Technology risk management strategy.

Every company needs to have some form of Technology Insurance as an element of their risk management strategy. Even businesses that need comprehensive Technology coverage are not on a those dealing specifically together with the design, manufacturing, or serving of business or consumer technology. Practically watch employs technology on some level, and therefore is vunerable to "Cyber Risk". It is important to observe that "Cyber Risk" will not be covered beneath your General Liability Insurance Coverage. (G.L.I. is perfect for bodily injury or property damage to others.) Since a lot of technology involves "intangibles" like data, designs, etc. you would like Professional Liability Coverage to pay these risks. Technology Insurance is basically Professional Liability Insurance that may be customized for Technology companies. In order to get an even better idea of how cyber risk may affect your business talk about the common technology insurance terms below.
Because from the rapidly changing field of technology and technology itself, insurance terms and definitions can vary from carrier to carrier. Always consult an educated technology agent before purchasing any technology insurance policies.
GENERAL TERMS:
Cyber Risk - Umbrella term for a number of instances of possible loss faced by any business utilizing technology.
Cyber Liability Coverage - coverage for liability and expenses in your company as a result of cyber risk loss
Electronic Data Processing Property Coverage - blanket term usually speaking about electronic data, edp equipment, mobile communication property, and communication property.  '' It is very important to possess this coverage and be clear with what this coverage does and does not mean for a individual carrier.
Intellectual Property Coverage - coverage for intellectual property or patent infringements including trademark, copyright, or patent violations. This coverage is normally available in two parts, one part in the event where you are in charge of intellectual property infringement and another part in the event that where someone has violated your individual intellectual property rights.
Common Types of Losses as a Result of Cyber Risk
Errors & Omissions - Umbrella term for virtually every loss attributable to an error or omission by your company.

Data Breach / Data Loss
Unfulfilled Contract or Warranty
Data Breach / Data Loss - Loss or corruption of company or client data. This includes, but is not restricted to:

Stolen/misplaced hardware (laptop or memory stick)
Malicious software (intentionally/unintentionally shown company's or client's system)
Software Glitch (malfunction causes loss or misplacement of knowledge)
Personal Injury (Digital) - Defamation caused for an individual or company through digital media including:

Company Website
E-mail
Social Media

This is simply the tip in the iceberg. When you're aiming to keep your company & technology secure, be sure to speak to an insurance broker who concentrates on Technology Insurance!