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Tag Archive for: Liability

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Seven Corporate Liability Exposures You Can’t Ignore

Network risk exposures are broad and touch most every business. The internet and related technologies have changed how we conduct business. We now have the ability to store and share data across interconnected networks. This creates efficiencies in all parts of an organization, including sales, marketing, data management and vendor relations.

The benefit of using internet-based technologies is broad, but they increase risks for most firms. Specific risks include:

  1. Theft of private data
  2. Theft of sensitive data, including health and financial information
  3. Manipulation of information
  4. Computer viruses
  5. Damage to hardware
  6. Damage to operations
  7. Fraud

Most corporate insurance policies exclude exposures from the internet or network. If your organization has most of it’s’ exposures in these areas you will need to explore insurance and risk management programs that are designed to cover those liabilities.

More than ever, staying fully informed and up-to-date with the latest industry trends is the best way to remain competitive and relevant in a changing market. A TechAssure member can help you identify the best program for your network risk exposures.

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As a Technology Firm, What Limits of Liability Should We Consider?

Despite your very best efforts to understand and mitigate all of your exposures to loss, your organization could still be sued. Technology companies face a variety of exposures, and lawsuits against these companies are sometimes frequent and complex. The size of settlements is also on the rise.

TechAssure members often get asked the question, “how much umbrella limits should we carry?” There is not a single, standard answer. Because the answer differs for each client, you may consider the following factors when selecting a liability limit that is right for your firm.

  • Your stage of growth
  • Outlook for growth in the next 12 months
  • Asset size of your organization
  • Profile of the business and board members
  • Merger and Acquisition activity
  • Type of technology firm
  • Type of products and services your organization provides
  • Contractual requirements and obligations

Your TechAssure member can help you through the procedure by providing benchmarking information that can help your firm make an informed decision.