TECHNOLOGY INSURANCE: ON THE ROAD TO DEVELOPMENT

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TECHNOLOGY INSURANCE ON THE ROAD TO
DEVELOPMENT The concept of technology is indeed
vital for the entire human race. Whether it be a
huge automated machinery or a small computer
chip, technology is involved. Technology may
comprise of a simple language or tool, or
something as complex as genetic
engineering. Unlike other insurance
prevailing in the market, such as life
insurance or property insurance, the concept
of technology insurance is distinctive. It
does not target huge masses, rather it
aims at companies, particularly those in the
technology sector. The main purpose of
this insurance is to provide safeguards for
data, media, and data processing
equipment. Since technology insurance is not
designed for normal individuals, its market
is niche. There are various clauses that
are provided in this policy, providing
certain coverage, while disregarding others.
While selecting a certain policy, it is necessary
for the tech professional to evaluate various
options available for their company, and ensuring
that the best possible option is being
chosen. The content coverage of the
technology insurance offers security for
inventory, contents, raw materials and
equipment. While designing this coverage, the
value of the content is being used, in order to
set the yearly premium for this policy. This may
account for 4 of the total content value. Over
the years, due to the increased use of
the online medium, it has been observed
that often personal sensitive data ends up in
wrong hands, due to the breach of data. In order
to overcome the loss associated with these
breaches, and to protect themselves from
bearing these costs, many businesses make use
of technology insurance. It is an era of
technology, with increased use of the Internet in
particular. The more the individuals are
connected to the online platforms, the likelihood
of providing personal data increases. It has been
observed that since the rise in the use of
electronic commerce, many retailers and
customers often find themselves as a victim
of data breaches. In such situation, it
is advisable, nor cost feasible for
these retailers to make the necessary
amendments or recover and reimburse the
cost that was borne by the customers, due
to such breach. In spite of the dangers
associated with the use of modern technology, it
can be clearly seen that not many companies have
still utilized technology insurance. However, due
to the increase in the use of online devices, it
can be easily predicted that the numbers of
companies using technology insurance are most
likely to go up. Alternatively, the role of
customers and clients may also have a
significant impact, if any such customer
comes across misuse of their financial or
personal information, and such loss points in the
direction of their respective supplier. In
this case, the supplier is clearly aware
of whats coming towards them. The benefit
of technology insurance is its capability
of being molded, in order to ensure that
they best fit according to the requirements and
exposure to the industry, on which they are being
implied. Although currently it is only aimed
towards a small market, it is necessary
to be marketed to the masses. Articles
Source http//www.marketingwithmiles.com/technol
ogy-insurance-on-the-road-to-development/
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http//www.quakerma.com/site/technologyliability/