With the pace of technological innovation increasing all the time, it’s essential that the insurance industry keep pace as well. This may include expanding current types of policies to cover new scenarios, or it may mean creating new types of policies all together.
As a consumer, it’s important that you know what you’re covered for, and that you notify your carrier when you add a new piece of technology to your business model.
Developments in Transportation
Whether it’s drone delivery systems or a fleet of self-driving cars, new technologies are being integrated more and more into businesses across the country. These innovations bring many benefits, but they also create new liability situations that may not be covered by standard business or commercial auto insurance policies. To ensure you’re fully protected as you adopt new technology, consult with your insurance agent, and make sure you notify your carrier of any future changes.
Many Mobile Devices
Cyber insurance is a rapidly-growing sector, thanks in large part to the increasing amount of data that’s stored digitally and the rising threat of efforts to hack that data. One complication in the effort to keep data as secure as possible is the large and growing number and type of personal mobile devices.
Whether employees are using their own devices or these devices are issued by the company, the possibility of them being compromised, either by physical theft or through a connection to an unsecured network is a problem for both businesses and insurers alike.
Cyber insurance is continually evolving to meet the ever-changing needs of customers, and new innovations are springing up all the time. To make sure you’re protected, make it a point to review your cyber policy regularly, and to routinely train your employees on how to protect themselves and the company when working on mobile devices.
The Sharing Economy
The most recognizable faces of the sharing economy are likely Uber and AirBnb, but it has expanded to nearly every sector of the business world at this point. It also brings up a whole host of new liability issues, and so the insurance industry is having to adapt to that as well. In some areas, this means new types of policies that will cover policy holders in situations that simply never existed before.
However, it also involves things like on-demand, short-term policies to protect you in unique but infrequent situations. Knowing that this type of coverage is available, as well as when you may need it, it vital to the health and well-being of your company going forward.
To learn more about the ways we can help you protect your business in the face of the ever-changing technological landscape, contact our offices today.
