At Knowles Insurance, we understand the challenges and risks associated with technology firms. We have a team of individuals experienced in working with technology firms ranging from $500K in revenue to global firms generating over $1 billion in revenue. As a result, we can address complex issues during a company’s evolution, especially in the rapid growth phase.
The impetus of technology is innovation. Technology firms are constantly looking to innovate to meet changing consumer demands. With innovation comes emerging risks.
Due to the nature of technology firms, they often find themselves at crossroads with emerging risks. Our expertise in working with emerging risks, along with our experience with more traditional risks, allows us to effectively serve our technology clients.
Risk Exposures unique to technology firms include:
- Cyber Risk
- Technology Errors and Omissions
- Intellectual Property Risk
- Directors and Officers
- Employment Practices
Non-profits have important missions which often present unknown risk. Their exposures vary depending on the scope and structure of the organization.
We take the time to understand an organization’s mission, objectives, and services offered.
Our team has built strong relationships with multiple carriers specializing in the nonprofit space.
Specific risks associated with Non-Profits:
- Abuse and Molestation
- Professional Liability
- Employment Practices
- Directors and Officers
Manufacturing and Distribution
Success for Manufacturing and Distribution organizations is dependent on their efficiency. One incident, whether it be cyber, property damage, or supply chain disruption, can easily impact that efficiency and cause great financial harm. Proper risk management practices can help lower the probability of an incident, but it does not eliminate the possibility.
Traditional risks for manufacturers include workers’ compensation, general liability, product liability, and property damage. While addressing these exposures is essential for an effective insurance program, emerging risks are often overlooked (specifically cyber risk)
Cyber risk has had a major impact on manufacturers. As ransomware demands have exploded in recent years, manufacturers have become a main target. Their heavy reliance on technology to achieve production goals, combined with lack of technical controls, makes them a perfect target for cyber criminals.
As our economy has become more global, supply chains have become more complex. Manufacturers are frequently relying on other manufacturers for specific parts to achieve production goals. A manufacturing specification error can result in their client’s lost revenue creating liability exposure for the manufacturer. That is why Manufacturers E&O is important. It protects a manufacturer from financial loss resulting from a product defect.
Healthcare and Human Services
The Healthcare and Human Services industries are rapidly evolving to remain competitive and meet the consumers changing needs. Telehealth has changed the way organizations operate. Consolidation has also played a major role in the growth of many healthcare providers. As the industry is evolving, so are their risk exposures.
Healthcare organizations have many unique risks that, if not addressed, can greatly hinder their operational success. Some of the more traditional risks include medical malpractice and general liability exposures.
The primary emerging risk for healthcare organizations is cyber. This is due to the vast amounts of sensitive information they handle combined with their increasing dependence on technology.
In addition to coverage expertise, these entities need to work with insurance professionals that are experienced and well versed in managing insurance program consolidation resulting from an acquisition or merger. There are countless insurance issues resulting from mergers/acquisition. Our team will take the time to understand the strategic objectives and develop an insurance strategy that addresses these objectives.
We work with many different types of healthcare organizations including:
- Long term care
- Physician offices
- Durable medical equipment
- Managed care
- Medical technology
The education field continues to face a variety of challenging exposures. Some of the traditional risks include sexual abuse and molestation, professional liability, and general liability. While organizations continue to deal with the traditional risks, new risks have emerged as this sector embraces technology and adapts to remote learning. The primary emerging risk is cyber. These organizations are now a prime target for cyber-attacks due to their vulnerability and potential interruption of operations.
In addition to cyber risk, educational organizations are expected to see an increase in claims as a result of COVID-19. The implementation of remote, in person, and hybrid learning/working puts these organizations at much greater risk of employment practices, director and officer, and due process claims.
Our team of experts understand the risk landscape of these organizations. We also understand that educational institutions have limited access to capital for technology investment compared to for-profit organizations. As a result, we develop innovative insurance programs that provide comprehensive protection while minimizing their cost.
Financial and Professional Services
The most severe exposures that financial/professional service organizations face are professional liability and cyber liability.
Professional Liability policies often need to be tailored to cover the specific services that organizations provide. To properly protect organizations, we take the time to fully understand the scope of their services. This process is essential in developing a comprehensive professional liability policy.
We have experts who specialize in professional liability. They understand the most cost effective and comprehensive ways to protect our clients. We will also make recommendations on policy limits and retentions, based on trends within specific industries.
In addition to professional liability, financial organizations also deal with the more common coverages such as workers’ compensation, property, general liability, and crime. Financial services organizations have specific crime exposures that require individualized coverages.
We have extensive experience working with the following types of organizations:
- Law firms
- Accounting firms
- Investment advisors
- Private equity
Construction and Real Estate
Real Estate and Construction projects come with significant property and liability risk. There are several ways that you can address insuring these exposures. At Knowles Insurance, we create insurance programs that align with the business objectives and risk appetite of our clients.
These types of projects often include a number of different contractors and sub-contractors. We help proactively manage risk through contractual risk transfer and coverage design.
Some common risks associated with construction and real estate include:
- Bid and Performance Bonds
- Commercial General liability
- Workers Compensation
- Umbrella Liability
- Builders Risk/Installation Coverage
- Wrap Up Construction Policy
It’s our mission
to serve you.
Since 1963, our agency built its reputation on establishing long term relationships with our clients by providing quality insurance and risk management solutions aimed at reducing their total cost of risk. The foundation of our agency is built on our ethics and integrity, our knowledgeable and professional staff, and our insurance carrier relationships.