Constantly changing technology is intended to speed up processes, allow for mobile workflow and improve communication. This has led to drastic changes within the insurance sector. With over a dozen new insurers entering this niche market, the competition has increased severely which has resulted in premium discounts. Companies who have been paying premiums over the past 4 years or longer may not know that they may be paying much more with limited coverages. Standard coverages now include:
unauthorized access
computer virus
Intellectual property - trademark, trade secret, tradename, copyright
Financial loss of a third party.