Manufacturers

Companies who manufacture technology products have an interesting risk exposure. All manufacturers, whether you are manufacturing cars, plastics, or computer parts have a product liability exposure. Product liabiity insurance covers a manufacturer for 3rd party claims of bodily injury and property damage due to a certain product. While a computer part or other piece of technology could malfunction and create a bodily injury or property damage claim, it is rather rare. But, it is much more likely that it will cause another type of law suit, and that is for a financial damage. Financial damages are insured through an Errors and Omissions policy.

 In addition to the Errors and Omissions Insurance policy for companies who Manufacture Technology Products they also have other important Risk exposures they need to insure against. For one, they have a product, which obviously have a value. This needs to be insured for against perils such as wind, fire, hail, theft, vandalism and much more, which can be covered by Commercial Property Insurance. The manufacturer may also ship the product domestically or internationally. This would need either a Motor Truck Cargo Policy or an Ocean Cargo Policy. Manufacturing Companies also need Commercial General Liability to cover their premises liability. Workers Compensation for Manufacturers can also be tricky. Each States workers compensation differs, but there are ways to save money, even if the rates are set by the State.

 

 

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Social Media

Social Media is a relatively new industry. Everyone is now aware of the social networking sites Facebook and Myspace. Also, most people would recognize the Internet Dating Site, eHarmony and Match.com. Other forms of social media also include career search sites like Monster and Jobbing, Classified sites like Craigslist and meeting sites like Meetup.com. Many companies are also creating their own social networking platform. They are creating their own with developers or they are using platforms like Xing.com.

These social media sites have unique, new risks. These new risks need new insurance to address this risk. The insurance that covers social media is found in the Internet Liability Insurnace policy or the Cyber Liability Insurance Policy. Internet Liability Insurance covers companies for privacy infringement and intellectual property infringement. It can also cover for dissemination of a computer virus, cyber terrorism, cyber extortion, and crisis management and public relations expenses after a breach. But most importantly for these sites, Internet Liability Insurance for Internet Dating Sites, Social Networking Sites and other Social Media should cover for Contingent Bodily Injury and Property Damage claims.

 

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Developers and Programmers

Web developers and Computer Programmers speak and write another language. One little thing off and everything might have to be redone. Also, one little number off, and the security of the site or program might be compromised. One little number off and the program might fail at a mission critical moment. But, that just addresses the writing risk. What about speaking? Do you ever feel like your clients don't understand what you're telling them. This miscommunication could lead to a serious problem in which they sue you down the lie. It might be that you did everything correctly, but they didn't understand what you did and what they were getting. Developers and Programmers need to have a sound Professional Liability or Errors and Omissions Insurance Policy. This will compliment their basic risks of property insurance, general liability, workers compensation and automobile.