Information Technology Business Insurance

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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.

Errors and omissions insurance icon

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.

  • Work errors and oversights
  • Accusations of negligence
  • Failure to provide technology services
Cyber insurance icon

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.

  • Data breach lawsuits
  • Client notification expenses
  • Fraud monitoring costs
General liability insurance icon

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).
  • Slip-and-fall accidents
  • Damaged customer property
  • Libel or slander lawsuits
Fidelity bond icon

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.

  • Employee theft or fraud
  • Unlawful data access by an employee
  • Illegal fund transfer by an employee
Workers’ compensation insurance icon

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.

  • Healthcare for work-related injuries
  • Disability benefits
  • Employee injury lawsuits
Commercial auto insurance icon

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.

  • Car accidents
  • Vandalism and theft
  • Weather damage
Looking for different coverage? See more policies.

How much does insurance cost for IT businesses?

IT business owner makes calculations on a tablet.

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
View Costs

Protect your technology business today

View video transcript.

[video: an animated header displays the Insureon logo. Underneath it, a subheading displays the text: "Do I need tech business insurance?"]

JENNIFER CROMLY, DIRECTOR OF STRATEGIC PARTNERSHIPS AND CUSTOMER SEGMENTATION: Hacking attempts are on the rise and lawsuits affect every profession. We are the leaders in protecting the technology industry. We've been meeting the needs of the technology industry since 1997.

[video: an illustrated header displays the text: "25+ years of experience"]

Technology professionals are drawn to our website due to our ease of use. Technology insurance is very specialized. The most important thing is that when you are looking for an insurance carrier, you make sure that they are able to provide you with the coverages that meet the needs of your business.

We have licensed agents in all 50 states.

[video: an illustrated header displays the text: "Licensed agents in 50 states"]

They specialize in the technology industry. They will work with you and walk you through every step of the process, making sure that the exposures specific to your business are covered.

We work with web developers, we work with IT consultants, integration specialists and more.

[video: an illustrated header displays the text: "Insureon covers:"]

[video: Under above header, four bullet points display the text: "Web developers"; "IT consultants"; "Integration specialists"; "Other tech businesses"]

On our website, we offer many policy recommendations. Two of those most popular coverages include cyber liability and technology errors and omissions.

[video: an illustrated header displays the text: "Key IT insurance policies:"]

[video: Under above header, two bullet points display the text: "Cyber insurance"; "Tech E&O"]

When you come to us, we will make sure that we provide you with the most comprehensive coverage. Starting a quote is very easy. Contact Insureon today to start a quote, talk to a licensed agent, and get your policy bound with the certificate of insurance the same day.

[video: an illustrated white header displays the text: "Insureon is your #1 agency for small business insurance"]

[video: an animated header displays the Insureon logo]

Insureon helps a wide range of businesses get the coverage they need from top-rated U.S. insurance carriers. Complete our easy online application to get free insurance quotes.

Our licensed insurance agents can help you choose the best technology insurance policies that meet the needs of your small business.

You’ll typically be able to get coverage quickly and receive a copy of your insurance certificate on the same day.

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:

  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.

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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 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.

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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