Information Technology Insurance
What Does Information Technology Insurance Mean?
Information technology insurance provides coverage that protects businesses from losses related to IT mishaps. Many companies store vast amounts of data and other critical information on computers. Theft, destruction of this data, software failures, security breaches, and other errors can result in significant losses, making information technology insurance essential for safeguarding against these risks.
Insuranceopedia Explains Information Technology Insurance
As information technology has advanced, it has become increasingly important for businesses, many of which rely on it for significant portions of their operations. This reliance means that any issues with a company’s information technology can lead to substantial losses. For instance, if an online stockbroker experiences a system crash, millions of dollars could be lost. Information technology insurance helps mitigate these risks, covering losses related to IT issues such as errors and omissions, media liability, and privacy breaches.
