From Springfield to Chicago, Illinois is a great state to own and operate an IT business. Between the big cities and the rural areas, there's plenty of IT consulting and network administration contracts to be won. However, working in the Midwest does come with its pitfalls. Inclement weather, varied climate, and economic concerns put small-business owners like yourself in a position to consider certain insurance policies as a safety net. Whether you're concerned with your potential for property damage, third-party lawsuits, or Workman's Comp claims, we have you covered.
In an economic climate doing its best to recover, small-business owners can't afford to take unnecessary hits. And because Illinois has tornado reports similar in scope to those found in Oklahoma and Kansas, you need to make sure your IT business is prepared for anything. With as many storms Illinois experiences (during both the winter and summer months) you may find yourself in a position of having to pay out of pocket for costly repairs if you don't have Property Insurance in place.
Here at TechInsurance, we can get you in touch with top-notch insurance providers so that you can have competitive quotes in your inbox within 24 hours.
One policy Illinois IT business owners shouldn't operate without is a Business Owner's Policy (or BOP). This policy bundles General Liability Insurance and Property Insurance into one discounted package, which protects your IT business from third-party lawsuits and property damage. The good news is that a BOP is generally more affordable than purchasing General Liability Insurance and Property Insurance separately.
A BOP protects your IT business from...
Let's say your Aurora-based IT firm creates a phone application for a local dealership attempting to make it easier for customers in the area to shop for cars. However, a few months after launching the application, your client claims it's not as successful as planned. They're now blaming your business's design as the reason for their lack of sales.
If they decide to take you to court for "not delivering" on your end of the deal, even if their claim holds no water in court, you'll have to pay to combat the charges. These costs, similar to those associated with General Liability lawsuits, can be astronomical, and might include...
That's where Errors & Omissions Insurance (also called Professional Liability Insurance) comes in. If you're taken to court for a lawsuit alleging you were negligent in completing a contract for a client, or made some oversight or mistake, you could find yourself taking on a lawsuit. Errors and Omissions coverage helps pay the expenses listed above. For IT firms dealing with multiple contracts and many clients, E&O Insurance is an important way to prevent an honest mistake or oversight from costing your business thousands.
Don't delay – get in touch with a TechInsurance agent today for more information.
It's common for IT businesses to convince themselves that their industry isn't dangerous enough to warrant carrying Workers' Compensation Insurance, or that their business is too small to require coverage. However, it's mandated by state law that all businesses in Illinois carry Workers' Compensation Insurance.
But even if it weren't state-mandated, Workers' Compensation Insurance would be an essential policy for your IT business. You never know when an employee may become sick or injured as a result of working for your firm, and if or when that does happen, you want to know that you're financially secure. Consider the following injuries common to IT firms...
Without Workers' Compensation Insurance in place, you'll have to pay out of pocket for an injured employee's hospital bills, their wages during recovery, and any fines that may be imposed by the State of Illinois for not being compliant.
Don't go another day without Workers' Compensation Insurance – give us a call today for more information.
As your IT business continues to grow, your potential to take on lawsuits alleging employment practices violations increases. EPL violations include those in which an employee claims they were discriminated against, harassed, or wrongfully terminated. Employment Practices Liability Insurance (EPLI) provides funds to defend yourself in court from those claims, even if they're meritless.
EPLI covers the following types of lawsuits...
If you have even so much as a single employee, contact us today to see about carrying Employment Practices Liability Insurance for your IT firm.