516.388.5600 info@useara.com

Technology Contractors Insurance

American Risk Advisors Inc., where experience and innovation meet to address the needs of the technology industries.

One of the benefits of working with American Risk Advisors Inc is the fact that you can rest assured that you are working with a team who is highly knowledgeable and well versed in the dynamic world of integration, structured cable, and telecommunication contractors. At American Risk Advisors Inc., we understand your operations and possess the knowledge necessary to provide the proper coverages and enhancements. We do this all while maintaining specially tailored rates specific to your industry to deliver competitive and affordable premiums.

Affordable Specialized Insurance Solutions For:

  • Audio/Video and Multimedia Installations
  • Security & Alarm Installers
  • Structured Cabling
  • WIFI/Wireless
  • WAN & Campus Area Networks
  • Infrastructures
  • Interior Office Fit-Outs
  • New Commercial Construction
  • CATV
  • DAS Systems & Cellular Enhancements
Technology Contractors Professional Liability - Errors & Omissions

Tech E&O manages risks, resulting from providing a product or service to a third party, that are not covered by a CGL policy. Specifically, tech E&O protects your business in the event that a third party suffers a financial loss due to your product or service not performing as it was intended or expected, including the event of an error or omission committed by your company. These policies also cover defense costs in the event of litigation. It is a common belief that an error or omission made during the design-build process is covered under a typical commercial general liability (CGL) policy. Although professional liability is not excluded on the basic CGL policy, insurers often add an endorsement to exclude it. A CGL policy covers contractors against bodily injury or tangible property damage due to their professional service, but not economic damages (financial losses). And because the majority of all claims against design professionals are for economic damages, CGL coverage would not apply. Tech E&O coverage would apply in the following situations:

  • A mistake was made and an error in the code of a website or program your company produced isn’t found before it is implemented. A third party depends on this product or service to operate its business and its operations are stalled due to the error, causing them a financial loss.
  • A part your company produces is installed in a piece of equipment. After a short amount of time, the component simply stops working, causing the equipment to fail to work, but otherwise not damaging anything or hurting anyone. The third party that relies on this equipment for its business has to stop operations and suffers a financial loss.
  • An employee of your company recommends that a client make an adjustment to its network. The client follows the advice and its network crashes as a result, causing a time and financial loss for its operations.

American Risk Advisors is always here to help – (516) 388-5600.

General Liability
General Liability insurance protects a project or an individual as well as any adjacent properties from damage or loss as a result of an accident during the construction process. The GL policy provides coverage for liability arising from bodily injury, personal injury or damage to property of third parties. The GL policy is designed to insure the following: Premises/operations—Premises owned but also project locations Independent contractors—Liability exposures that might arise from subcontractors or suppliers Contractual liability—Obligations arising out of indemnity agreements found in contracts Products and completed operations— Liability claims arising out of the project after it has been completed and put to its intended use Defense coverage in addition to paying awards or settlements for covered liability claims, the CGL policy covers the cost to investigate and defend such claims or suits. Supplementary payments are also included in this policy, which are designed to cover cost of bail bonds, court cost and pre-judgment interest cost. Per project aggregates will provide the policy general aggregate on a per location or per project basis. This is usually required by many contracts with owners or general contractors. It will also have a positive impact on the pricing of the Umbrella/Excess Policy. Pollution exclusions are typical in CGL policies. Certain specialty markets will provide broadened coverage for the exposures of contractors. Residential restrictions are becoming more common. Each insurance company defines “residential” differently. Some define residential as hotels, dormitories, prisons, etc. They do not restrict the definition to a single family home or condo unit. If a contractor’s work involves apartments or other work considered “residential,” this can be a significant restriction of coverage. Employee Benefit Liability coverage is important to include in the program. Blanket waivers of subrogation will normally be required by owner contracts. A blanket additional insured endorsement will normally be required by owner contracts. Residual wrap-up coverage can be important for contractors who perform work under either Owner Controlled or Contractor Controlled Insurance Programs. This will provide coverage to the contractor after the wrap-up coverage’s completed operations term has expired. American Risk Advisors is always here to help – (516) 388-5600.
Commercial Automobile
Commercial auto insurance is a vehicle insurance policy that provides financial protection for a business’ vehicles and its drivers. Employees involved in on-the-job collisions will receive coverage for medical injuries as well, regardless of fault. Commercial vehicles are any vehicles and trailers that a business or company uses to transport job-related materials, goods or equipment. Work vehicles have insurance premiums paid for by the company, unlike policies for personal vehicles that the vehicle owner pays for. The most common type of commercial auto insurance is liability coverage, which most states require. It covers a driver liable for damaging cars or injuring others. Other types of commercial auto insurance include collision, uninsured, gap and personal protection. Factors that can increase premiums include the type of vehicle driven, safety devices such as air bags and automatic seat belts, anti-theft devices and parking locations. A company’s previous insurance claims can also affect the cost of insurance. American Risk Advisors is always here to help – (516) 388-5600.
Workers Compensation
Workers’ Compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee’s right to sue his or her employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as “the compensation bargain”. While plans differ among jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damage for pain and suffering, and punitive damages for employer negligence, are generally not available in workers’ compensation plans, and negligence is generally not an issue in the case. These laws were first enacted in Europe and Oceania, with the United States following shortly thereafter. American Risk Advisors is always here to help – (516) 388-5600.
Excess Liability
Excess policies are typically written in one of four ways: Stand-alone excess. This is a self-contained policy that consists of all of its own terms and conditions. It does not incorporate any of the terms and conditions of the underlying policies. Straight excess. This policy provide excess limits. It is commonly used as a buffer layer to qualify an insured for an umbrella or excess when the limits of underlying policies are inadequate. For example, an excess insurer may require a primary limit of $1 million in a case where only $500,000 is available. In this case, it is necessary to obtain a buffer layer of $500,000. Buffer layers are common during hard markets, and for entities with consistently poor loss history that desire liability coverages above the usual primary policies. Follow form excess. This policy is intended to provide exactly the same coverage terms and conditions as the underlying policies (other than for limits). Its significance is that in the event of a conflict with the terms or conditions of the primary policy, it is the primary policy’s terms or conditions in question that control. Conditional follow form excess. This is the most common type of follow form excess liability policy. It is the opposite of the follow form excess because, in the event of a conflict with a primary policy, the terms and conditions of the conditional follow form policy take precedence. For example, if the conditional follow form contains an absolute pollution exclusion and the primary CGL policy contains the usual unendorsed pollution exclusion built into the policy, the conditional follow form excess policy will not provide pollution coverage. American Risk Advisors is always here to help – (516) 388-5600.
Property
Commercial and Industrial property insurance protects property from such perils as fire, theft and natural disaster. Insurance coverage is available for every conceivable risk your property might face. Cost and amount of coverage of policies vary among insurers. If you’re a contractor who’s constantly moving materials and equipment from one place to another, whether it’s across town or across the country, you should consider the addition of inland marine insurance to your contractor’s insurance portfolio. Nearly any product, equipment, or material may fall under the umbrella of inland marine insurance. Some examples of coverage typically classified as inland marine insurance are scheduled properties, processing risk coverage, rigger’s liability, builder’s risk, contractor’s equipment, goods and properties classified as accounts receivable, computer coverage, and communications towers an equipment. Each contractor’s specific needs for inland marine insurance coverage can be addressed by an insurance professional, so that the contractor emerges with a policy that has been tailored to their specific needs. American Risk Advisors is always here to help – (516) 388-5600.