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2 September 2015
Building Scalable Insurance Programs For Each Growth Stage of a Entrepreneurial Company
Basic Types of Business Insurance
Basic Types of Business Insurance
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• Property and Casualty
• Life Insurance / Key Person
• Employee Benefits (Health and Disability)
Key Functions of Business Insurance
Key Functions of Business Insurance
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Claims• Protect balance sheet
• Protect personal assets of Directors and Officers
Compliance• Statutory
• Workers Compensation
• Auto Liability
Currency to do business• Building and Equipment Leases / Debt and Loan Covenants
• Customer Contracts
• Ability to attract outside directors to sit on the board
Risk Exposures Facing Technology
Companies
Risk Exposures Facing Technology
Companies
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Property - EDP Equipment, Networks and Data
• Fire, vandalism, theft, earthquake, flood, etc.
Product Liability and Errors & Omissions
• “Failure to Perform” resulting in a financial loss to customers
Cyber Risk - First Party and Third Party
• Network Security – unauthorized access, transmission of virus of malicious code, theft/destruction of data, cyber extortion, business interruption
• Privacy – PII/PHI data exposed by hacker, lost device, rogue employee, physical records
• Media – Advertising & Personal Injury, infringement of Intellectual Property
Intellectual Property
• Infringement of copyright, trademark, trade dress, patent
International
Key Person / Human Capital
Building Scalable Insurance Programs
Building Scalable Insurance Programs
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Scalability - Key Questions
When should a technology company secure Tech Errors & Omissions (E&O) and Cyber Risk insurance?
What about the timing of purchasing Directors & Officers (D&O) insurance and what are the key things to look for?
International Insurance - what does my company need to know about complying with local country insurance statutes?
When should I consider the following insurance products?• Employment Practices Liability (EPL)
• Kidnap & Ransom (K&R)
• Business Travel and Accident (BTA)
• Representations and Warranties
• Intellectual Property and Patent
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Diversified Insurance GroupContact Information
Spence Hoole, ARM, CICPresident / CEODiversified Insurance GroupTel: [email protected]
Kevin HyerAccount ExecutiveDiversified Insurance GroupTel: [email protected]
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