Technology, media, and telecommunications businesses focus on building and maintaining the infrastructure that supports their customers’ services.
Professionals in the Technology, Media & Telecommunications industry require insurance to protect their digital or physical assets:
General Liability Insurance protects you if an accident occurs at the workplace that causes somebody harm. It covers medical bills, damage to property, and any legal fees associated with the incident.
Example… Your TV broadcast interview an athlete who trips on a wire in the studio and sustains an injury. GL will cover her medical bills and any legal fees in a lawsuit.
A Business Owners Policy (BOP) combines General Liability and Property Insurance at a lower cost. BOP covers rent and wages for up to 12 months following a fire, vandalism or other disaster.
Example… Your telecommunications equipment becomes damaged in a fire. BOP would cover the warehouse, equipment, rental of a temporary warehouse, and wages for workers while operations are restored.
E&O insurance, also called professional liability insurance, covers legal and payouts in a lawsuit. You’ll need E&O if your business is found liable for missing steps when providing services to customers.
Example… A technician fails to install a client’s telecommunications equipment properly, leading to a significant interruption in their business.
Cyber Liability Insurance is essential for telecoms companies that store sensitive client data. Cyber insurance will cover your telecoms, tech or media company to recover from data breaches and cyber attacks.
Example… Your data processing company is hacked and personal client data is stolen, including their bank details. Cyber Liability will cover the legal costs if your clients sue you.
Workers Compensation covers medical costs and wages for employees injured at work. The injured employee gives up the right to sue your company in return for Workers Compensation. In some states it’s mandatory!
Example… The librarian in your media archive develops a back strain from lifting piles of books. Workers Comp would cover her medical bills and any wages lost while not working.
Although several insurance products can be combined to protect businesses in Tech, Media & Telecoms, General Liability is often one that features at the top of the list. Why is this?
General Liability will protect your business from the most common risks in the Tech, Media & Telecoms industry. GL is typically needed in telecom contracts and commercial leases.
Getting telecom, tech & media insurance is simple. Our insurance application will request basic information about your company, such as revenue and personnel count. With CoverWallet, you may buy a policy and acquire a certificate of insurance in three simple steps:
A licensed agent at CoverWallet will locate coverage that matches your telecommunications business, whether you work alone or employ others.
Telecommunications businesses that are focused on building and maintaining the infrastructure for their customer-facing services will need insurance. Telecoms companies that typically purchase this insurance include:
The cost of business insurance for tech, media and telecommunications companies will vary depending on your business type and variables such as location, risk factors, claim history, and business size. Speak with an experienced agent to find out how much it will cost for your specific business.
Get business insurance help for the Technology, Media & Telecommunications Industry.
From information systems to hardware installation to software developers there is an abundance of available work in the tech space. Discover the most common insurance requirements for tech companies here.
When purchasing a Technology Errors & Omissions (E&O) insurance policy, it is essential to know what it covers and what it doesn’t. Find this out here.
Media liability insurance is a specialized form of errors and omissions policy designed for media companies. Get the low-down on what it includes and why you may need it.
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