Should Emerging Technology Be a Part of Your Business Strategy?

If you run a business, you undoubtedly count on your Massachusetts Business Insurance Services provider to provide helpful advice on myriad topics ranging from worker’s compensation insurance to cyber liability insurance. If you’re at a crossroads wondering, “Should emerging technology be a part of your business strategy?” You’re not alone. Businesses of all types and sizes are grappling with this very question. If you do decide to embrace emerging technologies, make sure to talk to your insurer; new technologies may warrant new coverages.
 
Examples of Emerging Technologies
 
Technology doesn’t stand still. That’s typically viewed as a positive thing, but it also means business owners and managers must be on their toes so they familiarize themselves with what’s coming down the pipeline. Artificial intelligence (“intelligent” machines), to synthetic biology (using DNA to create new organisms), to the easier-to-understand technology of unmanned aerial vehicles (aka drones) are three examples of emerging technologies. Many businesses are weighing the potential benefits versus the potential risks of adopting them.
 
Are Emerging Technologies Right for Your Business?
 
Should your business be an early adopter of an emerging technology? Should it take a wait-and-see approach? Or are these technologies interesting, but of no potential advantage to your business? Answers will, of course, vary. With innovation comes opportunities. But onboarding anything that can be described as “emerging” has inherent risks. The ground rules for using the three emerging technologies mentioned above, and others under development, are still being hammered out. Synthetic biology may have good results – (creating disease-fighting organisms) – or harmful results (creating deadly viruses). Drones can deliver aid to remote locations or interfere with passenger aircraft. A self-driving car created with artificial intelligence potentially could help avert accidents – or cause them. The question of whether to embrace an emerging technology requires careful consideration.
 
If you would like to explore the risks related to emerging technologies and how insurance plays into the discussion, call us at Metro Boston Insurance Agency, 617.884.5480.