February 25, 2019 09:28am

he integration of the Internet of Things (IoT), the interconnection from the Internet of computing devices embedded in everyday objects, has started to change how businesses will accomplish things.

The Amazon Echo, better known as “Alexa,” is tied into Televisions, thermostats and lighting so a voice command can control each of these devices. Searching the internet doesn't even require a smart phone.  So, if the IoT is changing my life what do you think it will do for business owners?

The Building Internet of Things (BIoT) is rapidly changing. The BIoT is similar to the IoT, however it applies to the functions of commercial buildings such as HVAC systems, lighting, security equipment, and so much more. Connections have gone beyond just devices within a single system communicating, but have created connections among multiple systems in a building and between multiple buildings.

HVAC systems will become more efficient as automatic notification of system or performance problems are made to an app. Occupancy programming will integrate elevators, HVAC and lighting to provide efficiencies for business owners and a better work environment for the employees.

Alarm systems will be affected by the Building IoT. It could track the security credentials of who is still in a building in case of an emergency. The same credentials could take a person to the desired floor in a building without touching a button.

The maintenance for all systems connected to the IoT will also change. The IoT will provide real-time data so if a system needs service, a technician will arrive with the proper parts to repair the system. The need for Equipment Breakdown Insurance offered by companies such as Hartford Steam Boiler and FM Global will become more important than ever.

As systems become tied together the potential for loss of business income and the need for business recovery expenses will hinge upon the proper policies being in place. If you have any questions regarding the IoT and your business, contact your Trusted Choice Independent Insurance Agent at Richey-Barrett Insurance.

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