breach response costs including legal fees, forensic investigations, and customer notification expenses

• Ransomware protection with coverage for extortion payments and system restoration

• Business interruption losses when cyber attacks disrupt your operations

• Regulatory fines and penalties from privacy law violations

• Crisis management and public relations to protect your company's reputation

Ransomware accounts for 41% of cyber insurance claims, making this coverage absolutely critical. We work with leading carriers to ensure you get robust protection that evolves with the changing threat landscape.

Professional Liability Insurance: Protecting Your Expertise and Services

Also known as errors and omissions insurance, professional liability coverage protects technology companies when clients claim your services or products failed to meet expectations. Whether you're developing software, providing IT consulting, or managing cloud services, this coverage is essential.

Key Professional Liability Protections:

• Software bugs and glitches that cause client system downtime or data loss

• Project delays or failures that result in financial losses for customers

• Inadequate security measures that lead to client data exposure

• Breach of contract claims related to unmet service level agreements

• Intellectual property disputes involving your technology solutions

On average, E&O coverage costs about $500 to $1,000 per year, per employee, making it an affordable investment in your company's protection. Our technology-focused policies adapt to your specific services and industry requirements.

General Liability Insurance: Essential Foundation Coverage

Every technology company needs general liability insurance as the foundation of their risk management strategy. This coverage protects against third-party claims for bodily injury, property damage, and advertising injury that can occur during normal business operations.

General Liability Coverage Includes:

• Bodily injury protection when clients or visitors are injured at your location

• Property damage coverage if you accidentally damage client equipment or facilities

• Product liability protection for hardware manufacturers and distributors

• Advertising injury coverage for claims of copyright infringement or defamation

• Medical expense coverage for immediate treatment of injured parties

The Allen Thomas Group helps you determine appropriate coverage limits based on your company size, client base, and industry exposure. We make sure you're protected without paying for unnecessary coverage.

Business Interruption Insurance: Keeping Your Operations Running

Technology companies depend on continuous operations to serve clients and maintain revenue. Business interruption insurance provides financial protection when covered events force you to suspend operations, ensuring you can pay ongoing expenses and maintain cash flow.

Business Interruption Benefits:

• Lost revenue replacement during forced business closures

• Ongoing expense coverage including payroll, rent, and loan payments

• Extra expense reimbursement for temporary relocation or equipment rental

• Supply chain protection when key vendors experience covered losses

• Extended period coverage for gradual business recovery after incidents

The global cyber insurance market was worth about $13 billion in 2023, almost double the $7 billion estimated size in 2020, reflecting the growing recognition of business interruption risks in our connected economy.

Directors and Officers Insurance: Executive Protection for Tech Leadership

Technology company executives face personal liability exposure from management decisions, regulatory compliance failures, and shareholder disputes. Directors and officers insurance provides crucial protection for your leadership team's personal assets.

D&O Insurance Protection:

• Management liability coverage for wrongful act claims against executives

• Securities litigation protection from investor lawsuits and SEC investigations

• Employment practices coverage for discrimination and harassment claims

• Fiduciary liability protection related to employee benefit plan management

• Crime coverage for employee theft and fraudulent activities

Tech startups and growing companies particularly benefit from D&O coverage as they navigate rapid growth, funding rounds, and regulatory requirements.

Product Liability Insurance: Safeguarding Your Technology Products

Technology companies that manufacture, distribute, or sell physical products need specialized product liability protection. This coverage addresses the unique risks associated with technology hardware, software, and integrated systems.

Product Liability Essentials:

• Defective product coverage when hardware malfunctions cause damage or injury

• Software error protection for applications that fail to perform as intended

• Recall expense coverage for coordinated product withdrawal and replacement

• User injury protection from technology products used as intended

• Economic loss coverage when products fail to meet performance standards

Our product liability policies are designed specifically for technology manufacturers and distributors, ensuring comprehensive protection for your innovations.

Workers' Compensation Insurance: Protecting Your Most Valuable Asset

Technology companies must protect their employees with comprehensive workers' compensation coverage. This essential protection covers medical expenses and lost wages when employees suffer work-related injuries or illnesses.

Workers' Compensation Benefits:

• Medical expense coverage for work-related injuries and occupational illnesses

• Lost wage replacement during employee recovery periods

• Disability benefits for permanent or temporary work limitations

• Vocational rehabilitation to help employees return to productive work

• Death benefits for families of employees who die from work-related causes

Technology companies face unique workplace risks including repetitive strain injuries, ergonomic issues, and stress-related conditions that our specialized policies address.

Technology Errors and Omissions Insurance: Specialized Tech Protection

Technology errors and omissions insurance provides targeted coverage for the unique professional risks facing IT companies, software developers, and technology service providers.

Tech E&O Coverage Highlights:

• Coding error protection when software bugs cause client financial losses

• System failure coverage for network outages and performance issues

• Data migration mistakes that result in lost or corrupted information

• Security implementation failures that expose client systems to threats

• Warranty and service level breaches that fail to meet contractual obligations

As technology enables us to collect and store more data, data management and protection has gotten complicated, making specialized tech E&O coverage more important than ever.

Intellectual Property Insurance: Protecting Your Innovations

Technology companies invest heavily in research, development, and innovation. Intellectual property insurance protects these valuable assets from infringement claims and helps defend your proprietary technology.

IP Insurance Protection:

• Patent infringement defense when competitors claim you've violated their patents

• Copyright protection for software code, documentation, and creative works

• Trade secret coverage when confidential information is misappropriated

• Trademark defense for brand names, logos, and product identifiers

• Litigation expense coverage for IP disputes and enforcement actions

Our intellectual property policies are crafted specifically for technology companies with significant R&D investments and proprietary innovations.

Why Technology Companies Choose The Allen Thomas Group

Smart & Easy Insurance Process: For over 20 years, we've simplified the insurance process for technology companies, saving clients time and money through our streamlined approach and industry expertise.

Personalized Service: We build lasting relationships with technology business owners, understanding your unique risks and growth plans to create tailored insurance solutions that evolve with your company.

Local Expertise, National Reach: As an Akron, Ohio-based agency with extensive experience across 20+ states, we combine local accessibility with broad industry knowledge and carrier relationships.

Comprehensive Coverage: We offer complete insurance solutions covering personal and commercial needs for technology companies of all sizes, from startups to established enterprises.

Peace of Mind: We provide more than just insurance policies—we deliver security and confidence knowing your technology business is well-protected against industry-specific risks.