The IT sector is broad in scope, and there are a number of different types of businesses operating within the information technology industry, each presenting its own special risks when it comes to insurance. While we have included the entire information technology industry collectively here, each and every insurance policy for our information technology clients is specifically tailored to your needs, addressing your unique business, protecting your business interests, and managing your risk.
Web developers in Calgary recognize the need for professional website planning and development, which may not be apparent to the inexperienced business person wanting a website and shopping it to their nephew or a friend of a friend. Over time these people generally come to realize the importance of strategic insight and planning, which is the same when it comes to business insurance for those in Calgary who work in information technology or business insurance in general, for that matter. Every policy looks the same to an untrained eye—until it comes to a claim.
Krywolt Insurance will work with you to make sure you have the appropriate coverage for your Information Technology business in Calgary, giving you options for coverage and working with you to examine the risks and make informed decisions about what coverage your IT business needs.
Every type of business should have some form of business insurance—but information technology companies are exposed to unique liability risks that make it even more important to get the right Calgary information technology insurance coverage at a competitive price. Technology-based services and products are complex, which means there's a lot that can go wrong between the developer and the end-user. At the same time, IT companies are often more likely to be targeted by cyber criminals—and if they are successful and you experience a data breach, the damage to your company's professional reputation could be even more serious than the damage caused by the crime itself.
Calgary information technology insurance protects you, the business owner, against paying out of pocket to recover from a wide range of legal and material perils that could destroy your business success if you were forced to face them without adequate insurance coverage. Depending on how your unique policy is written, your insurer will provide funds to cover legal defense fees, settlement costs, medical bills, and expenses related to property damage. Coverage may also include financial support to keep your Calgary business in operation in the event of a disaster or to mitigate damage to your company's professional reputation.
Information technology is a fast-paced, constantly changing business environment with unique challenges that require unique Calgary information technology insurance solutions. The experienced team of insurance experts at Krywolt Insurance company is familiar with IT companies' risks. We know how to find the ideal coverage for your business that will allow you to sleep soundly at night with the knowledge you are protected against financial loss, no matter what comes your way.
Information technology is a broad category that encompasses a wide range of business types and professions. Still, they all have one thing in common—they need ample Calgary information technology insurance coverage to avoid the devastating financial consequences of legal and disaster or damage-related costs.
Calgary information technology insurance is important for IT professionals who offer services or products such as:
There are certain standard parts of business insurance that pretty much every large or small business in Calgary needs, like commercial general liability, commercial property coverage, and business interruption insurance. But IT enterprises are also exposed to some more unusual legal perils that should be covered by their Calgary information technology insurance as well. Fortunately, Alberta insurance companies offer a variety of commercial insurance products designed to cover a broad range of risk exposures.
Not sure which types of coverage are most important for your particular insurance needs? The team of brokers at Krywolt Insurance in Calgary has the experience and expertise to assess your needs and deliver personalized recommendations about the best course of action for your Calgary information technology insurance.
Also called errors and omissions insurance or "E&O," professional liability is a critically important building block of most business insurance policies, including Calgary information technology insurance. As careful and cautious as you may be in your professional life, there's simply no way to avoid every last accident, mishap, or mistake that could end up costing you your livelihood. Even if you did absolutely nothing wrong, you could still be sued for perceived wrongdoing and be forced to defend yourself against those allegations in court, resulting in hefty legal defense costs. Professional liability insurance gives you financial protection in a situation where you made a mistake—an error—or forgot to do something, or failed to deliver a promised service—an omission—and usually, claims are related to allegations that your services, products or employees caused financial damage.
As an IT professional, you know better than most that there are some big risks inherent in using the internet to store and transmit information. Our computers and mobile devices expose us to financial and legal risks that did even exist a decade or two ago, including hacking, ransomware, and cyber extortion. Any Calgary enterprise that handles sensitive information such as their clients' financial details—which is pretty much all of them—could be targeted by cyber criminals. Suppose you put your company out there as experts in handling information technology, particularly in certain specialized fields. In that case, it's like painting a target on your back and challenging hackers to bring you down.
If your Calgary company suffers a data breach or cyberattack, some major expenses are involved in the recovery process. If a client brings legal action against you, cyber liability insurance is the part of your Calgary information technology insurance that will provide funds to pay legal fees and settlement costs. However, you may also be able to get financial assistance to cover other related expenses, such as the cost of notifying your clients of the breach and the cost of fraud monitoring services for those who have been affected.
If your company produces intellectual property by designing software, for example, it's a good idea to include intellectual property liability on your Calgary information technology insurance. There are essentially two types of intellectual property coverage when it comes to insurance: infringement defense and abatement enforcement coverage. Infringement defense offers you financial coverage in the event that someone makes an infringement claim against you, alleging that you have violated their patent, copyright, trademark, or infringed on their intellectual property in some other way. Abatement enforcement coverage, on the other hand, provides financial assistance to enforce your own intellectual property rights and pursue infringement claims in court.
If you operate your IT business out of a physical location other than your car, you need commercial property coverage on your Calgary information technology insurance (and if you do operate out of your car, you need commercial auto insurance). It's worth noting that home-based businesses also need commercial property coverage. If you work out of a home office, your homeowners’ insurance will not provide adequate coverage for belongings related to your work practices. Commercial property insurance is designed to protect you against financial loss that results from damage caused by destructive forces such as fire, natural disasters, and theft. It's very important to give your insurance provider plenty of information about the location of your building and perils that could befall it so they can make sure you are covered against the types of damage that are more likely to occur. For example, if your Calgary business property is located near the Bow River in a possible flood zone, it's a good idea to make sure flood damage is specifically included on your commercial property insurance policy.
No, it's not. Business insurance is not legally required in Canada, and that includes Calgary information technology insurance. But even though there's no mandatory requirement for you to have it, that doesn't mean you can get by without the right insurance coverage. If a situation arises in which you are liable for damage, injury, breach of contract, failure to protect information, or dozens of other potential scenarios, you need insurance to help you recoup the costs associated with medical expenses, repair or replacement for lost property, legal fees, settlement costs and much more. Most business owners in Calgary simply don't have lots of excess money lying around that they can afford to lose on unexpected costs, so being forced to pay those expenses out of pocket could lead to financial ruin, both for your business and personal finances.
There's another reason why Calgary information technology insurance is a must-have for any professional IT enterprise: some clients will simply refuse to work with you if you don't have insurance coverage. That means you might be forced to leave lucrative contracts on the table, prompting your would-be clients to take their business to your competitor instead. While business insurance coverage isn't mandatory, it is necessary to ensure your long-term success and keep your company in operation for years to come.
The IT sector is rather large, so we are going to need to chat with you about the specifics of your business in order to determine the coverage limits that are appropriate for your specific Calgary information technology insurance policy.
Here are a couple of things to think about before we chat:
There are many more questions, but this is a start. Once the reliable brokers at Krywolt Insurance have had the opportunity to learn more about how you operate your business, the perils you are exposed to and what you hope to get out of your Calgary information technology insurance, we can give you more information about the amount of coverage we recommend for you.
Your business is unique, so your Calgary information technology insurance needs to be unique as well, perfectly tailored to your specific insurance needs. Because there's so much variation in what you may need to have included on your policy, there's no straightforward answer when it comes to the cost of technology insurance. Some important factors that will influence your rates include:
When it's time to get started on information technology insurance, Calgary business owners can call the experienced, professional brokers at Krywolt Insurance. We'll go the extra mile to track down the right options for your insurance coverage and deliver an exceptional customer service experience. Give us a call today at 403-879-8660 to get more information or to get started on receiving a competitive quote for Calgary information technology insurance.