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The Importance of Telecom Insurance
Telecommunications businesses provide cutting-edge technology solutions in a variety of industries, including:
- Cable television
- Television broadcasting
Owners of telecommunications businesses, like yours, face many unique risks. This is on top of the usual risks small businesses face, like property damage and data loss.
Let’s look at the insurance coverages telecommunications businesses can get from The Hartford.
Business Owner’s Policy for Telecom Small Businesses
Most telecommunications businesses should have a Business Owner’s Policy (BOP) as part of their insurance plan. A BOP helps protect your business much like a homeowners policy helps protect your home.
By combining three basic coverages, a BOP can help save you money, while safeguarding the communications business you’ve worked so hard to build.
- General Liability helps protect you from lawsuits if someone claims your business caused an injury or property damage. It can even help cover certain claims of slander or libel. However, business liability does not cover claims arising from the professional services you provide. A professional liability policy would cover you for those claims.
- Commercial Property coverage helps protect the place where you do business. It also helps protect your tools, including computers and installation equipment. Commercial property insurance applies to your property, whether you own or rent it.
For even more protection against theft, you can look into fidelity bonds for your small business. These can help safeguard your business from:1
- Employee theft
Business Income coverage can help cover the loss of income if you have to close your business temporarily because of covered property damage. This could include damage from a fire that keeps you from opening for several weeks.
Learn more about our Business Owner’s Policy for your small telecommunications business.
Optional Coverages to Add to a Telecommunications Insurance Policy
Professional Liability Insurance (E&O)
Working with new technology puts your business at a higher risk of errors and omissions in the services you provide. Imagine if a software glitch causes a client to lose important data, or a programming flaw stalls a broadcast. Telecommunications businesses can get sued for damages, especially when they result from errors like these.
If you’re facing a lawsuit for a mistake in the services you provide, professional liability insurance can help provide financial protection and help cover the cost of your legal defense.
Learn more about errors and omissions insurance.
Business Income for Off-Premises Utility Services Coverage (OPUS)
Your telecommunication company depends on power and communication services to run. If these services are interrupted by something that’s out of your control, like storm damage, OPUS can help pay for the income you lose.
OPUS coverage from The Hartford starts as early as 12 hours from the moment services stopped. This is sooner than most other insurance companies.
Computers & Media Insurance Coverage
Every telecommunications business relies on technology. Insurance protection for this technology can be essential if you depend on computers to:
- Communicate with customers
- Store sensitive business information
- File employee data
- Record customer data
- Hold contractor files
If a virus corrupts your business’s records, for example, computers and media coverage can help pay to replace lost data.
Data Breach Insurance Coverage
Telecommunications businesses keep sensitive employee and customer information, like social security numbers or credit and debit card information.
If this information gets lost or stolen, data breach coverage helps pay the costs of:
- Letting the affected individuals know
- Tending to public relations
- Advertising to restore your reputation
- Paying legal liability expenses
Learn more about adding data breach insurance to your telecommunications insurance policy.
Hired & Non-Owned Auto Insurance Coverage
Have you ever borrowed a vehicle for business to meet with a client, pick up supplies, or inspect broadcasting equipment? Hired and non-owned auto coverage helps protect your business if there’s an accident involving a vehicle that’s:
Bundling Telecommunication Industry Insurance Coverage
Stretch Your Dollar
It’s easy to bundle important coverages and increase your telecommunications insurance protection at an affordable price with The Hartford’s Stretch® endorsements. For telecommunications businesses, like yours, we offer:
- Technology & Software Providers Stretch
- Super Stretch for Technology & Software Providers
- Super Stretch for Business Services
Contact an agent from The Hartford about these cost-effective telecom insurance solutions today. We’ll help take the guesswork out of selecting the right coverage for your business.
Other Important Telecommunications Insurance Options for Businesses
If you have employees, if you use a car for work, or if you work from home, your telecommunications business may also need:
Workers’ Compensation Insurance
Workers’ compensation insurance provides benefits to your telecommunications employees for work-related injuries and illnesses. Workers’ comp benefits include:
- Medical care costs
- Wages for lost work time
If a worker’s family decides to sue you, this coverage can also help cover the related legal fees for your business. Businesses, like yours, have been turning to The Hartford for workers’ compensation for more than a century.
Learn more about workers’ compensation insurance.
Commercial Auto Insurance
Do you or your employees ever use personally owned cars to:
- Run errands?
- Pick up supplies?
- Attend meetings?
A business auto policy can provide coverage that is typically not included in a personal auto policy. It can help cover you or your employees if an owned vehicle used for business purposes is in an accident.
Learn more about commercial auto insurance.
Home-Based Business Solutions
If you run your telecommunications business out of your home, a BOP provides coverage not typically available with a homeowners policy. This includes:
- Commercial property coverage if your business property is damaged by a covered cause.
- Business income coverage if you can’t operate your telecommunications company temporarily.
To determine if you need coverage, ask yourself these questions:
- Do I have clients, contractors or vendors that come to my home?
- Do I have inventory, business computers or broadcast equipment at my home?
- Do I have employees working at my home?
If you answered yes to any of these, you’ll want to consult your agent or a representative from The Hartford. We’re an insurance company that’s dedicated to helping you find the right coverage for your business. You can count on us to help you customize your business’ risk management plan with the right coverages for your unique needs.
Learn more about home-based business insurance.
1 “Commercial Surety, Fidelity & Contract Surety Bonds,” The Hartford.
For Larger Firms
Larger telecommunications firms typically require specialized insurance coverage.