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Thread: Cannot get insurance
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05-04-2005, 10:53 AM #1Web Hosting Master
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Cannot get insurance
We have been expanding our company lately, and now have space in a local mall. We offer most computer services, including hosting. So, now we need insurance.
We have been told that we cannot be in the business of hosting as there is too high a liability in case of data loss and the chance of being sued over it.
I am baffled by this, and am wondering if anyone else has been told this?Three out of four people make up 75 percent of the population
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05-04-2005, 11:00 AM #2Junior Guru
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Yep - we had the same in the UK.
As far as the insurance company is concerned - we are an 'IT company'.
Simon
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05-04-2005, 12:16 PM #3Temporarily Suspended
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Same here in Germany
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05-04-2005, 12:23 PM #4Web Hosting Master
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Have you checked out other companies or searched for IT based insurance?
I know that most companies don't accept IT based companies, however, I have heard quite a few people mention on this board that they were able to acquire insurance. Hopefully some of them will respond with more information for you.HostGator.com - A worldwide leader in Shared, Reseller, VPS and Dedicated Server Hosting.
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05-04-2005, 12:46 PM #5Web Hosting Master
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My partner has been searching for over a week and has found nothing.
I hope someone can make a recommendation.
I should also mention we are located in Canada.Three out of four people make up 75 percent of the population
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05-04-2005, 03:16 PM #6Junior Guru Wannabe
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http://www.ccbsure.com
http://www.insurancefortechs.com/
http://www.Ingenuitycorp.com/1/NetQuote
Google is your friend. If you look to the right at the paid for sites you tend to get more the commercial type hits.
Of course you may need to call them and see if they will do non-us companies.
Hope this helps.Jacob Squires , CISSP
· security assesment, network analysis ·
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05-04-2005, 04:53 PM #7Taking a break from hosting
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Call up other Canadian IT businesses and try to find out what they do regarding insurance. If a company turns you down, follow up and see if they know of any other companies that can provide what you need.
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05-04-2005, 07:20 PM #8Web Hosting Master
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http://www.professionalinsuranceagen..._insurance.htm
We've been looking at insurance recently - just incase - and found quite a few - most of them in the UK are considering hosting to be under ISP insurance category... quite expensive though. And the forms are endless.... zzzzzZZZzzzZZ
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05-05-2005, 11:01 AM #9Web Hosting Master
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Lovely .... 1500/year without hosting, 3500 with.
Three out of four people make up 75 percent of the population
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05-05-2005, 02:00 PM #10Web Hosting Master
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Originally posted by okanagantech
Lovely .... 1500/year without hosting, 3500 with.
1. Are those prices in CDN dollars?
2. What do you mean by "with and without hosting"?
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05-05-2005, 02:07 PM #11Web Hosting Master
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Well - when I got a quote from that company - they quoted the same price...
If your an ISP selling broadband etc its 1500 a year. If you also sell hosting - its 3500 a year and that depends on the number of customers.
And I live in the UK so assuming it's the same company he got the quote from - its £.
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05-05-2005, 03:20 PM #12Web Hosting Master
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These prices are in CAD...
If I drop hosting from my business, I pay 1500/year.
If I choose to continue to host under Okanagantechs, it shall be 3500/year.
I am going to simply revert back to our previous hosting company name to remove hosting from my main business.
I cannot justify 2000 a year for insurance with the income we get from hosting... and I dont want to discontinue providing hosting to my customers, so dropping hosting is not an option.Three out of four people make up 75 percent of the population
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05-05-2005, 03:56 PM #13Web Hosting Master
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I personally don't see you need insurance yet anyway if your yearly income from hosting doesn't justify it...
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05-05-2005, 05:01 PM #14Taking a break from hosting
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Is it possible to waive the insurance on the hosting business, and just get it for the rest of your company? The insurance increase for hosting does seem a bit steep - What kind of coverage does that extra $2000 get you?
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05-05-2005, 06:08 PM #15Hosting Systems Specialist
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Heh, thats pathetic.
You should be able to get insurance, but with a high cost.
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05-05-2005, 06:19 PM #16Web Hosting Master
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You can - we've already said that.
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05-05-2005, 06:19 PM #17ThirtySx Bits Forever!
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Insurance is a rather nebulous word. There are different types of coverage for different thigns within any insurance policy. What is covered and at what level will ultimately determine both availability and cost.
For example a friend's car insurance costs them a mere $500/year. Why? The combined factors of the age of the car, the type of car, and the fact they have the minimum coverage required by law. My cost is significantly higher but my car is newer, has 2 instead of 4 doors (yes it makes a difference) and has more than the minimum required coverage.
Without specifics it's hard to compare any insurance offerings."Obsolesence is just a lack of imagination."
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05-05-2005, 11:50 PM #18Web Hosting Master
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They wont touch us unless we drop it from our advertising. Lawyers apparently can sue no matter what the tos and can even nail the insurance provider ... hence we are forced to rename our hosting product.
Three out of four people make up 75 percent of the population