For many small business owners, tech insurance is used to cover all their equipment in addition to data loss, viruses and malware on devices. However, if anyone in your company operates using their own device, including a laptop, tablet or smartphone, additional liability coverage may be needed.
A new survey by CDW found that 89 percent of IT managers reported having employees that used their own devices for work and even when at work. This can save money initially, allowing business owners to avoid the costs associated with buying laptops for employees, but not having the right amount of tech insurance for personal devices could leave employers without protection causing them to pay for these expenses out of pocket or potentially lose an employee.
According to the source, there are multiple ways to protect yourself with insurance, which include Cyber Liability Insurance. This coverage protects liability and expenses from loss of data, theft or the breach of privacy and security. Errors and Omissions insurance protects your company from claims that negligence occurred when completing work. This includes expenses associated with loss of a mobile device or should a clients information be exposed after a breach of information.
“Small and micro businesses are particularly vulnerable to the challenges that arise from bring-your-own-device,” said Ted Devine, chief executive officer of TechInsurance. “Without a technology department to effectively manage these devices, small and micro business owners need to ensure their insurance coverage is comprehensive and protects against risks of data loss, viruses, and malware on non-company devices.”