Technology Insurance Secrets for Commercial Landlords Uncovered Now
Types of Coverage Available
Commercial landlords can choose from a variety of coverage options within technology insurance, tailored to their specific needs. Common types include:
- Cyber Liability Insurance: Covers the costs associated with data breaches and cyberattacks, including legal fees and notification expenses.
- Technology Errors and Omissions Insurance: Protects against claims of negligence or failure to perform professional services.
- Business Interruption Insurance: Provides compensation for lost income due to technology failures or cyber incidents.
By exploring these options, landlords can find the right coverage to meet their unique needs and protect their investments.
Real-World Examples and Statistics
The importance of technology insurance is underscored by the increasing frequency of cyber incidents. According to a report by Cybersecurity Ventures, cybercrime damages are expected to reach $10.5 trillion annually by 20251. For commercial landlords, this trend highlights the critical need for comprehensive coverage. In one notable case, a commercial property management firm faced a significant data breach that resulted in over $1 million in damages and legal fees2. With technology insurance, such costs can be mitigated, preserving the financial health of your business.