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Recommended insurance policies for technology companies and consultants
With the right insurance coverage, your business can rebound from financial losses after a lawsuit, cyberattack, or other incident. These policies provide crucial liability coverage for technology businesses and startups.
Technology errors and omissions insurance
This policy covers legal costs related to work performance, such as a programmer who misses a deadline. It's also called tech E&O.
BEST FOR
- Work errors and oversights
- Accusations of negligence
- Failure to provide technology services
Cyber insurance
This technology insurance helps IT businesses survive data breaches and cyberattacks by paying for client notification costs, legal fees, and other related expenses.
BEST FOR
- Data breach lawsuits
- Client notification expenses
- Fraud monitoring costs
General liability insurance
This policy covers basic IT business risks, including customer property damage and injuries. Bundle it with property insurance for savings in a business owner’s policy (BOP).
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Libel or slander lawsuits
Fidelity bonds
Fidelity bonds provide reimbursement for your client if one of your employees steals from them, including theft by electronic funds transfer. They're also called employee dishonesty bonds.
BEST FOR
- Employee theft or fraud
- Unlawful data access by an employee
- Illegal fund transfer by an employee
Workers’ compensation insurance
Most states require IT businesses with employees to buy workers’ compensation. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Healthcare for work-related injuries
- Disability benefits
- Employee injury lawsuits
Commercial auto insurance
Commercial auto insurance can help cover third-party property damage and injuries in an accident, along with vehicle theft, weather damage, and vandalism.
BEST FOR
- Car accidents
- Vandalism and theft
- Weather damage
Looking for different coverage? See more policies.
Our licensed experts can help you find the right tech business coverage
View video transcript.
[video: an animated header displays the Insureon logo]
KARI ALLEN, VP SALES, INSUREON: You know, we're the pioneer in the marketplace, we are the number one digital agency, we have our web content and information that we provide small business owners is amazing.
[video: an illustrated header displays the text: "1 million+ policies written"]
90% of customers don't understand the coverage they need, so they go to the internet looking for assistance, and that's when we come in to say "not only can we answer your questions, but we can offer a solution for you to compare coverages and get immediate quotes."
[video: illustrated footer displays the text: "Kari Allen, VP Sales"]
Once you've gone through that process, now you're introduced to a best-in-class sales team that's going to help you through any of those questions that you have, which will help you find the great coverage for your needs and to protect your business.
[video: an illustrated header displays the text: "Experts with decades of experience"]
Our producers are specialists in the small commercial market. They pride themselves in understanding all of the state specifics, they understand insurance company specifics, all the underwriting, they understand the true needs of the small commercial industries.
[video: an illustrated header displays the text: "Licensed in all 50 states"]
Whether it's contracting, whether it's lawn care, whether it's professional and business services, they pride themselves in understanding all of the industry verticals. Our digital agency has access to insurance companies that not all traditional agencies have, or digital agencies across the market.
[video: a number of animated logos display for a variety of insurance carriers, including The Hartford, Philadelphia Insurance Companies, AmTrust Insurance, Travelers Insurance, Acuity Insurance, Chubb Insurance, The Hanover Insurance Group, Hiscox Insurance, and Liberty Mutual Insurance.]
We have partnered with our top national carriers across the country to make sure that we can provide coverage in just about every scenario that we would run across for small businesses. Customers, the way that they want to interact, changes. And it's getting a little bit more involved every day, they want to be more involved in their decisions, but they also need to be understanding what the product is that they're purchasing.
Everything we do is on the cusp of making it with the customer's thoughts in mind. We were the pioneer in the tech sector. Our tech vertical we started back in 1997. This was something that we started in the industry, we are still the number one in industry in the agency sector. We have specialized producers who that's all they do all day long.
[video: an illustrated header displays the text: "Deep tech sector knowledge"]
They understand contracts, they understand coverages, the specific needs of the IT Tech sector; They understand exactly what coverages are need under every circumstance. Cybersecurity, obviously, and cyber losses are making huge headlines.
[video: an illustrated header displays the text: "61% of small businesses hacked" (as of 2021)]
Obviously, it's something that's not going to go away, and if anything, cybersecurity is going to become even more important as we move forward. I foresee this coverage exploding over the next five years, it's going to be just second nature that everybody's going to have to have it. If you have any sort of digital presence, you need cybersecurity coverage.
A certificate of insurance is really verification that you have the coverage that you need. It shows you that you have the liability coverage or workers' comp coverage that you need to secure a contract.
[video: an illustrated header displays the text: "Proof of insurance may be required"]
Without that, your ability to maybe secure those contracts could be in jeopardy. Think of it as a contractor: So, you are bidding on a contract job, and you want to secure that bid. If you don't have the correct insurance for general liability, you could lose that contract. People want to make sure that you're covered appropriately in case of loss.
[video: an illustrated header displays the text: "Dedicated client portal"]
As a small business client of our agency, you can go into to your own dedicated client portal and pull your certificate of insurance any day, and you can have it at your fingertips, print it out, and it will be exactly what you need to provide proof of insurance coverage.
[video: an animated header displays the Insureon logo]
How much does insurance cost for IT businesses?
Several factors will have an impact on tech insurance costs, including:
- The IT services or products you offer
- Your business equipment and property
- Your tech company's size and revenue
- Other insurance products you've purchased
- Your deductibles and policy limits
- How many employees you have
How do I get 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:
- Complete a free online application
- Compare free quotes and choose a policy
- 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.
Common questions about information technology business insurance
Why do tech professionals need business insurance?
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 (tech E&O) 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.
Do IT independent contractors need 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.
How can I save money on IT business insurance?
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.
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