After months of remote work, decreased profits, and never ending stress, there is just one question on everyone’s minds: how can we be prepared should another crisis occur? For businesses, the single best way to prepare is making certain they have the right insurance for their needs. 

Since most tech businesses can still function relatively normally through remote work, one risk they must account for is cybersecurity, especially as employees continue to work from home. Many businesses were rendered vulnerable when they made the switch to remote work as they did not have adequate time to inform their employees about the dangers of cyber liability and the losses a company can suffer if proper attention isn’t given to it. Hackers have been taking advantage of these weakened businesses by making cyber attacks designed to inhibit a business’s ability to operate or steal confidential information, which can leave already vulnerable businesses in an even worse position. 

While many tech companies will be able to maintain operations with their full workforce at home for the foreseeable future, some businesses may be looking at a partial return to the office over the coming months. This kind of hybrid solution could continue to create problems as employees may be using personal devices or unsecured networks while working from home. This in turn leads to a higher probability of cyber liability claims – and this probability only becomes greater with more employees working from home. 

The good news is that business insurance can help protect your business from this kind of damage. WTIA’s business insurance currently serves a wide variety of companies with a range of tailored plans. Our in-house team has years of experience in tech insurance and will serve as your trusted advisor regardless of your business’s needs. We will talk you through key factors for ensuring the security of your business from assessing your program’s ability to respond to crisis scenarios, verifying that your coverage is right for your business’s needs, and identifying any gaps it may have. 

Below we’ve provided our personal checklist of points to consider when evaluating your cyber liability insurance program: 

• Worldwide coverage regardless of where employees or assets are located 
• Coverage that includes devices owned by employees 
  • It should also cover employees who are asked to bring their own device (especially relevant given the recent increase in remote work)
• Coverage that is automatically implemented when new technologies are introduced 
• Coverage for devices that are damaged or no longer usable after a cyber attack 
  • This should include both devices owned by the employer and the employee 

WTIA’s business insurance checks each of these boxes and more. When we work with you, we start by diving deep into the operations of your business to understand all the details of business operations and financial performance. This includes significant time spent with the head of our business insurance advisory team, Thomas Price, who has decades of experience in insuring tech companies specifically. 

While working with our business advisory team, they will go through the full history of your company to better comprehend challenges and determine needs for the business’s well being. This will take into account acquisitions, capital structures, investors, and more in order to give a full picture of the business’s operations. 

If your office has gone fully remote due to the Covid-19 crisis, it’s probable that your employees may not be located in the same place for the long-term future. This also means that employees may be using more of their own devices in order to do work and they may therefore be more vulnerable to cyber attacks. Although sorting out internal security measures is an individual choice for each company, with WTIA insurance your business won’t have to worry about losses due to cybersecurity incidents as that is fully covered in any plan you choose with us.

In addition, given that many of the participants in our insurance program are tech companies, it is important that any new technology brought to the company is immediately included in the insurance coverage. This minimizes liability for your company while saving time. 

All of these important insurance details can be overwhelming to keep track of, but WTIA is here to do the work for you. When you work with us, you’ll know that your business is in good hands no matter what happens.