Insurance for Data Processing, Hosting, and Related Services

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What Data Processing, Hosting And Related Services Are All About:

These establishments provide services such as application hosting, optical scanning, application service providers, web hosting, computer data storage, video and audio streaming, computer input preparation, microfilm imaging services, and computer time rental.

What type of insurance does this industry need?

Policy What is it? Why get it Popularity in your industry Want free quotes?
Business Owners Policy (BOP)
Also, known as BOP, this is a type of policy that packages together elements from General Liability and Commercial Property. It may also include elements of crime and EPLI, depending on the carrier. Depending on the eligbility requirements (which vary by carrier). this is a great way for a small or mid-size business to get many of the protections it needs (also listed here) in one policy. It's the simplest way to get most if not all the essential coverage you need for your business.

What is it: Also, known as BOP, this is a type of policy that packages together elements from General Liability and Commercial Property. It may also include elements of crime and EPLI, depending on the carrier. Depending on the eligbility requirements (which vary by carrier). this is a great way for a small or mid-size business to get many of the protections it needs (also listed here) in one policy.

Why get it: It's the simplest way to get most if not all the essential coverage you need for your business.

Cyber Liability
It seems like every day another company is "hacked" and a set of customer's information is exposed. When that happens companies face a ton of various costs (e.g., notification costs, credit monitoring, defending claims by regulators, fines and penalties), and this policy helps pay for those. The government fines, potential lawsuits and notification expenses you incur when a cyber attack happens can easily amount to millions. Cyber liability & data breach insurance is an extremely affordable way to protect your business from these potential costs.

What is it: It seems like every day another company is "hacked" and a set of customer's information is exposed. When that happens companies face a ton of various costs (e.g., notification costs, credit monitoring, defending claims by regulators, fines and penalties), and this policy helps pay for those.

Why get it: The government fines, potential lawsuits and notification expenses you incur when a cyber attack happens can easily amount to millions. Cyber liability & data breach insurance is an extremely affordable way to protect your business from these potential costs.

Errors & Omissions (E&O)
This insurance covers a potentially wide range of issues, but specifically is meant to help your company cover potential damages as a result of errors or omissions that occur while performing contracted work. If your company offers advice to clients, it’s imperative that you have E&O Insurance. This will cover claims of negligence, faulty advice and subcontractor errors.

What is it: This insurance covers a potentially wide range of issues, but specifically is meant to help your company cover potential damages as a result of errors or omissions that occur while performing contracted work.

Why get it: If your company offers advice to clients, it’s imperative that you have E&O Insurance. This will cover claims of negligence, faulty advice and subcontractor errors.

Workers Compensation
Workers compensation coverage covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work. This is the law in all 50 states. As soon as you have your first non-owner employee, it's time to get Workers Comp insurance. Not having this insurance can lead to hefty fines, and of course, it means the business has to pay for any workplace injury claims.

What is it: Workers compensation coverage covers lost wages and medical treatment resulting from an employee’s work-related injury or illness. It also covers services needed to help an employee recover and return to work.

Why get it: This is the law in all 50 states. As soon as you have your first non-owner employee, it's time to get Workers Comp insurance. Not having this insurance can lead to hefty fines, and of course, it means the business has to pay for any workplace injury claims.

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