Today’s technology market is focused on the future of life run by robotics. The Global Robotics Industry is expected to grow to $151 Billion worldwide by 2020, according to recent reports. So, with projectionists estimating the next decade to be heavily influenced by artificial intelligence, let’s dig into what that entails…
ROBOTICS is the branch of technology that works with the design, construction, operation, and application of robots or automated machines.
ARTIFICIAL INTELLIGENCE goes a step further to give robots a level of thinking and reaction closer to our human abilities.
The ways in which robotics can impact our lives touches a range of industries:
- Robotic Telepresence to Facilitate Patient Car
- Cognitive Computing Technology to Treat Cancer Patients
- Industrial Automation for Construction and Mine Exploration
- Domestic Chore Assistance
Sure that sounds like a reason to rejoice and throw our aprons out the window, but don’t forget that robots can make mistakes too. As the robotics industry grows, so do the claims involving bodily injury, property damage, and financial loss. While certain robots continue to accumulate artificial intelligence, this is no immunity from errors and omissions in performance.
Robotics Insurance provides general liability, product liability, professional liability, and property coverage (protecting against physical damage to your robot) — all geared specifically towards robot technology and artificial intelligence. While you are revolutionizing the way technology can assist everyday lives, we monitor for the potential risks that come with these new inventions and create plans that best protect you.
We support our customers in navigating the new and ever-changing landscape of robotics-related risk management. This includes Professional, General and Product Liability Coverage to protect your products in one efficient policy. Our team of professionals can also discuss Drones & Drone Liability, Worker’s Comp Insurance, General Liability, Products Liability, Professional Liability, Media Liability and Cyber Liability with you to protect the team behind your robotic inventions. Robotics Insurance can also include Property Coverage and Inland Marine to cover physical damage to your robots.
Insurance policies for technology-based businesses require a special knowledge of the intricacies in protecting these innovative fields. Technology companies move fast and sometimes fail hard. That’s why any venture needs a circle of protection put in place to keep you operating, even when the worst happens. We offer forward-thinking plans that give you customized protection, no matter what you create.
What makes the robotics industry so complicated to cover?
Between the surging daily adoption of the Global Robotics Industry by consumers, and the rapid advances in AI, Automation, and Robotics Systems by inventors, this industry is constantly changing and evolving. This means that companies are likely to come to us with products that have never been covered before. This also creates an uncertainty in how to handle robotics-related claims and determining who is at fault. However, our team is dedicated to researching trends and staying on top of this technology so that we can provide you with the most comprehensive plans available.
What is included in your definition of “Robotics”?
Robotics includes anything defined by the U.S. Patent Office under Robotic Products or Robotic Services. We also include Artificial Intelligence Architecture in this category.
If we are a lab that develops various robotic products, do we need to update our insurance policy every time we create something new?
To ensure that your hard work is protected, it’s best to update your policy every time you have a new product. The same goes for new equipment that you purchase. Your general policy will only take you so far in the event that a new product is damaged beyond repair.