At Skyscraper insurance, we understand that telecommunications device businesses are on the forefront of innovation and that their services are constantly evolving. We protect those services, the data behind the business providing those services, the company’s buildings and more.
Technology, media, and telecommunications businesses are focused on building and maintaining the infrastructure that supports their customer-facing services. Business owners in these fields need to make sure that their infrastructure and people are protected so that their customers receive reliable service.
That competition has led many comm tech companies to diversify into multiple sectors in recent years, something that brings significant opportunities, but also risks. Alongside this is an increase in mergers and acquisition (M&A) activity in the sector; a trend that is likely to continue.
Comm tech companies manufacture many of their products in emerging markets, leaving them vulnerable to risks around extreme weather and political volatility. They also tend to have long and complicated supply chains, over which they have limited visibility. Personal data is another hot topic of the moment, with constant changing data protection regulations across the globe. The data that companies hold and what they do with it is increasingly coming under the microscope, putting organisations under pressure to comply with new rules.
Telecommunications businesses that provide cutting-edge telecommunications technology solutions in demanding industries like cable television, radio, and television broadcasting, face unique risks. And that’s in addition to the typical risks most small businesses face, including telecommunications providers, like property damage and data loss. Learn about the specific insurance coverage’s smaller telecommunications businesses like yours need and most often purchase.
Most telecommunications businesses should have a Business Owner’s Policy (BOP). Why? Because it helps protect your small telecommunications business in much the same way a homeowner’s policy helps protect your home and personal possessions.
Think about this. How many televisions, sound systems, and computers do you have plugged in right now for your clients to look at? This heavy electrical load poses a fire risk. Combine this with the lubricants, oils, degreasers and solvents that come from your repair operations, along with the plastics used in the products. Can you see why you need to use only licensed electrical contractors that will make sure your wiring is up to code? It doesn’t take a big fire to destroy all of your stock. Remember that fire, smoke, and water damage can ruin electronics circuits quickly. As a practical suggestion, keep charging forklifts far away from flammables and do not allow any smoking on your premises.