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JJ Wade & Associates is the exclusive Carolina's member of TechAssure, an international association of technology and life science risk managers.  With limited membership of twenty firms in the United States, UK, Europe, Asia & Australia, TechAssure is an elite group of agents/brokers who specialize in technology, life sciences, government contractors, venture capital & private equity, green tech & clean tech and new media. For more information CLICK HERE.

Our unique process, The Ideal Client Transformation, was designed to give clients more control over their insurance programs.  Through risk management and strategic planning, we help clients manage insurance costs, enhance coverage and boost their bottom line.  Click HERE for more information.

We are one of a select group of agencies in the nation that are Certified WorkComp Advisors©. We recognize that Workers Compensation is one of the most significant costs in your operation. Over 60% of business owners are being overcharged, and don't even know it or know why. As trained advisors, certified by the Institute of WorkComp Professionals, we have developed practical and proven processes to drive your costs down.  CLICK HERE for more information.

Tech Insurance Carriers

 

 

 

 

 

 

Technology & Life Sciences Insurance

Why use a specialist for your IT insurance needs? 

All insurance agents understand technology and biotech, right?  Wrong.  Unfortunately, most agents/brokers do not have the knowledge to properly address the risks associated with technology.  If you find yourself "teaching" your agent about your industry, you need to consult with a technology insurance specialist.

We are part of TechAssure, a non-profit organization founded in 2001 to provide training and education services for risk management professionals that specialize in the technology, life sciences, and digital media industries. Members are independent agents and sponsors are specialty underwriters committed to serving the full spectrum of companies in these industries with customized insurance products, unique services, and proprietary intellectual property.

Clients of TechAssure members range from start-ups to multi-billion dollar public companies – but all benefit from the global reach and coordinated training received by TechAssure members. As an insurance buyer you will benefit from the best-trained advisors who can draw upon the collective intellectual property, experience, and risk management tools of professionals who serve over 4,000 industry companies.

As a member of TechAssure our capabilities are expanded through the collective efforts of other members who share best practices, benchmarking, and purchasing clout. Each member agency represents a specific region and works daily with other members of the network to:

  • Serve the daily, transactional, needs of clients throughout the world
  • Implement risk management programs and training that reduce the exposure to loss of our clients
  • Help clients finance risk transfer through specialized insurance products

The standard general liability policy excludes most of the critical risk issues that IT and biotech firms face.  We address these issues using our Ideal Client Transformation process, and designing an effective risk management and insurance program for your unique exposure.  The following represent industries we have specialized knowledge in:

  • Software Developers
  • Hardware Manufacturers/Assemblers
  • Web Developers
  • Value-Added Resellers
  • System Integrators
  • Security Consultants
  • Telecommunications Providers
  • International Operations
  • E-Commerce
  • ISP’s, ASP’s
  • Nanotechnology
  • WiFi Providers
  • Life Sciences
  • Biotechnology

Typical Coverages Include:

  • Professional Liability (Technology Errors and Omissions)
  • Network and Information Security Liability
  • Communications and Media Liability
  • General Liability
  • Property
  • Excess Liability / Umbrella
  • Workers Compensation
  • Commercial Automobile
  • Hired & Non-owned Auto
  • Employee Dishonesty & Crime
  • Employment Practices Liability (EPLI)
  • Directors & Officers
  • Etc.

For more information on our technology/life sciences program, contact:

H. Garrett Droege, CWCA, CLCS
Director, Innovation Risk Division
704-892-9297

info@jjwadeinsurance.com

 

Claims Scenarios

DESCRIPTION OF EVENT

A software solutions provider failed to live up time, performance and functionality commitments. These shortcomings resulted in a breach of contract, after it failed to implement a new system on time and with promised functionality.

The claim was valued in excess of $2 million in compensatory damages.

 

DESCRIPTION OF EVENT

A software company was sued by one of its prominent customers after using the company’s cost-estimating software. The customer alleged that a defect in the software caused several projects to be underbid. After a lengthy investigation, the software itself was found to have functioned perfectly, and the error was on the part of the user. The customer eventually dropped the case, but only after considerable legal expenses were incurred by the software company.

The claim was valued at $175,000.

 

DESCRIPTION OF EVENT

A software developer was sued in French courts for failing to deliver an operational version of a software system. The plaintiff alleged that the system sold and installed was not compatible with its mainframe systems, despite assurances to the contrary. The plaintiff sued for recovery of consequential damages.

The claim was valued at $600,000.

 

DESCRIPTION OF EVENT

A company provided timekeeping hardware and software to its customer. The software didn't function correctly; it failed to maintain employee hours worked and correctly apply the hourly and overtime rate of pay. The failure resulted in over/underpaying employees and the need to replace the timekeeping clocks. The customer sued the provider of the hardware and software.

The claim was valued at $440,000.