New Business Insurance

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What Is New in Business Insurance?

New Business Insurance Emerging technologies, like robotics, artificial intelligence, and drones, can be used to help small business owners grow their company and succeed. But innovative technology can also present a new liability risk for your business.
Business insurance helps cover the costs of property damage and liability claims. Since a business insurance policy helps protect your business from the unexpected. So it’s important for you to keep up with new technology and current events. Doing so can mean you and your business are properly insured and not open to financial losses.

New Business Insurance Trends

Your business insurance coverage needs may evolve as technology changes. For example, cyber-attacks continue to become more sophisticated. And the rise of social media can help increase your business’s exposure, but also get you in legal trouble.
Different types of business insurance can help protect you and your company. Here are a few ways business insurance products can help:
  • Cyber-attacks are becoming more prevalent and sophisticated. A FICO survey found 76% of organizations have some level of cyber risk insurance.* Yet, only half of respondents considered it comprehensive.
Data breach coverage can help protect you and your business. This coverage can help with notifying affected customers and covering the costs to recover from a data breach.
  • A general liability insurance policy can help protect you and your business from claims of property damage, bodily injury, and personal and advertising injury.
For example, let’s say you post about a competitor on your business’s social media account. The owner of the competing business sees your post and files a slander lawsuit. This coverage can help cover the legal costs.
More businesses using robots and artificial intelligence (AI) as part of the operations. Robots can aids in medical procedures or help move large packages around. But this growing technology can pose a liability risk for businesses.
  • Two popular technological advancements being used today are AI and machine learning. AI allows machines to perform tasks. Machine learning involves giving a computer data and information to learn from.
  • Your business may be open to a liability risk if artificial intelligence or machine learning is being used. Professional liability insurance, also known as errors and omissions insurance, can help protect you and your business. A customer can file a lawsuit if they experienced financial damages due to a mistake by the AI system. Professional liability insurance can help cover the legal costs of your defense.
  • Technology makes it easier for small business owners to operate their company from their home. Home-based business insurance can provide more coverage protection than a homeowners insurance policy.

Managing New Insurance for Business Risks

Knowing the risks your business is open to is important. Stay ahead of the curve and protect your business from different risks.
Here are a few ways you can prepare:
  • Buy an umbrella policy. If the cost of a covered loss is more than your policy limits, an umbrella policy can help protect you.
For example, say one of your customers trips over an exposed wire in your store and breaks their arm. They sue you for $700,000. Your Business Owner’s Policy (BOP) only covers you up to $300,000. An umbrella policy can help cover the $400,000 difference. Otherwise, you would be financially responsible.
  • Assess your business and risk levels. Understand how technology is changing and what the current trends are. Review your business and determine if your business is open to any new risks.
For example, tech companies are testing autonomous vehicles. Some cars on the road today also have some type of autonomous capabilities, allowing it to be driven by a computer. As this trend continues, consider a commercial auto policy to help protect you and your employees.
The Hartford can help you and your business navigate new liability claims and risks. If you have questions about an emerging trend and how it can affect your business, don’t hesitate to give us a call at 888-546-9099.
* FICO, “Cybersecurity – Views from the C-Suite,” June 5, 2018,
Certain coverages vary by state and may not be available to all businesses. All Hartford coverages and services described on this page may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc. In TX, this insurance is written by Sentinel Insurance Company, Ltd., Hartford Casualty Insurance Company, Hartford Lloyd’s Insurance Company, Property and Casualty Insurance Company of Hartford, Hartford Underwriters Insurance Company, Twin City Fire Insurance Company, Hartford Accident and Indemnity Company and Hartford Fire Insurance Company. In CA by Sentinel Insurance Company, Ltd. (CA license # 8701) and its property and casualty insurance company affiliates, One Hartford Plaza, Hartford, CT 06155.
The Hartford® is The Hartford Financial Services Group, Inc. and its property and casualty subsidiaries, including issuing company, Hartford Fire Insurance Company. Its headquarters is in Hartford, CT.