Operating a business in Florida has its pros and cons – on the upside, you're living and operating in a beautiful climate with plenty of sun, palm trees, and beaches. On the downside, you're going to run into plenty of potential hazards – hurricanes being the number one concern for most Florida-based IT firms. You're also at odds with an economy that might not be growing as fast other states', which means when it comes to financial planning for your IT business, there's very little room for error.
The good news is that there are essential insurance policies that will help protect your IT firm from the hazards most likely to strike your Florida-based business. Whether it be protection for damaged property, Workman's Comp claims, or lawsuits filed due to sexual harassment suits or wrongful termination, you can rest easy knowing your IT firm won't be going under because of risks that could easily be managed by carrying the proper insurance.
Read on to find out more about how our certified agents can provide you with top-rated insurance policies.
A core policy for your IT firm is a Business Owner's Policy (or BOP). Say your business, based in Miami, is right in the path of a windstorm. You worry that your office space could be damaged by knocked-over tree limbs. With a BOP in place, you'll be protected by Property Insurance. A BOP includes both General Liability Insurance and Property Insurance, combining the two into a cost-effective package.
This means that you're also protected from potential third-party lawsuits. If you have a customer in Tampa Bay who has asked you to consult on security for their business, and in the process of working at the CEO's workstation, a member of your client's staff trips over a dismantled desktop computer, you may find yourself staring at a costly lawsuit should their injury be severe. It may sound unlikely, but it happens. General Liability protects you from having to pay out of pocket for lawsuits involving non-employees. Potential expenses include...
Another beneficial package included in a BOP is Business Interruption Insurance, which offers to compensate IT firms that are forced to shut down because of a covered property event. Business Interruption Insurance provides funds for lost profits, taxes, employee salaries, and loans that need to be paid, and, in some cases, relocation expenses.
Without the proper insurance in place, you could end up losing your IT business. Get in touch with a certified TechInsurance rep today to see if your firm qualifies for a BOP.
Perhaps a more common scenario your IT business may face is one involving Errors and Omissions Insurance. Your business revolves around completing contracted services with clients – from setting up a company's Wi-Fi to administrating their database, the jobs you take on affect your clients' ability to conduct business. And that means client standards and expectations can be high. So if a computer equipment seller out of Tallahassee asks you to provide adequate Wi-Fi access for their sales reps, but your work is not to their liking, they may take you to court for any lost profits they feel they incurred as a result of the oversight.
Errors and Omissions Insurance protects you from having to pay out of pocket for expenses associated with combating litigation. This policy is known as Errors and Omissions because it covers any mistakes or oversights you or an employee may have made while doing business with a client. It's an essential policy for IT business owners, in part because many of their clients don't understand the work they do, and may have unrealistic expectations for a project. When these expectations aren't met, clients may turn to legal recourse.
Because your IT firm is considered less risky than most businesses, you're only required by Florida law to carry Workers' Compensation Insurance if you have four or more employees – however, that doesn't mean you should neglect carrying the policy if it's just you and two highly skilled workers. Workers' Compensation Insurance can save you a ton of money one day, because the costs associated with a claim can be astronomical, and might include...
Any given day can bring with it potential injuries, like repetitive motion injuries, slips, trips, falls, knee injuries, back injuries, and sudden accidents. If you're currently out of compliance with Florida state laws, contact a TechInsurance agent. We can set you right and make sure you're saving money in the process.
You never know what might happen when your IT business grows and you start taking on more employees. For situations in which an employee takes legal action because he or she feels discriminated against, harassed, or stressed out because of your work environment, there's Employment Practices Liability Insurance, or EPLI.
EPLI protects your firm from lawsuits filed by employees alleging the previously mentioned offenses. Employment Practices Liability also covers...
You can never be too careful. Make sure your IT firm is protected from the hazards that may rear their head at any time. Get in touch with a certified rep today.