Insurance Coverage: Quintessential for Media and Telecommunication, Know Why!

Insurance CIO Outlook | Monday, July 08, 2019

An insurance cover protects the business and delivers all the need to survive in a competitive market.

FREMONT CA: The need for insurance in different businesses irrespective of their size has multiplied. With the technological advantage, the benefits in various sectors are promising, which leads to revenue growth. Today, the fastest growing media and telecommunications also face numerous challenges in the race of fulfiling their customers' requirements. As the sector has a complex business model which include huge data supply, distributions through different channels are at the cutting-edge, whereas, the physical centers or telecommunication products are always risked by the damages done by extreme weather conditions, coverage range, and public violence, etc.

Commercial property, general liability, and business revenue are some of the basic types of coverage preferable for media and telecommunication companies. Damages which directly occur during the professional service like contractor causing damages to the customer property during the installation, or lawsuits due to any harm of customer’s assets at business operations, can be covered under general liability. Commercial property can provide protections to the business tools and equipment used in work.

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There are also different types of telecommunications insurance coverage such as professional & cyber risk coverage which protects against the risks of a data security lapse or theft, copyright & trademark issues, technology performance failures, product representations, and warranty issues. Media and telecommunications have integrated services, and complex work system and any interruption to the business can cause massive damage and loss to its revenue as well as reputations, thereby, fortifying the need for insurance covers to a significant level.

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