IAMCP members are able to obtain business insurance at special rates due to the buying power of our collective members. We have put in place a special program with TechRisks.com for our members.
IAMCP members and the Need for Business Insurance
Why Should You Obtain Coverage?
- To protect your assets!
- Deeply Reduced Premiums that can save you and your clients money
- To meet your contractual obligations. Clients are increasingly requiring certificate of insurance to ensure that your firm has basic insurance to provide them protection. We provide these certificates quickly and efficiently.
- Provide you and your client’s piece of mind. Use our insurance as a marketing tool.
- Legal representation to defend your firm for claims and other alleged negligent acts.
- We will defend and indemnify you for losses. Our Lloyd’s and other insurance company partners have dedicated and experienced legal and claims staff. Did you know that a copyright infringement case averages over $500,000 in defense costs alone? (That figure is at our discounted insurance company volume rate)
- Do you have funds set aside for such contingencies or catastrophic losses?
- Insurance helps provide long-term viability for competitive industries and complicated risks
- Standard Lloyd’s coverages include full worldwide coverage
- Several Insured’s have saved upwards of $5,000 per annum by participating in the IAMCP Program
Much like any business, a first line of defense to protect against losses is insurance. IAMCP members face unique and complex risks. The first coverage that all tech firms should absolutely have is professional errors and omissions liability insurance (AKA technology errors and omissions insurance). This policy would insure an IAMCP member against any (alleged) act, errors and or omissions related to your products and services. Very simply said, if you provide a technology product or service and a client or another third party claims negligence on your (company’s) part, you can be sued. What happens if your systems crash or your software fails?
The policies through TechRisks.com and their Lloyd’s of London partners offer extremely broad coverage at deeply discounted premiums. Standard professional liability coverage responds to key exposures IAMCP members face, such as:
- Network Security Coverage (for hacks, viruses, loss of service, unauthorized access and ID theft breaches
- Copyright and Trademark Infringement (the largest single exposure for technology companies)
- Affirmative Website & Media Content coverage
- Personal and Advertising Injury, including libel, slander, defamation invasion of privacy, etc.
- Discounted premium rates starting as low as $40.00 per month*
TechRisks.com Lloyd’s policy can also include stand-alone or combined Commercial General Liability, which covers bodily injury or property damage caused by your firm. The Combination policy is the most cost effective policy in the marketplace.
IAMCP members, like most companies should consider and may be required to have these additional insurances:
- Workers Compensation Insurance. Does your state require you to cover your employees? What happens if they are injured on the job and you’re sued?
- Property Insurance: How much equipment do you have on or off-site? Is it insured correctly? Do you have mortgage or loss payees?
- Auto Insurance: Did you know that if you or an employee is involved in an accident while on company business, injured parties and their lawyers can name your business in any related lawsuit. We can offer auto insurance, including hired and non-owned auto to respond to such an exposure for as low as $75*per year in addition to standard auto or homeowners insurance.
- Employment Practices Insurance for risks like wrongful termination, sexual or other harassment charges
- Employee Benefit Coverage for any retirement / investments or other funds managed
- Crime / Theft / Fidelity Insurance with options to protect your firm and or your clients for claims caused by you or your employees
- Directors and Officers Insurance. As an owner, director and or officer, shareholders, employees, clients and other can potentially sue your company and you personally. D&O policies respond to these issues.
- Package and Business Owner Packaged Policies to receive enhanced coverage and savings
- Umbrella and Excess policies to obtain broader coverage, higher limits and further savings
- Life, Accident, Disability and Health Insurance plans on a group or individual basis.
Find out more about the TechRisks.com plan and the application process here.