“Balmer” is a city that inspires fierce pride, a place you can only fully appreciate if you live there. Watchers of “The Wire” might think Charm City is all-crime, all-the-time, but you know it by the small things non-Baltimoreans
miss: the nightlife in Harbor East, the glittery beauty of glassphalt, the Downtown Farmer’s Market huddled underneath the highway, walking along the creek next to Deepdene Road, partying at the Dox, or picking up a bushel of fresh-caught crabs
to enjoy with your friends.
Even long-time Baltimoreans might not know all the city has to offer. With such a diverse local culture and unique urban atmosphere, it’s no wonder you’ve chosen Baltimore as the place to grow your tech business.
Small Business Insurance for Tech Companies in Baltimore and Towson
Baltimore is home to many of the hallmarks of modern technological cities, with multiple institutions of higher learning growing the research and talent pool, as well as shared working spaces and incubators like Betamore, Digital Harbor Tech Center, and
the various enterprises that comprise the [email protected] technology park. Baltimore’s community efforts have compelled multiple publications to rank the city as one of the top-5 “tech hot spots” in the nation.
But the success of your Baltimore or Towson IT business depends on more than a supportive community and your own hard work. You must also protect your business with IT business insurance so your startup can survive unexpected accidents, data breaches,
and lawsuits. Consider the following small business insurance policies to safeguard your tech company:
Accidents happen all the time. And while most result in only minor injuries (e.g., a twisted ankle), some can be catastrophic. General Liability Insurance is there for those unlucky times when a third party is hurt on your premises and sues your business
for medical expenses. GL Insurance makes sure you are covered for medical costs and legal fees. GL also covers lawsuits over property damage your business caused to physical hardware and intellectual-property assets (i.e., trademarks and copyrights).
Business Owner’s Policies (BOPs) are designed to help your small business save money on essential coverages. Standard BOPs bundle GL Insurance and Commercial Property Insurance together at a reduced premium. Property Insurance covers your office
and its contents (i.e., your furniture, computers, and other technical equipment) in case of fire, storm damage, or property crimes (like theft or vandalism). Depending on the particulars of your IT business, you may consider adding Business Interruption Insurance to your BOP. Business Interruption Insurance compensates you for lost income when a covered property event temporarily closes your tech company’s doors.
E&O Insurance (also called Professional Liability Insurance) protects you from lawsuits brought by disgruntled clients and third parties, alleging your services caused their economic losses. E and O Insurance covers your legal defense costs and any
money you might have to pay in a judgment or settlement, regardless of whether you actually were at fault. Your E&O policy also protects you if your client suffers a data breach on their network or devices that your business maintains.
The State of Maryland requires all employers to protect their employees with Workers’ Comp Insurance. Workman’s Comp pays an injured employee’s medical costs and lost wages when they’re hurt on the job. It also covers your
legal costs if the injury turns into a lawsuit. Failing to comply with Maryland’s Workers’ Comp law can subject you to fines and sometimes imprisonment. An insurance agent can evaluate your tech company’s legal obligations and
help you satisfy them.
The third-party Cyber Liability coverage included in an E & O Insurance policy will adequately protect most tech companies. But for those IT businesses that store sensitive or confidential third-party information on their own networks or servers,
an additional first-party Cyber Liability Insurance policy may come in handy. This policy protects the your IT business in case of identity theft, data breach, or hacking. Your coverage can pay for the notification of affected third parties, an investigation
into your network’s security breach, and certain public-relations measures to rehabilitate your market reputation.
A TechInsurance agent can tailor a package of the above IT business insurance policies to the specific needs of your Baltimore-based tech company. Call 1-800-668-7020 to speak with an agent or fill out an online insurance application for insurance quotes sent right to your inbox.