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Ask Us about Tech Insurance!

You've got questions - we've got answers!

Since launching TechInsurance in 1997, we've received thousands of questions about insurance from the owners of technology startups and small tech businesses. As technology our customers use has evolved over the years, so have their questions, but many of the issues are just as relevant today as they were way back then.

When Should I Renew My Business Insurance?

Business insurance policies such as General Liability Insurance, Professional Liability Insurance (also known as Errors and Omissions Insurance), and Workers’ Compensation Insurance are typically renewed on an annual basis.

However, it’s a good idea to talk to your TechInsurance agent if you make a significant change to your business that may impact your coverage, even if it’s prior to your annual renewal date. For example, these events may signal it's time to call your agent and update your policy:

  • You hire or fire employees.
  • You move into a new office.
  • You purchase new machinery or equipment.
  • You offer new services.

Important to know: Many Errors & Omissions Insurance policies are written as claims-made policies. That means in order for a claim to be covered, both the incident that triggered the claim and the date you file the claim need to occur while your policy is active. That's why it’s important to make sure you don’t have a gap in your E&O coverage. If you do, you risk a claim being denied.

By contrast, if you have an occurrence policy, it typically doesn’t matter when the claim is filed. As long as the event that led to a claim took place during your occurrence policy’s coverage period, the claim should be covered, even if your coverage ends before you file the claim.

For more information about claims-made and occurrence coverage, be sure to read our article “What Is Claims-Made Liability Coverage?

70% of businesses raise prices or cut hiring when sued