Attention Technology Companies “Houston… we have a PROBLEM.”
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.”
— R. Buckminster Fuller
5:10 a.m. coconut oil infused coffee in hand, my Queen is fast asleep, and I dreamt like never before. I cannot tell you what my dreams were About, but I think I traveled about 20000 miles last night while asleep, meeting many new people, and conquering new lands.
No matter how great or bad my dreams are, I awake to a better life. I have a fantastic, beautiful partner, three amazing kids, and a team of amazing people that we call The Thompson Group.
I’ve got a packed day of meetings, talking with strangers, looking for solutions, managing problems, it’s what I do. I’ve got a pretty good gig these days, I feel like a Doctor whose only mission is to help heal those that are sick. If I meet someone that is not sick, I thank them and move on, but many people need our firm’s services.
We are launching a significant marketing effort at our company targeting specific verticals. We have ten main lines of coverage or solutions that can help solve some of our prospects pain.
One of those verticals is technology companies. If a company does anything tech, we have a solution. We found this solution by accident, one of our old friends took a new gig, she reached out, we had an opportunity with a new prospect, and this carrier simply killed the opportunity.
Technology companies have two significant needs when purchasing risk management products; they have a substantial errors and omissions exposure but also a cyber-exposure.
From an errors and omissions aspect, managing someone’s network leaves open the door for a mistake that cost business thousands of dollars. A few years ago a fellow insurance agent hired a company to manage his technology; they were charged with the management of this man’s network, backing up the data, making sure the system was available when needed.
But something happened, and the network went down. As a prudent business owner and good technology firm, they were backing up his data. When they went to pull the back up from the cloud, they realized they didn’t have a quality backup of data. The data was junk; there was an error in their process.
That required the insurance agency owner to devote thousands of dollars of resources to reload all his client data. The agent sued the technology company, and their errors and omissions responded. Without errors and omissions, the technology company would have been out of business.
Another area we manage when working with our technology clients is cybersecurity. If you are playing in the technology space and a client get’s hacked, the finger will be pointed to the technology company. I’m astounded at the number of tech companies that have little or no cyber coverage.
They may think they have a robust program but our risk management analysis brings to light multiple gaps and issues with their current plan. Our go-to carrier has solved the riddle of Cyber Insurance and offers a product that is bulletproof.
If you are a technology company owner or manager, it might be a good idea to contact our firm. You don’t know what you don’t know, and our review process will help you identify gaps in your program. We will not quote your insurance that is not our process. We will, however, take a deep dive into your exposures and current plan and show you how your current operations match your current plan.
Will your current insurance program cover you when things go “wiggy?” It’s a matter of time before things go “wiggy” and I’m confident our clients will have the protection they need when data that is supposed to be backing up magically decide not to back up.
If you are a technology company, it might be time for a risk management analysis.
“You never change things by fighting the existing reality.
To change something, build a new model that makes the existing model obsolete.”
— R. Buckminster Fuller