Insurance for Baby and Family Technology

Smart baby car seats, baby monitors, video monitors, bedside parent aids, and more - the latest in baby tech and fam tech comes to every parent’s rescue!

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Today, a wide range of baby tech and fam tech products are within easy reach and help you manage your home life and life as a new parent flawlessly. With the latest baby tech products emerging on the market, parents can say goodbye to sleepless nights and let a smart cradle rock their baby to sleep, among other smart advantages.

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Baby tech and fam tech sounds practical and helpful, but getting proper insurance for both is what keeps your home life on the safe side. 

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Fam Tech is a rather new, but currently very popular concept that covers baby tech and includes the use of smart devices that aid the whole process of having children. The main target of Fam Tech and Baby Tech devices is to make parenting more manageable and undemanding, all the while keeping the baby perfectly healthy.

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Especially for “Millenials” who are just becoming parents, online-help platforms, along with devices such as smart breastfeeders and baby monitors have proven to be very useful. Instead of worrying yourself sick, you can now ask for any kind of help regarding your baby from these smart technologies.

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According to a recent study, it had been discovered that the fam tech industry was worth approximately $46B in 2019, and showed no signs of diminishing. The industry focuses on developing only the best cutting-edge gadgets and devices such as:

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• High-resolution baby monitors
• Baby sleep bassinets
• Bedside sleep helper for parents
• Smart diapers
• Parent teaching platforms
• Smart formula making machines
• Baby pulse measurement tools
• Smart kits and games for older children

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These are only a few of many diverse smart baby tech and fam tech devices on the market, with new additions breaking the industry daily. 

Companies need baby tech and fam tech insurance for a variety of reasons. Typically, with any insurance portfolio our goal is to protect third parties like customers, first parties like your people, and property. A claim will usually fall into one of those three buckets in one shape or another.

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In an industry like technology, there’s a high possibility for various issues to occur, such as:

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General Liability

‍General liability coverage provides extensive protection for some of the most fundamental dangers that businesses face. This type of baby tech insurance covers anything from bodily harm at the company’s site to property damage. Whatever accidental event occurs, where an employee gets hurt or some material damage happens, the insurance will cover it all - no questions asked.

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Cyber Liability

‍In order to start purchasing fam tech products, parents are obliged to create an account that generally entails some personal information. That information increases the vulnerability of Fam Tech companies to cyber assaults. Data breaches utilizing malware, ransomware, and denial of service are some of the most frequent threats that enterprises are faced with. Plus, cyber insurance for fam tech shields businesses from lawsuits that have to do with electronic operations and scams. It also provides data backup and a lost income money guarantee.

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Product Failure

‍We can’t deny the fact that sometimes even the most high-quality products can fail. Since all fam tech companies focus on parents and their newborns, they walk on much shakier ground than typical enterprises. Connectivity issues, software glitches, and mistimed launches may all swiftly derail your plans. So, it’s crucial to have a safety net in place for these scenarios.

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Workers Compensation

‍Usually, when workers get injured on the job, their employers are most often liable for covering their medical bills and meantime earnings. This insurance covers all related costs, and safeguards both the employees and the director, whilst keeping businesses running efficiently.

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Errors and Omissions Policy

Often known as professional liability coverage, it protects businesses against lawsuits or customer claims alleging low-quality products, work, or services. E&O insurance for fam tech covers workplace mistakes such as miscalculations, oversights, and other blunders.

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Director and Officers Policy

‍Stakeholders, rivals, investors, and others have the right to sue the company's directors and officials, putting their own assets at risk. If certain accusations are filed against them for wrongdoings, it’s good to have D&O insurance that protects them.

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Intellectual Property Policy

Fam tech companies also get frequently accused of transgression, which can jeopardize their intellectual property. This policy pays legal expenses and provides enforcement coverage, regardless of whether the claim is valid or not. 

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Get in touch with a BabyTech or FamTech Insurance advisor today and learn more about coverage, pricing, and more.

As a rather new industry, baby and fam tech companies are exposed to many issues that may clash with the law and even lead to lawsuits. That’s why it’s recommended for employers and directors to have insurance for fam tech at any time.

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Employees can also benefit from insurance policies, especially when it comes to cases of bodily harm. With insurance in place, the employer won’t have to take financial resources from the company and put it at risk. 

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Following are the categories that require baby tech and fam tech insurance the most:

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• Devices and gadgets for babies
• Personalized baby item companies
• Platforms for online learning
• Home care services
• Nutritional products companies
• Health monitor firms

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The BabyTech and FamTech industry is booming and new operations are being innovated every day, so don't worry if you don't see your operation on the list above.

The insurance for fam tech products along with baby tech products cost can vary.

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The precise overall price will be determined by numerous factors. If the enterprise’s size and stage of growth are bigger, then the price will rise as well. Here's a list of the coverages above and their average pricing:

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• General Liability: $1,000 to $3,000
• Product Liability: $1,000 to $5,000 (can be included in CGL)
• Property: $1,000 to $10,000 (depends on total replacement value)
• Workers Compensation: $1,000 to $5,000 (depends on total annual payroll)
• Cyber Liability & Data Breach: $1,500

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However, some of the factors that can determine the baby tech insurance cost are: 

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• Potential hazards 
• Risk management within the company
• The number of users who trust the products
• The nature and quantity of previous claims filed against the company

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Insurance is highly necessary for legal safety, so fam tech and baby tech companies shouldn't let themselves go without it. Be it an infant-specific or a more general family matter you want to protect, obtaining the rightful insurance will do half the job for you!

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