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Archive for category: Risk Management

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Six Reasons Managing Risk is Important for Private Technology Firms

TechAssure members help growth companies unlock extraordinary potential by finding ways to use risk management to turn their vision into reality. Risk issues driving the technology industry today are many.

Risk Management for private technology firms is so important for many reasons:

  1. Management’s challenge is to integrate all its relevant information about risk and communicate that information to investor consistently.
  2. Shareholders demand that management adequately identify all material risks facing the organization.
  3. Auditing protocols are beginning to require organizations to report risks in a forward-looking context.
  4. Firms (private and public) are increasingly being held accountable for managing their risks on a portfolio basis.
  5. Failure to anticipate and analyze risk increasingly results in litigation.
  6. Investors favor firms that understand, and manage, their risks.

To learn more about the benefits of working with a TechAssure member, please give us a call at 512-377-9594, xt 700

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Risk Management Trends and Observations for GPS Manufacturing

During 2012, the search and navigation manufacturing sector continued to see growth.

In order to succeed in 2013, the industry must get better at managing its many business challenges. This includes their dependence on federal budgets and their ability to continue to develop new products at a rapid pace.

Acquiring and retaining talent and managing intellectual property risks will be increasingly important in 2013. With the erosion of the GPS market, M&As are likely to be an avenue to help firms lower their manufacturing costs and expand their engineering services and quality. The market is well positioned to support export business, while businesses seek new ways to use the technology.

The firms that can take the flip side of “risk” and turn it into “opportunity” are those that can make the most of developing a strong international strategy and create a robust platform for innovation.

TechAssure members know that a successful insurance and risk management program addresses general business risks as well as risks associated with your industry and risks specific to your company.

Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

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Why do Technology Firms Select a TechAssure Member?

TechAssure Association and its members focus everything we do on creating distinctive value for our clients. Here are a few of the top reasons that clients select a TechAssure member to manage their insurance and risk management program:

  • Clients need more technical skills and expertise to help them make informed decisions about their insurance and risk management programs.
  • Clients recognize that a successful insurance and risk management program consists of three components: Attention to general risk management matters, attention to risk concerns that are industry specific and attention to risk concerns that are unique to their firm. The TechAssure platform helps companies in all three of these areas. The niches we serve seek insurance and risk management experience handling the unique challenges important to their business and their industry.
  • Clients enjoy a community partnership with the TechAssure members. TechAssure members sit on many local and regional boards and committees of technology associations and other venues.
  • Clients need help to manage their “total cost of risk.” TechAssure members place $1 billion in premium in the insurance marketplace allowing us the leverage and expertise to help our clients drive down their “total cost of risk.”
  • Clients want a unique approach. Many of the clients and industries we serve want a program designed entirely around their unique needs. TechAssure Association manages a number of programs for associations, groups and other partners.
  • Clients want access to the best insurance markets that specialize in the technology sector. TechAssure members work with major insurance markets that focus on the unique needs of the technology sector.
  • Clients want a broker that performs. Our TechAssure members create the agenda that drives the TechAssure Association.
  • Clients want innovative approaches to helping them solve some of their most complex insurance and risk management concerns. TechAssure Association is dedicated to innovating new insurance products and risk management solutions.

What criteria are important to you as you select an insurance and risk management partner? Drop us a line. We’d like to hear from you.

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Examples of Network Risk Exposures Help Firms Identify Need for Assistance

January 4, 2013 – In general, Network Risk Insurance protects your com­pany from risk and liabilities associated with processes and commerce through computer networks.

There are many examples of network risk exposures to companies, but the following are a few examples of areas where a firm may be exposed.

Example of First Party Exposures:

First Party: A hacker attacked and brought down your mission critical servers.

Examples of Third Party Exposures:

Third Party: If the hacker causes damages to a third-party for whatever reason, and that party sues your business, your network risk policy should cover these losses and provide for a defense.

Third party exposures also include internet, media, internet E&O, breach of security, release of virus and contracted disputes.

TehAssure member’s offers comprehensive coverage against first party exposures and third party claims including business interruption, cyber extortion, damage to intangible property, and public relations. Talk to your TechAssure member about:

  • Coverage for claims alleging negligence in the provision of internet services.
  • Coverage for liability associated with a failure or network security.
  • Coverage for liability associated with dissemination of electronic content.
  • Coverage for Business Interruption due to certain non-physical perils.
  • Coverage for damage to one’s own intangible assets (e.g. code, data, etc.).
  • May be endorsed to cover Miscellaneous E&O

Every firm has different risks and exposures. Contact a TechAssure member today.

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Risk Management for Changing Times

After all the attention paid to the last presidential election and the looming danger of the fiscal cliff, our nation was finally able to give its full attention to making the most of 2013.

  • Here is our list of why insurance and risk management matters have become a critical element for many technology firms (regardless of size).
  • Changes in Government Regulation and Legislative Matters. Some industries are more impacted than others. The most regulated industries include: Wireless Telecommunications, Wind and Solar Power Generation, TV Broadcasting and Cable Networks, Trucking, Telecommunications, Healthcare, Non-Profits, Energy, Oil and Gas and selected areas in Collaborative Sharing.
  • Insurance and Risk Assessment and Management Review More Frequent. Risk has become more complex and difficult to protect. The more you understand risk, the better you can allocate capital and manage the threats to your organization.
  • Boards are watching. Boards are more visible and they are asking more questions about risks. Not only do boards want to know the risks at hand, they now want to do what kind of event could cause the firm to miss its goals and objectives.
  • In order to meet rising expectations and more stringent risk management requirements in the current economic environment, we need a fresh approach, another set of eyes. An objective perspective is critical for firms that have had an era of a changing economic landscape and shifting risk priorities. An outsider’s fresh and unbiased perspective is invaluable when assessing your insurance and risk management needs.
  • Emerging and Mid-Size Technology firms are taking risk management more serious. There will be an increased focus on the performance of middle market-stage firms. Investors and other shareholders want evidence of how early stage and mid-market firms plan to build their program for managing risks during a time of change.
  • Increased pressure to turn “risk” into “opportunity.” Escalating competitive pressures will continue to grow. A solid business risk management program can lower exposure to the classes of risk that you are not in the business of taking.
  • Pressure to create a competitive advantage. Creating a competitive advantage will continue to be important for your firm.
  • Investors more focused on “risk” and how you manage it. The investment community may favor a firm if they understand the risks the company takes and are aware of the company’s plan for managing those exposures and turning risk into an asset.
  • Risk disclosure grows more complex. Risk management disclosure is growing increasingly complex. Corporations have increasing large obligations to disclose to shareholders which risks they are taking and what measures they are taking to manage them.

Have an insurance or risk management question? Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

 

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Telecommunications Industry Sharpens Questions on Risk Management

January 4, 2013 – The most commonly asked questions that TechAssure members receive about risk management include:

  • What are the risks associated with the introduction of new services to our customers?
  • What impact does geographic expansion have on our insurance and risk management program?
  • What ways can a solid insurance and risk management program help our firm minimize turnover?
  • What role does our distributors and supply chain have on our insurance and risk management program?
  • What can our company do to decrease our overall cost of risk?

Have an insurance or risk management question? Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

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