Technology insurance is an umbrella term for insurance policies that cover different areas of risk related to technology and the online world. Common technology insurances are:

• Technology Errors & Omissions: This coverage is a type of professional liability insurance. This covers professional mistakes made by technology experts that cause a client to lose money. Professionals that need this insurance include IT consultants, computer manufacturers, IT staffing companies and social media consultants.
• Cyber Liability Insurance: Unfortunately, your online information is at risk even if you have a firewall to protect it. Cyber thieves and hackers are skilled with breaking into devices holding sensitive information. If a cyberattack does occur, it's crucial to have cyber liability insurance. This insurance provides compensation for notification expenses, lawsuits, system recovery or lost or corrupt data.

Any business that stores sensitive information electronically should have technology insurance. Although technology insurance isn't required in Utah, you should do what you can to protect your business. Those who especially benefit from this type of insurance are:

• IT consultants
• Insurance companies
• Web developers
• Software developers
• Social media consultants
• Web designers
• Government agencies
• Medical practices

The cost of technology insurance varies depending on several factors, including the size and industry of the business. Speak with a Wiseman Insurance agent today to find out how you can save on technology insurance for your business.