Start with how the operation works
Technology businesses can create both cyber and professional liability exposure. A useful program connects services, contracts, client systems, data access, security controls, vendors, intellectual property, and the financial impact of an error or outage. For commercial flood insurance, flood planning evaluates building, contents, elevation, prior loss, financing requirements, and available FEMA, private, or excess options.
Operating details to document
- Description of technology & it services operations, locations, revenue, payroll, and recent changes
- Current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate
- Contracts, certificates, current policies, and currently valued loss history
Coverage details to review
- Building and contents flood limits
- FEMA and private-market options where available
- Excess flood capacity above qualifying underlying coverage
- Waiting periods, deductibles, exclusions, and lender requirements
Look for Gaps Before a Loss
A useful review goes beyond selecting a policy name. It connects current information to eligibility, policy structure, and the consequences of a significant loss.
- Compare current operations with classifications and named locations
- Review exclusions, sublimits, waiting periods, and coverage triggers
- Coordinate this policy with contracts and other insurance
Alleged technology errors, failed implementations, missed deliverables, and client financial loss
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Data breach, ransomware, social engineering, privacy liability, and dependent-system interruption
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Contractual commitments, intellectual-property allegations, employee risk, and business interruption
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Building and contents flood limits
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
FEMA and private-market options where available
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Excess flood capacity above qualifying underlying coverage
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Waiting periods, deductibles, exclusions, and lender requirements
Confirm how this applies to the operation, how it is represented in the application, and where the policy addresses or excludes the exposure.
Information to have ready
- Description of technology & it services operations, locations, revenue, payroll, and recent changes
- Current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate
- Contracts, certificates, current policies, and currently valued loss history
- Property address, use, and occupancy
- Building and contents values
- Foundation, floor, and elevation information when available
- Prior flood losses and mitigation improvements
Questions for the coverage review
Which technology & it services risks could create the most severe loss?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Do current values, classifications, limits, and deductibles reflect the operation?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
What operational changes, contracts, or dependencies should the insurance review address?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
What flood limit does the property and lender require?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Should FEMA, private, or excess options be evaluated?
Document the answer and compare it with the application, quote, endorsements, limits, deductibles, and contractual requirements.
Frequently asked questions
Who should use this technology & it services commercial flood insurance guide?
Business owners and insurance buyers can use it to prepare for a focused review of coverage alignment. It is educational guidance, not a quote or a substitute for policy terms.
What information should a technology & it services account gather first?
Start with description of technology & it services operations, locations, revenue, payroll, and recent changes, current values and schedules for technology errors and omissions and cyber liability, general liability, property, business income, and crime, workers' compensation, epli, d&o, and umbrella or excess where appropriate, contracts, certificates, current policies, and currently valued loss history, plus currently valued loss information when available.
Coverage descriptions are general. Eligibility, availability, limits, deductibles, exclusions, and policy terms vary by risk and market. Review actual policy documents with an appropriate insurance professional.