If you've placed the commercial insurance for your technology business with the same agent who handles your homeowner's insurance, your technology business may not have all the protection it needs.

Here are some questions and answers that may explain why you need an insurance program from the technology business specialists at Advance Insurance.

Does the carrier who writes your commercial insurance specialize in writing insurance for technology companies?

If not, they may have overlooked some important coverage issues that are relevant to your business.

Do they offer Professional Liability or Errors & Omissions coverage? Has your agent discussed the need for this coverage with you?

If not, it's important to realize that the technology products or services you offer are probably much more likely to give rise to claims for financial harm than claims for Bodily Injury or Property Damage. Since standard General Liability policies don't cover claims for pure economic loss cause by a third party, you may be looking at an uncovered claim if one of your customers sues you alleging that your product or service caused them to lose money.

Is your General Liability coverage appropriate? Is it coordinated with you Errors & Omissions coverage?

Many carriers use a General Liability exclusion that removes coverage for Bodily Injury, Property Damage and Personal and Advertising Injury arising from your technology products or services. For example, if your products or services were alleged to cause a fire or an electrical shock, you might not be covered. And Errors & Omissions policies, even when purchased, typically don't respond to those types of claims. Even if is is unlikely that your product or service could give rise to this type of claim, you can't afford to have a gap like this in your insurance program.

What you need to do

Consider working with an agent and an insurance carriers who truly understand your business and your unique coverage needs.

If you're concerned about whether or not you've got the right coverage for your business, please contact your agent at Advance Insurance, who can answer all your questions and put together an insurance program that will serve your needs.

Technology Insurance programs offered primarily by The Hartford.