The Greater Phoenix Economic Council recently ran an article about the Elliot Road Technology Corridor. In it, they explained the draw to the five-mile stretch of underutilized desert from Elliot Road to Pecos Road in far East Mesa. Companies from around the world have paid attention to what Mesa is creating. Tech businesses have jockeyed for positions to set up shop next to Apple, Google, Meta, ASU Polytech Campus, and Mesa Gateway Airport.
In the year since the article was published, there is hardly any underutilized desert space left along the Elliot Road Tech Corridor and the surrounding community.
I would know, I live in the adjacent Eastmark community just off SR-24. Our neighborhood has watched the local economy evolve with the investment of large and small technology firms setting up shop in our backyard.
As a neighbor, I dedicate this week’s blog post to technology firms located or relocating to Arizona.
In 2024, the technology industry is one of our nation’s most robust and specialized industries valued at over 4 billion dollars. Tech companies face unique exposures that require specialized coverage across a worldwide territory. Without proper coverage, tech companies face claims that put a financial strain on their organization and can cause embarrassment and reputational harm.
There is a benefit to working with insurance agencies who understand these coverages and have strong relationships with insurance partners who are leaders in this space. If you are looking for a local presence for your worldwide operation, Wilson Insurance is here to help.
The technology market generally falls within three segments:
1. Information Technology: Programmers, packaged software developers, website designers, systems integrators, data processing services, IT staffing, IT consultants, and more.
2. Electronic Manufacturers: Manufacturers of various types of electronic components, computer peripherals and communication equipment.
3. Telecommunication Services: Telecommunication service providers, billers, re-sellers, video conferencing, paging, and other communication services.
Key Coverage for Technology Firms
As the complexity of operations increases, so does the need for policy customization. Some operations may start with a business owner policy (BOP) and evolve into more tailored coverages in a Commercial Package Policy as their operations mature or their product line expands.
Important coverages
· General Liability Coverage including damage from technology products and services
· Enhanced website and internet coverage which claws back coverage for website or internet-related activities
· Vandalism – Interruption of Computer Operations Coverage
· Data Breach Coverage
· Errors & Omissions Coverage with increased limits up to $10 million
Knowing what coverages you need can feel overwhelming. At Wilson Insurance we not only provide coverage recommendations; we dive into past claims experience to identify behaviors that cause financial strain on organizations. We then outline proactive and reactive measures your leadership team can implement to improve your risk management strategy. This allows us to leverage your risk management strategy and commitment to safety for policy credits to reduce insurance costs.
At Wilson Insurance we lean into our heritage as a family-owned agency that has been helping businesses since 1987. We are an alternative to large agencies with huge egos, bloated overhead, and low-touch service. We would welcome an opportunity to show you what Wilson Insurance can do for you!
Justin Chappell
VP, Business Development
justin@wilsoninsuranceaz.com
480-964-2400