EPLI is short for Employment Practices Liability Insurance. It protects employers from claims made by employees, former employees or job applicants. It helps cover a variety of employment‑related claims, including wrongful termination and discrimination. EPLI policies can also cover legal fees that come from defending such claims.
New York Technology Insurance
HCP offers tailored advice and innovative insurance for New York tech businesses.
We understand the unique risks and challenges faced by the tech industry. We will help you navigate the complex insurance landscape to protect your tech business effectively.
Technology insurance with HCP Insurance
This insurance is customized to fit a business’s particular needs. Your policy can cover many risks, including data breaches, cyber‑attacks, and even acts of nature that damage hardware or systems. Our extensive experience in tech helps us provide comprehensive coverage for startups and large organizations.
What is technology insurance?
Technology insurance helps protect companies from financial losses associated with technology‑related risks. It combines many conventional types of policies. In turn, it provides businesses with comprehensive coverage against a range of risks.
Technology insurance can protect them against:
- data breaches
- cyber-attacks
- hardware failure
- cyber liability claims
What are the main types of tech insurance?
- Cyber insurance for financial protection from cyber‑attacks
- Data breach insurance to cover costs from responding to and mitigating data breaches
- Commercial general liability (CGL) insurance to shield businesses from potential legal claims
- Business owners policy (BOP) insurance to combine property, liability, and other types of coverage
What additional forms of tech insurance coverage exist?
Along with more common forms of tech insurance, there are many other forms to consider.
New York businesses with employees are legally required to carry workers’ compensation insurance. When employees get hurt on the job, this insurance covers the medical costs and lost wages they incur.
Professional liability insurance is also called errors and omissions (E&O) insurance. It safeguards businesses against losses linked to professional services or advice.
How much does technology insurance cost?
This question doesn’t have a single answer. Instead, the cost of technology insurance depends on a variety of factors.
There are many things to keep in mind that can influence the price of your policy.
These include:
- business size
- specific coverage needs
- claim history
- number of employees
- scope of operations
business size
specific coverage needs
claim history
number of employees
scope of operationsChoose HCP Insurance for your technology insurance needs
At HCP Insurance, we understand the unique needs of New York tech companies. We’re here to help you protect your business with the right combination of coverage and cost. Turn to us for all your technology insurance needs!
As your trusted insurance partner, we take pride in doing the legwork for you. Our team will go the extra mile to shop around and compare multiple insurance options, ensuring we find the most suitable coverage that aligns with your budgetary constraints.
Whether you are a startup, a software development firm, an IT consulting agency, or any other type of technology‑driven business, we have the expertise to provide the right insurance protection for you.
Our comprehensive technology insurance offerings cover a wide range of risks, including data breaches, technology E&O, intellectual property infringement, cyber liability, and more.
Frequently asked questions about technology insurance
Any remaining questions about technology insurance in New York? We’ve provided answers to some of the most common below.
No. Some forms of tech insurance are necessary if your business operates in certain industries or locations. Still, the majority of tech insurance policies are not mandatory. One exception is workers’ compensation insurance. For New York businesses with employees, it’s required.
Many tech insurance policies have a one‑year term. Some may provide coverage for longer or shorter periods of time.
Most technology insurance policies exclude coverage for malicious damage or criminal activity. Some policies may also exclude losses from professional negligence or intellectual property claims. Read policy terms and conditions carefully before signing up for coverage.
The amount of coverage needed depends on various factors, including the size of your technology business, the type of services you provide, and the potential risks involved. Assess your business’s specific needs and consult with an insurance professional to determine appropriate coverage limits.
Technology errors and omissions insurance specifically covers mistakes or failures related to technology products or services. It is recommended for technology companies providing software, programming, or other tech‑related services, in addition to professional liability insurance.
In the event of a claim, promptly contact your insurance carrier to initiate the claims process. You may be required to submit specific documents or provide additional information about the incident. Your HCP Insurance agent will guide you through the claims process and provide assistance at every step.
