Due to their specialized risk profile, unconventional business model, and often limited budget, organizations within the nonprofit and social services niche require specialized insurance products. The programs offered through BMTIA allow these organizations to mitigate their risks, minimize losses, and reduce costs while working towards their mission.
This portfolio of insurance products and services addresses the unique and complex risks of the nonprofit and social services sector. This program covers many different types of organizations, ranging from museums and performing arts to charter schools, community action agencies, drug and alcohol facilities, and more.
GENERAL & PROFESSIONAL LIABILITY INSURANCE
There are many liabilities that can land an information technology firm in court and harm their reputation amongst customers and vendors. These include general liabilities such as bodily injury, property damage, and advertising claims, as well as professional liabilities such as intellectual property disputes and professional errors mistakes leading to monetary damages. BMTIA offers a comprehensive liability program tailored to IT firms that provides coverage for Premises and Operations, Personal Injury, Advertising Injury, and Errors and Omissions.
Property insurance can be a difficult coverage for IT companies. Because they have so much valuable electronic equipment on the premises, disasters and accidents can lead to costly expenses and repairs, and disruptions can have immediate and drastic effects on their business operations. This Commercial Property program can be designed to cover a firm’s assets including the building space, its contents, computers and other media equipment, inventory, and supplies. The program can also include Business Interruption and Extra Expense coverage.
IT firms, due to the transactions that they perform and the sensitive data that they have access to, are vulnerable to many criminal acts by both dishonest employees and third parties, with substantial potential heavy costs. This Crime and Fidelity insurance package can be customized to include coverage for losses stemming from employee dishonesty, computer fraud, funds transfer fraud, forgery, alteration, money and securities, theft of client property, safe burglary, and other specified criminal acts. The program can also help firms to identify and mitigate their exposures to reduce the risk of future incidents.
Commercial Automobile Insurance
Vehicle repairs, medical costs, and lawsuits can be very expensive for technology firms. This Business Auto policy will cover insureds for medical expenses incurred from car accidents, damage to others’ property as a result of an accident, liability claims, and physical damage to company vehicles. The program also includes Hired and Non-Owned Auto coverage for firms whose employees use their own vehicles for business purposes, or for employees leasing cars for company business. The program can also help insureds to implement a driver-training program to further mitigate losses.
Cyber Liability Insurance
Technology firms are not immune to cyber-attacks; in fact, data breaches are one of the biggest threats for technology companies of all sizes, due to the valuable client data stored in their digital information. This Cyber Liability program can be customized to suit individual firms’ needs. It will provide coverage for first-party losses including the cost of notifying clients, forensics to determine the source of the breach, PR campaigns to combat reputation damage, credit monitoring for affected clients, and any cyber extortion demands or ransomware. In addition, the program will provide further coverage for third-party cyber losses including attorney fees, court costs, and settlements or judgments. The third-party coverage can be included within the Professional Liability insurance program.
Directors & Officers Liability Insurance
Just one lawsuit against a firm’s board of directors or individual executives can have devastating financial damage. This Directors & Officers (D&O) Liability insurance program offers tailored coverage that can include Side A Coverage (which applies directly to the directors and officers for losses resulting from claims made against them regarding their wrongful acts), Side B Coverage (which reimburses corporations from losses due to indemnifying their directors and officers), and Side C Coverage (which protects the firm against its own liabilities regardless of lawsuits). In addition to D&O coverage, the program can also include Employment Practices Liability coverage as an endorsement or a standalone policy, as protection against employment-related claims brought about by employees or certain third parties.
Though the technology sector is not considered a “high-hazard” field, it is still important for technology companies to understand what drives workers’ compensation costs and take measures to reduce claims, injuries, and expenses. One major cause of Workers’ Compensation difficulty is subcontractor use, which is common for technology firms. In addition to providing Workers’ Compensation coverage, this program offers risk management solutions, worksite evaluations, self-insurance alternatives, and cost-containment services.