We are living in the information age. The companies that run the global information economy are abundant and have a far-reaching scope of customers. These companies provide global access to information through a number of sources such as books, television, the Internet and data-houses.
The information industry is a unique one in that the products it produces and sells are frequently intangible, it often does not require direct contact between suppliers and consumers, and most of its products are protected from unlawful reproduction through copyright laws. If you own a business within the industry sector, your insurance coverage needs will also be unique. That is why it is important to protect your company with a commercial insurance policy specifically designed for the information industry sector.
The National American Industry Classification System classifies all U.S. businesses into various sectors and subsectors according to what they specialize in. Economists can then use these classifications to collect, analyze and report on financial data for various industries. There are currently 342,255 American business establishments classified as falling into the NAICS’s information industry sector. These include the following kinds of companies:
Whenever you produce, distribute or manage intellectual property, you run the risk of data breaches, copyright infringement and liability lawsuits. Also, if your distribution channels are temporarily disabled due to a natural or man-made disaster, you stand to lose large amounts of potential income. For these and many other reasons, it is important that your business is protected by a business insurance policy that has been built specifically to meet its coverage needs.
Business insurance policies for the information industry will offer coverage options that are designed to mitigate the hazards faced by companies in this sector. Some types of coverage you may find particularly beneficial to your business include the following:
As with any type of commercial insurance policy, there are a number of additional coverage choices available to you. You need to only purchase coverage that is relevant to your particular information industry company. It is always in your best interest to work with an insurance professional who can provide you with guidance and advice about your business insurance coverage.
Building a suitable business insurance policy for your information industry company can be complicated and time consuming. Independent insurance agents in the Trusted Choice® network can make the process easy while saving you both time and money.
Because they are independent agents, they can work with a variety of insurance providers to build the perfect policy for your business while keeping all your insurance solutions under one roof. Contact a Trusted Choice network agent with an office near you to learn more and to start comparing quotes for insurance for the information industry.