The median cost of technology E&O insurance is about $60 per month, or $730 annually.
Errors and omissions insurance, also known as professional liability insurance, provides financial protection against work mistakes that negatively impact clients. Most tech companies buy it with cyber liability insurance in a bundle called tech E&O.
Among IT businesses that purchase technology errors and omissions insurance with Insureon, 36% pay less than $700 per year and 47% pay between $700 and $1,400 per year.
Factors that determine your E&O premium include your business size, profession, claims history, and the policy limits you choose. When your errors and omissions insurance include cyber liability insurance, then the amount of sensitive data handled by your company will also affect your premium.
Most IT businesses (63%) choose errors and omissions policies with a $1 million per-occurrence limit and a $1 million aggregate limit. Another 11% of IT businesses choose policies with a $2 million per-occurrence limit and a $2 million aggregate limit.
The cost of technology errors and omissions insurance increases with higher policy limits. As you can see in the chart below, tech professionals pay more for policies with higher limits.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's errors and omissions insurance cost analysis page.
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Most small businesses start with a general liability policy. You can combine property coverage with your liability insurance at a discount of $57 per month.
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IT businesses pay a median premium of less than $30 per month, or $340 per year, for general liability insurance. This policy provides protection for client property damage and injuries, along with lawsuits related to slander and libel.
Insureon’s licensed agents typically recommend a business owner’s policy, which combines general liability insurance with commercial property coverage at a discount to protect your computers and other business property. You can select this option when you start Insureon’s online application.
For IT professionals, the median premium for a business owner's policy is about $45 per month, or $540 per year.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.
Among IT professionals that purchase general liability insurance with Insureon, 40% pay less than $300 per year and 47% pay between $300 and $600 per year.
Technology businesses that have a storefront or frequent interactions with customers tend to pay more for general liability insurance.
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year.
Most technology businesses and IT consultants (88%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
To meet your state’s requirements and avoid penalties, technology businesses with employees typically must purchase workers’ compensation insurance. Sole proprietors may also decide to purchase coverage, as health insurance plans can deny claims for work-related injuries.
Workers' compensation helps cover medical bills and partial lost wages when you or an employee suffers a work-related injury or illness.
With a median premium of about $35 per month, or $435 per year for technology businesses, policy cost is determined by your number of employees and their occupational risk, among other factors.
Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.
IT businesses pay a median premium of about $200 per month, or $2,415 per year, for commercial auto insurance. This policy can pay for third-party property damage and medical bills in an accident, along with vehicle damage caused by theft, weather, and vandalism.
Businesses with company-owned vehicles, such as telecommunications trucks and computer repair vans, must purchase commercial auto insurance. The cost will vary depending on the type and number of company vehicles, and your unique business risks.
Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.
IT professionals pay a median premium of $145 per month, or $1,745 per year, for cyber liability insurance. This policy is vital for IT businesses that collect personal information, such as credit card numbers or Social Security numbers. Cyber liability insurance can help cover legal fees, customer notification costs, and other expenses related to a data breach or cyberattack.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.
Among technology businesses that purchase cyber liability insurance with Insureon, 39% pay less than $1,500 per year. Another 41% pay between $1,500 and $3,000 per year.
The cost of cyber liability insurance is determined by how much sensitive information your business handles (credit card numbers, Social Security numbers, etc.) and other factors like your industry risk.
The median premium for a fidelity bond is less than $90 per month for an IT company, or $1,055 annually.
Fidelity bonds provide reimbursement if one of your employees commits fraud, theft, or forgery against a client or your business, including illegal electronic funds transfer. They are often required by client contracts.
Learn how fidelity bond costs are calculated on Insureon's fidelity bond cost analysis page.
Insureon’s IT business insurance agents work with top-rated U.S. carriers to find coverage that fits your business. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of software developers, IT consultants, web designers, and computer repair businesses.