Information Technology Business Insurance

It’s easy to find insurance for information technology businesses. Whether you’re in web design, software development, an app developer, or an IT consultant, you’ll need to have some basic information about your business available.

Our application will ask you for your annual revenue and payroll, among other details. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:

1. Complete a free online application
2. Compare free quotes and choose a policy
3. Pay for your policy and download a certificate for proof of insurance

Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance plan for your IT business, whether you’re an IT contractor or an IT security company with multiple employees.

As a tech professional, you might think you’ve got few cyber risks and low insurance needs because your knowledge of the technology industry and computer systems limits your risk exposures. Unfortunately, we live in a litigious society and hacking attempts are on the rise.

Even a frivolous lawsuit can have a serious impact on your business. If a client says you failed to prevent a data breach or missed a deadline, it could have a financial impact on your business even if you’re not at fault.

Here’s a closer look at why insurance should be an important part of your risk management strategy:

Technology errors and omissions insurance, sometimes called tech E&O or tech professional liability insurance, can help you with legal fees and court costs if a dissatisfied client sues you over your work performance. Tech E&O insurance covers:

• Oversights and mistakes
• Failure to deliver promised IT services
• Breach of contract
• Third-party cyber insurance (data breach lawsuits)
• Intellectual property and media liability (for certain professions)

Cyber insurance, also called cybersecurity insurance, insures against the high cost of a data breach or a malicious software attack. It covers the cost of customer notification, credit monitoring, legal fees, and fines.

Commercial property insurance covers your business' property and equipment in case it's damaged, lost, or stolen. This policy is often bundled with general liability insurance in a business owner's policy (BOP) to save money.

Workers' compensation insurance is required in most states for businesses with employees. It covers medical expenses and lost wages due to work-related injuries and illnesses. This is important since private health insurance won't cover medical bills related to your job.

Commercial auto insurance is also required by most states for anyone with a business-owned vehicle. It covers legal bills, medical costs, and property damage in case of a vehicle accident. Additional, if you or your employees operate personal, rented, or leased cars for work, you'll need hired and non-owned auto (HNOA) insurance.

As an independent contractor, having your own insurance protects your financial bottom line and may be needed to qualify for contracts and leases.

You will likely need commercial general liability insurance, which covers common business risks such as customer injuries, damage to a customer’s property, and advertising injuries. This is often the first policy a consultant or new business owner applies for.

Keep in mind that you’re vulnerable to the same lawsuits as a larger IT business, which is why you’ll also need policies like tech E&O or bonds.

Fidelity bonds are often required to qualify for contracts. It reimburses the client if one of your employees commits fraud, theft, or forgery.

You can start by comparing free business insurance quotes through Insureon’s online portal. Our licensed insurance agents can help make sure you get the right, most affordable coverage for your small tech company. Most small businesses can get insured and download a certificate of insurance within hours of applying for quotes.