Business Insurance Requirements for IT Consultants in Georgia

While IT consultants may not have a hard time lining up work in Georgia’s booming business environment, the industry is not without its risks and challenges. One of the best ways to help manage your risk is by choosing the right business insurance to protect your company. One policy Georgia IT consultants will likely need, especially those who rent office space, is general liability insurance. Leases typically require this coverage, as well as commercial property insurance. Another way to protect your IT business is with professional liability insurance. Also known as errors and omissions insurance, this coverage can protect you if a client sues you over your work.

Insureon makes shopping for insurance easy, with industry-leading technology that gathers quotes from top U.S. carriers that fit your needs. Read more to find out which other policies are most common for IT consultants in Georgia, and start an application to get your free quotes today.

Find the right insurance policy for your IT consultant business

The most common policies for IT consultants in Georgia vary depending on a number of factors, including revenue, client contracts, and partnerships. The table below illustrates which policies might work best for your business size.

 

Business type General liability / BOP Professional liability Cyber liability Fidelity bond Workers' comp
Sole proprietor X X X    
Business owner with employees X X X X X
1099 or independent contractor X X X    

 

General liability insurance: General liability insurance is the foundation of an IT consultant’s business protection, with coverage that extends to bodily injury, client property damage, advertising injury, and the cost of legal defense. Most commercial leases require you to have this coverage.

Business owner's policy (BOP): IT consultants often qualify for a business owner’s policy. This package helps your business save money by bundling commercial property insurance with general liability at an affordable rate.

Professional liability insurance: Many clients require proof of professional liability insurance before entering into contracts for professional services. This policy, also called errors and omissions insurance or IT consultant liability insurance, can help cover legal expenses if you’re sued for unsatisfactory work or a business discrepancy.

Cyber liability insurance: Cyber liability insurance can help IT consultants survive data breaches and cyberattacks experienced by your company or by a client whose systems you are responsible for protecting. Many professional liability policies include this coverage already, but check with your agent to make sure you are covered. In the event that personal information is compromised, you won’t end up paying for customer notification, legal fees, and related expenses.

Fidelity bond: Clients in banking or financial services often require IT consultants to carry this bond. Also called an employee dishonesty bond, it provides coverage when an employee steals money, equipment, or other assets from one of your clients. That includes theft by electronic funds transfer.

Workers' compensation: IT consultants in Georgia are required to carry workers’ compensation coverage if they have three or more employees. If you are a sole proprietor or employ fewer than three people, purchasing workers’ compensation is optional. Even though it’s not required, it’s still worth considering. Otherwise, if you or an employee is injured on the job, you are responsible for paying lost wages and medical fees, which workers’ comp typically covers. Even though injuries aren’t common in the IT industry, they can still happen. Falls, slips, and trips – which can happen to anyone in any industry – are most common, followed by overexertion and bodily reaction.

Business insurance costs for IT consultants in Georgia

IT consultants in Georgia can typically expect to pay roughly the same or even slightly below the national median cost for business insurance, according to an analysis of Insureon applications. The one major exception is commercial auto insurance; IT consultants are likely to pay approximately $500 month, or $6,000 per year. However, Georgia-based IT consultants on average pay about $425 annually for general liability insurance, which is $75 less than than national median cost of $500.

Median Insurance Costs for Georgia IT Consultants

Save time and money with Insureon

Insureon’s industry-leading technology helps IT consultants in Georgia save time and money shopping for insurance by comparing policies from dozens of top U.S. carriers. Simply apply online and review quotes for the policies that best fit your business needs. Our insurance specialists are licensed in Georgia and can answer your questions as you consider coverage.

To make the application go even quicker, have this information ready:

  • Workforce details, such as the number and types of employees.
  • Current and projected revenue.
  • Business partnerships.
  • Insurance history and prior claims.
  • Commercial lease insurance requirements.

Apply for free IT consultant insurance quotes today.