Insurance for Data Processing, Hosting, and Related Services
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What Insurance Do Data Processing, Hosting, and Related Services Need?
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
Frequently Asked Questions
Why do Data Processing, Hosting and Related Services need insurance?
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.
Running a business comes with inherent risks. There are incidents that your business cannot control like employee illnesses or injuries at work, your services don't satisfy customer expectations, property damage, vehicular accidents and more. For these, it is important that you protect your business and personal assets with insurance.
What risks do Data Processing, Hosting and Related Services face?
Businesses face many risks that can cause serious loss of profits that could end up in bankruptcy. Below are some common risks your business can face:
- Employees can become sick or injured on the job. The employer is responsible for paying medical and/or rehabilitation fees and lost wages until they return to work.
- Your business location could be damaged by vandalism, fire, storm and other natural disasters. The cost of repairing the building and replacing equipment and furniture could break the bank without insurance.
- A client claims that a service or advice you offered caused a huge financial loss. If they sue your business, you'll be paying for the defense and court fees and any settlement award.
How much does Data Processing, Hosting and Related insurance cost?
Many factors play a role in determining the cost of insurance. The factors that have the greatest impact are usually the business types, number of employees and your coverage needs.
If you want to know the quote for your business, use our online assessment tool or contact our customer service representatives.