Coverage Checklist:   Key Coverages for all IT firms….

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1. Tech Errors & Omissions Cyber Package: TechRisks.com & underwriting partners deploy our market proven,   leading Tech MSP and Client Standardization, Best Practices, Contracting Analysis & Cyber Incident Solutions via the attached application. Contact TTechRisks.com for a complimentary Risk Management Analysis.  Cover your products, services and systems today. (See master app)

2. General Liability Property / Businessowners Packages: Our application includes basic minimal information to provide best viable terms for bodily injury, property damage and business income / interruption BOP insurances. (See master app)

3. Workers Comp: Our application includes basic workers comp and employers' liability information. (see master app) One underwriting partner offers number one rated workers comp coverages and claims processing and has matched or bettered many clients workers comp this year. Simply send a copy of your workers comp policy and loss runs if available for maximum credits & best rates.

4. Auto Insurance: Does your firm own any vehicles or need hired and non- owned auto insurance, if so, we can offer it at competitive rates. (send copy of all drivers and vehicle information on existing policy or see master app)

5. Crime Insurance: We can add Crime & Theft to a BOP upon request or if you want higher limit, simply email TechRisks.com for supplement application.  

6. Employment Practices Liability: Are you concerned about wrongful termination, harassment or discrimination claims made by employees or former employees? We can add EPLI to a BOP upon request or if you want higher limit, simply email TechRisks.com for supplement application.

7. Fiduciary / ERISA Coverage:  Manage employee benefits. If so, complete supplemental application below. 

8. Building Insurance Property: our application includes basic minimal information to provide  best viable terms for building owners and lessors.

9. Directors and Officers Insurance: D&O Insurance covers both the tech company and the owners   personal assets for allegations of mismanagement made by shareholders, employees, clients, and others. Simply email TechRisks.com for supplement application

10. Umbrella / Excess: Umbrella or Excess High Limit Option for all of the above.  (note on master app or your email to us) 

11. Other Insurance upon request

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New Exclusive Product Offerings

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• Trade Credit – client Payment Default: This is a new solution protects tech firms for client nonpayment, default including chargebacks or even software hardware licensing nonpayment. We have a critical new program under development to protect the monthly service model which is under attack.   Contact Michael.Kihm@TechRisks.com

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• Merger / Acquisition/ Asset Insurance: If your firm ever considers a Merger or Acquisition, it is important that legal and your insurance partners are made aware of it. We can protect company (corporate) and owners (personal          assets) of both sellers and buyers when companies are sold or merged.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

• It is important to contact Michael.Kihm@TechRisks.com  to coordinate with your attorney if you are considering a a merger and acquisition to ensure the Errors & Commissions Cyber Insurance is properly leveraged and managed from a past and ongoing perspective, including any necessary tail extended reporting provisions for both the buyer and the seller perspective.                                

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• Patent / Intellectual Property Insurance:   Do you or your firm own a Patent:  Obtain Exclusive Protection through TechRisks.com  by contacting Michael.Kihm@TechRisks.com

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Plus   Protect you and your clients now!

• Cyber Insurance for your clients: TechRisks.com is increasingly helping Tech MSP Firms find best viable solutions including Cyber Incident Response Planning, coordinated MFA, Encryption, Data Back-Up, and Phishing Solutions for end user CLIENTS, often within minutes.  Whether you work with a medical office, a local retail or a large manufacturer of any class, TechRisks.com and our select partners provide market leading best rates, terms and protections and cyber risk services. 

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Miscellaneous (Contracting, Cyber, Checklists and Other Program Info)

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Here is our most recent Webinar 

This includes critical information regarding:

- Key Coverages for all IT firms

- Cyber-Crimes, Ransomware, Extortion, Data Breaches and Losses

- What smart Tech Firms need to do now to keep or get the right E&O Cyber security coverage

- Overview of why rates are jumping so much

- How and why TechRISKS is your best choice for cyber insurance. 

- Critical and Proven Tech firm

             Best Practices,

             Standardization,

             Contracting Info

             and Cyber Incident Response Prevention, Detection and Response Solutions

-  Supplemental info Coverage Checklist, Cyber Services and Market Data

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* This presentation and enclosed information is confidential and proprietary!! Do Not Share or Distribute without the express written consent of Michael.Kihm @TechRisks.com

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The ASCII Lloyd’s Program Policy has been broadened to include insurance for  Extortion ,Ransomware, Cyber Crimes , Incident Response  and other key E&O, Data Loss & Privacy Coverages.  

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​With submission, you will receive complementary best practices information 

 

With purchase, you will receive FREE:

Cyber risk rating report

Skurio breach alerts*

CyberRiskAware phishing-focused training

Cyber risk awareness videos

Cyber incident response planner

Legal contract publishing tool

Contract best practices guidebook

Incident Response Templates and Plan Review

Interactive Online Training 

Online On-Boarding Video

 * This  can  vary by final carrier and coverage selection you make but these atypical exclusive products.   

 

Contracting Info

Try to get as many of your clients under written contract as possible. If you provide sales and service work on a project basis.  Outline said products and services being provided, include the terms and conditions of your work being done.  Look at what your competitors use.  Google similar contracts online or if you have a lawyer, have him draw up contract wording.  Review items like guarantees, limitations of liability.  If you need help, let me know as we are bringing contract support online with key partners.

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Use workorder changes.  Get signoffs on all proposals, change orders, invoices,  etc.  Document and keep records including email correspondence, etc. with clients here.   It should be noted that cyber crimes, extortion and data loss are a real problem right now.  If you offer your client a network security type of product like antivirus, backups or firewalls, note that in your documentation.  For example, I am offering you XYZ back up service, ABC software or DEF firewall server etc..   Client either agrees to purchase or declines.  Document that clearly with signoffs noting client is aware they are solely responsible for any liability or losses if they decide to decline said network security or technology product (you professionally recommend) which may protect and help them and their interests.

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We are also seeing contract requirements for banks, financial, tech and other firms increasing “cyber” limit requirements.  I would strongly consider locking in now on one of these options, even the higher limits as it could protect your interests. There are challenges and necessary changes that must be made in order for “cyber liability insurance” to stabilize. The proactive tech firms that embrace said changes, will be the ones that survive and thrive (as it is thought that many of your competitors are uninsured or underinsured in critical areas).  Next, several of your clients may be also facing challenges in this area.  It should be understood, that we will defend and indemnify your firm for your tech products and services.  Just because a client suffers a network security breach, that does not mean your firm is liable.  For example, they may use tech products and network security services from other providers and software companies or worse yet, they may have a rogue employee. Thus…. 

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Your Clients need to have their own cyber insurance. We can provide your clients these services and protections.  One area under development we can possibly partner with your firm on is the Cyber Prevention, Awareness and Incident Response.  We can help Prevent, Detect and Respond to Cyber Incidents. For as low as $100-200 per year, our packaged Cyber Plans positively fund,  address and insure these vital services.   Indications can be provided often upon receipt of above attached basic cyber client app .  Cyber terms and condition, availability vary greatly by non-tech firm class type. As an FYI,  the insurance marketplace and our competitors are very fragmented in this area. Some insurance companies offer nominal sub-limited coverages of $10,000 and little to no cyber crime or true extortion coverage.  Most don’t offer Cyber Incident Response Services.  In our opinion, this is not cyber insurance.

 

Double check your client contract requirements. We will provide E&O, Cyber, Privacy, General Liability and Property Coverages in most quotes. If you need workers comp, auto, crime, employment practices, umbrella, cyber insurance for your clients or other insurance needs, they are immediately available upon request to e-contact@techrisks.com  and completion of basic application information

 

Our Insurance Program offers market leading coverages and terms.  In fact, Lloyds of London and our other partners are offering an enhanced cyber crime and theft of funds coverage option to directly protect your firm  The marketplace is under severe pressure right now.  Data loss, cyber-crimes, extortion and ransomware losses are exponentially increasing (both in number of claims and severity).  MSP’s and RMM Software in particular are under attack.

 

We need your help!   ASCII, Lloyds, TechRisks.com and our partners are working overtime on these issues, like you may be. We are developing best practices.  These involve Standardization and Protocols that should be met (or at a minimum addressed & considered).  ASCII's exclusive program and ASCII preferential pricing arrangement still exists.

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Kindly review the application or standardization recommendations. Some tech clients of ours have ironically found certain questions to be beneficial.  From a business risk management standpoint, they address key issues or highlight problem areas you should be aware of.   We hope this helps explain the marketplace situation and what our best options are for this year.   If you have any questions, feel free to email or call us at any time.  Thanks in advance!

  

Our new application process will assist all parties in important areas.  Share the application with management & key tech employees if you need help in answering a technical question. Kindly complete and return as soon as practicable.   The sooner we receive your complete application, the more time you and I will have to review best terms for us to proceed with.   The app and processes deployed are works in progress. Several insurance carriers are pulling out of the MSP business. A number of competitors on the program brokerage side are either cancelling or non-renewing tech firm clients. Reinsurance companies are also nervous.  Rates in general are also increasing  across most industries. Once again and of note, insurance companies are incurring & realizing major “cyber” losses.  Unfortunately tech firms are prime targets. In effect, if a bad actor get access to your MSP Network, he / she can likely shut down your client systems as well.  This occurring more frequently of late.

 

We are working on risk management techniques including blockchain and other technologies to remediate and lessen the long term exposure, so that the marketplace settles and becomes more “mature & stable”.  Please review the  Cyber Incident Response Plan info that is provided in our Program Offerings.  This is a free service and we encourage you to use it, especially if you suffer an attack.  To clarify, this is included in most quotes sent this year.   It has helped a number of our insureds and the feedback has been excellent.   Your firm needs our tech package coverages more than ever.  We would not go bare without the insurance this year for several reasons.  We I have seen this happen in other industries.   Ironically our rates have been largely flat for ten years as long as your exposure and revenue has not increased above certain thresholds.  With that said, we will provide you several options including coverages for 1st party cyber-crime and theft of funds (which includes protection for owners personal financial assets in case of a security breach). 

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The below can vary by applicant and final insurance bound terms.....Here is a Sample we use with Lloyds.

 

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