Technology and Insurance: The Long History

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Technology has existed from the first time a human made fire. Insurance has a shorter history by comparison, but it dates back further than one might expect. As far back as 3000 B.C., Chinese merchants developed a technique of sharing risk when transporting goods on treacherous rivers. Egyptian stonemasons organized a club to provide funds for the burial of their members. In Babylon, The Great Code of Hammurabi (ca. 1790 B.C.) provided for the transfer of the risk of loss from merchants to moneylenders. In more recent times, Benjamin Franklin created the first mutual fire insurance company in the U.S. in 1752.

Today, computer hardware and software, e-commerce, and intranet infrastructure present much newer technologies than shipping, funerals, and fire. These new technologies require new types of insurance to cover the risks associated with lost data, virus attacks, and security breaches.

Apple recently unveiled their brand new iPad, and just on the horizon are bracelet-sized smart phones and roll-up tablet computers. The portability of information creates more risks and more opportunities. Because technology is often the core of many businesses, and often the medium through which services, goods, and money are transferred, technology insurance is a necessary part of business.

Technology Insurance: Stuckey & Company’s Specialty

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At Stuckey & Company, we know the technology business. We are one of the largest providers of technology-specific insurance programs that offer comprehensive coverage for this intricate industry. We believe that any business involved in the tech industry should be aware of three types of technology insurance:

First, Technology Professional Liability Insurance coverage from Stuckey & Company protects your clients from claims alleging negligence in the provision of technology products and services. This line is designed for a broad range of clients, from funds transfer software to database design. For tech companies of all sizes, the risk of errors and omissions is often greater than general liability exposure– and without adequate professional liability coverage, companies may be vulnerable to expensive lawsuits.

Second, Electronic Media Liability Insurance provides coverage for electronic publishing, web casting, or other distribution of electronic content on the Internet. Coverage includes copyright, domain name, trademark, trade name, trade dress, service mark, service name, title and slogan. Electronic Media Liability Insurance coverage gives an insured protection against unauthorized access, unauthorized use, or a denial of service attack to the insured’s computer system.

Third, Network Operations Security (NOS) Insurance covers network operating systems (NOS) or network operations centers (NOC) that link and support workstations, personal computers, and terminals. Network Operations Security Coverage available from Stuckey & Company offers liability insurance for damages arising from a NOS or NOC security failure. One network operations mistake or error could present companies with significant financial dangers including damage to software or data, business interruption, and even cyber-extortion.

Stuckey & Company has created several specialized technology insurance programs, providing the perfect blend of coverage for these unique segments of the industry:

•  SafetyTek – A comprehensive insurance package for software, Internet, and computer consulting companies.

•  TekManufacturing – Insurance coverage for computer & electronic manufacturers.

•  TekSchools – Insurance coverage for professional education, trade, and vocational schools.

•  BioTek – Insurance coverage for firms performing clinical trials and contract research for human health care.

•  TekHD – A multi-media insurance program designed for clients working in multiple media settings.

Contact Dwight Stuckey at 800-828-3452 extension 22, or dwight@stuckey.com

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Want to learn more about Tech Insurance from Stuckey & Company?  Attend our FREE WEBINAR on Feb. 19, 2010 at 2:30 pm cst. Representatives from The Hartford will be discussing “What is Tech Business?“, providing details about each of their tech-related programs.  Perfect for agents who are relatively new to the tech industry, as well as pros in the field!