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 a BOP, this is a type of policy that packages together elements from General Liability, Commercial Property, and Business Interruption policies. Depending on the eligbility requirements (which vary by carrier), this is a great way for a business to get many of the protections it needs in a single policy. For businesses that have a storefront or regularly have third-parties visit their offices, this policy offers protections for the property you utilize while covering you in the case of non-employee bodily injury or property damage. Common claims such as slip-and-fall incidents or fire damages would both be covered by a BOP.

What is it: Also known as a BOP, this is a type of policy that packages together elements from General Liability, Commercial Property, and Business Interruption policies. Depending on the eligbility requirements (which vary by carrier), this is a great way for a business to get many of the protections it needs in a single policy.

Why get it: For businesses that have a storefront or regularly have third-parties visit their offices, this policy offers protections for the property you utilize while covering you in the case of non-employee bodily injury or property damage. Common claims such as slip-and-fall incidents or fire damages would both be covered by a BOP.

Cyber Liability
Cyber Liability insurance helps to protect a company that has been the victim of a cyber attack or data breach. When confidential records are breached, companies face a variety of fees (e.g., notification costs, credit monitoring, defending claims by regulators, fines and penalties), and this policy will help to cover those claims If your business collects or stores personally identifiable information on customers or employees digitally, there's the risk that this information may be breached and your company will face significant fees. Cyber Liability insurance, alongside cyber security and an effective response plan, is a simple way to protect your business from these potential costs.

What is it: Cyber Liability insurance helps to protect a company that has been the victim of a cyber attack or data breach. When confidential records are breached, companies face a variety of fees (e.g., notification costs, credit monitoring, defending claims by regulators, fines and penalties), and this policy will help to cover those claims

Why get it: If your business collects or stores personally identifiable information on customers or employees digitally, there's the risk that this information may be breached and your company will face significant fees. Cyber Liability insurance, alongside cyber security and an effective response plan, is a simple way to protect your business from these potential costs.

Errors & Omissions (E&O)
This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to an error or omission on your part. Your business may have contracts with clients or partners that require E&O coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, E&O coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

What is it: This policy, common in the professional services industry, helps to protect your business if a client believes they've suffered a loss due to an error or omission on your part.

Why get it: Your business may have contracts with clients or partners that require E&O coverage, provide a "warranty or guarantee," or have clauses that require you to "indemnify or hold harmless" your clients. If so, E&O coverage is often recommended. This coverage is also commonly recommended for any businesses providing advice related to legal or financial matters.

Workers Compensation
Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

What is it: Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work.

Why get it: Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.

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