The Costs and Benefits of Utilizing Emerging Technologies

It is mind blowing to realize that personal computers, tablets, smart phones, cell phones, and even rotary phones once were considered emerging technologies. Today, of course, these are well-developed, pervasive technologies. Even more mind blowing is the thought that emerging technologies including drones, driver-less cars, and 3D printing could soon become a norm. It’s important to know the costs and benefits of utilizing emerging technologies, since they could soon become commonplace.  Seeing that these technology, in fact, are steadily becoming ubiquitous, it’ll be to your benefit to ensure your business is covered by an Indiana Cyber Liability policy.

Benefits of Using Emerging Technologies

Individuals and businesses embrace new technologies because they increase efficiency and make tasks more convenient and effective. Drones, for example, are being tested as efficient ways to deliver packages and gather information. Telemedicine (connecting patients and physicians via Skype and other platforms) is a viable solution to the problem of a lack of healthcare access in certain areas. Driver-less vehicles promise to significantly cut down on personnel costs for companies that operate large fleets of vehicles. As the list goes on, technology innovators are spurred on by demand for innovative solutions.

Costs of Using Emerging Technologies

Of course, along with the benefits of upcoming technologies come plenty of risks. Some risks are more obvious than others: self-driving cars could become involved in accidents. Drones could crash and/or collect data that leads to privacy-related lawsuits. Doctors diagnosing over the internet rather than in person are prone to misdiagnose.

Surprisingly, the flexibility that emerging technologies allow can also negatively affect businesses. Mobile technologies are pervasive yet their capabilities are still emerging. When IT management firm SolarWinds surveyed nearly 300 IT industry professionals, these professionals ranked mobility as the emerging technology most disruptive to small businesses. With more flexibility at their fingertips, employees are more prone to distraction.

If you are not sure that your business insurance policy is up to date with changing times and emerging technologies, call us at Walker & Associates Insurance, (888) 760-7292. We’ll review your existing coverage and provide insight into ways to improve it to reduce your liability. With the right insurance coverage you can feel comfortable embracing innovative technologies since you know you’ll be protected should something go wrong.