Congratulations: as an IT entrepreneur in the ATL, you are at the forefront of one of the most dynamic tech economies in the world. Since the development projects surrounding the 1996 Olympics, Atlanta has become the “most-wired” city in
the United States. ATL also boasts one of the largest pools of tech talent, seeing a constant influx of highly educated techies emerging from Georgia Tech, Gwinnett Tech, and the area’s other technical colleges.
Atlanta’s IT sector is wonderfully diverse, with venture capital and startup activity buttressing development in everything from web security, data storage, consumer app development, game development, and business-to-business SaaS applications
operating in the cloud.
To take full advantage of Atlanta’s every opportunity for growth, make sure you invest in the appropriate small business insurance policies.
Small Business Insurance for Tech Companies in Atlanta, Sandy Springs, and Marietta
With all the time you spend working, or gridlocked in traffic on I-75 and I-285, or sampling the bars and restaurants of Buckhead, Midtown, or Virginia Highland, it’s easy to put the less-urgent aspects of your business on the backburner. But every
day your business insurance needs go unattended is another day when an accident or data breach can bury your company under an avalanche of unexpected costs.
Remember, it only takes one bad day to threaten your business’s future. The following small business insurance policies can provide you with a much-needed security net when those bad days hit:
General Liability Insurance is the foundation of most small business insurance plans. In fact, your lease and other contracts may require it. GL Insurance covers lawsuits non-employees file when they suffer bodily injuries on your premises, property
damage caused by your work, or personal injuries (i.e., copyright or trademark infringements). Your GL policy covers lawyer’s fees, settlements or judgments, and other court costs.
Certain small and low-risk businesses can qualify for what’s called a Business Owner’s Policy (BOP). A BOP combines GL Insurance and Commercial Property Insurance at a lower premium (as compared to purchasing each separately). Commercial
Property Insurance is important, even if you rent your workspace, because it protects your office and equipment from potentially catastrophic events, such as fire and storm damage. It also covers damage or loss caused by theft or vandalism. For some
tech businesses, it might make sense to include Business Interruption Insurance in a BOP. If a covered property event shuts down your business for a while, Business Interruption
Insurance compensates you for lost revenue so you can make payroll and keep your business afloat.
As you’re well aware, no amount of diligence, redundancy, or backups can completely prevent technological mishaps. Both software and hardware can glitch or fail. E&O Insurance (also called Professional Liability Insurance) protects you in the
event that a disgruntled client blames your product or service for causing economic losses. Importantly, your E and O policy includes third-party Cyber Liability coverage, which protects you if your client’s network is attacked. Even when the
loss was unavoidable or outside your control, you could still face thousands in legal defense fees or settlement costs. E&O Insurance makes sure those expenses don’t come out of your pocket.
In Georgia, any business employing three or more people (including part-time workers) must carry Workers’ Comp Insurance. If your employee is injured because of their work, Workman’s Comp pays for their medical costs and lost wages. Workers’
Comp also covers your legal costs if an employee sues you over their injury. Because Georgia’s Workers’ Compensation law can be complicated, it’s a good idea to talk with an insurance agent to discuss your exact legal obligations.
For certain tech businesses, an additional first-party Cyber Liability Insurance policy might be a good idea. First-party Cyber Liability (also called Cyber Risk Insurance or Data Breach Insurance) steps in when your networked computers are attacked.
The policy is essential for data storage or web development companies, but any small business that stores third-party information somewhere on its network could use the protection. When a breach occurs, first-party Cyber Liability Insurance pays for
remedial measures to patch the breach, communication with affected third-parties, and media efforts to resuscitate your damaged security reputation.
To make sure your Atlanta-based IT business is properly protected in an unpredictable world, fill out an online insurance application or call
a TechInsurance agent at 1-800-668-7020 to receive quotes today.