Risk minimization is one of the most important aspects of the ITAD industry. IT asset disposition is an inherent source of risk for data breach, environmental violation, and noncompliance with industry regulations. Choosing a certified ITAD vendor is a proactive step toward mitigating those threats, but what happens if something goes wrong? To fully optimize your risk-reduction and protect your data, your business and your brand, make sure your IT asset disposition vendor has adequate insurance coverage.
Our Commitment to Doing ITAD Right
IT asset disposition can be a complicated process. Adhering to industry best practices is critical to protecting the client and the environment, and a well-managed ITAD program limits exposure to risk via tightly-controlled chain-of-custody and robust process controls. However, no system or process is entirely without the possibility of error. Industry-appropriate insurance coverage shows a vendor’s commitment to their processes and their organization, with the understanding that they can make it right if something does go wrong. At GCI, you can trust that we’ve taken every available precaution to ensure safe, effective, and compliant asset disposition – including insurance for the what-ifs.
Types of Insurance Policies
There are certain categories of risk associated with the ITAD industry, which require different types of coverage. They include:
- Liability Insurance
- E&O (Errors and Omissions)
- Cyber Security Insurance
General lability insurance covers bodily injury and property damage resulting from a company’s products, services, or operations, and applies to almost all industries. Given the nature of the ITAD industry in handling sensitive data and electronic waste, the standard liability protections don’t go far enough to protect both the vendor and the client. That’s where cyber insurance comes in.
Unfortunately, cybercrimes and data breaches are an ongoing problem, even for businesses with strong safeguarding processes in place. GCI’s auditable chain-of-custody and strict risk-mitigation works to keep your data as secure as possible, but in the event that something does go wrong, you can trust that we are fully insured by both first- and third-party coverage.
1st Party Coverage:
Covers a business’ liability for a data breach involving sensitive customer information, such as Social Security Numbers, credit card numbers, driver’s license numbers and health records.
3rd Party Coverage:
Provides a remedy to the insured business in the event a third party they depend upon is affected by a cyber event that then impacts the business itself. This includes costs associated with notifying customers when a business other than GCI was affected by a breach that occurred, as well as potential remediation.
Partnering with a certified and insured ITAD vendor like GCI provides a secure disposition solution tailored to your business’ needs. With end-to-end security measures built in our process, GCI’s ITAD program proactively reduces risk while protecting your brand and the environment.