A lot of IT professionals go into the insurance buying process without any previous exposure to the world of business insurance. If you’re in a similar boat, take the next few minutes to find out what you can expect from your technology insurance company.
Two Types of Technology Insurance Companies You Might Deal With
First of all, it’s important to define what you mean by “technology insurance company.” When it comes to technology business insurance, there are two types of companies you’ll likely deal with:
- An insurance carrier.
- An insurance agency.
Basically, the carrier is the company that provides the policy you purchase. In other words, it's the company that sets the price of the premium and foots the bill for any claims you make.
An agency, on the other hand, allows you to easily compare and shop for different policies and often acts as your go-to resource for insurance-related questions. For reference, TechInsurance is an insurance agency.
What to Expect From an Insurance Carrier
Because your carrier is the one that offers the policies and pays the benefits, you want to choose it carefully. Make sure the following statements are true for your carrier before you trust it with your business:
- It offers “duty to defend” coverage. “Duty to defend” language in a policy essentially states that the carrier has a legal duty to defend you if someone sues your business. That means you can rely on it to back you up on a claim that falls under a policy’s coverage. Learn more in our post "Why ‘Duty to Defend’ Language Matters in Technology Professional Liability Insurance."
- It quickly processes claims. As an IT professional running your own business, you don’t have the time (or the money) to wait around while your claim is endlessly processed and left in limbo. Your carrier should be able to provide a relatively quick turnaround on your claim.
- It offers policies that cover your actual risks. Your business is unique, and you may have certain liability exposures that others don’t. Your carrier should offer coverage that appropriately addresses these exposures.
There are a lot of insurance carriers that cater to different business sizes and types in different areas of the country. Narrowing down your technology insurance options is easier when you work with an agent.
What to Expect from a Technology Insurance Agency
An agency should help you understand your risks, your insurance options, and how your coverage works. An agency can do that by providing…
- Multiple quotes to compare. Because there are a variety of insurance carriers, you should have plenty of options to choose from. A quality agent can find several technology insurance policies for your business in all but the most extreme circumstances.
- Guidance on the appropriate policies / limits / exclusions. Insurance can be confusing and the terminology can be daunting. A good agent can help you understand your policy and how it fits your business's needs.
- Quick turnaround time. As an IT professional or freelancer, you might need to prove you have insurance in order to land a job with a client. Your income depends on how quickly you can get covered, and an agent should be there to help.
Check out why TechInsurance excels at all these points and what it can do for you as your technology insurance agent.