Our agency writes business insurance for a lot of tech companies! The industry represents our widest range of clients by both revenue and employee count. We have tech clients from 1 or 2 employees with sub $1M in revenue to publicly traded companies with over 1000 employees and $2B+ in revenue. As such, this is an industry we very much understand at every mentioned level. One of the common insurance requirements written in most IT contracts, especially for those companies providing IT Staffing is Crime Insurance. Crime insurance is built to offer coverage for theft but are you clear on how it does and doesn’t work.
You, like most people will probably never sit down and read an 180 page insurance document, but as many of us grew up hearing… Sometimes, the devil is in the details.
We recently had a well-established tech company come to us for insurance. While quoting their policies we located a massive chink in the armor of their crime policy. Not all policies are written with the same language, which is one of the reasons it is crucial to work with a professional and not try to obtain coverage on your own, but in this instance what we found was alarming to us and the insured. The company that wrote their crime insurance provided coverage for theft only when it occurs on the client’s premises.
What does this mean for the insured and their clients? There can only be a covered loss if our client’s employee got in their car, drove to the other company’s physical location, and stole their property.
Are you picking up on why this is an issue? Our client almost never sends his employees to the client’s location, even pre covid! It’s a tech company!! They do 99% of their work remote, but this is a major issue because if the employee was not on the other company’s property when the theft occurred how would they be protected? The answer: Adding 1 simple endorsement that expands upon that base policy definition to include any premises of the Insured’s, which also means remote workers/consultants doing services via remote access/computer system.Jane DoeBlog Title Read More
We know how important fulfilling contract requirements and having competitive premiums are, but we also want to ensure the coverage you have is actually going to protect you if and when a claim arises. Don’t leave the wellbeing of your company and your clients to chance. Reach out to one of our specialists today!