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IT Business Insurance for Colorado Springs

Though aerospace and defense giants like Boeing and Lockheed Martin spring to mind when people think about the Colorado Springs tech industry, it’s actually small tech companies like yours that make the area shine. Low energy costs, community resources (e.g., Colorado Springs Technology Incubator and the SNIA Technology Center), and the pocket of tech entrepreneurs in Colorado’s Technology Corridor (from Fort Collins all the way down to Pueblo) provide a fertile IT business environment in the shadows of Pike’s Peak.

You’re part of a community that ranks third in the nation for its concentration of high-tech workers. As the owner of your own business, you know that running a tech company of any size takes ingenuity and attention to detail. One detail you can’t afford to overlook is small business insurance. A single policy can be the difference between survival and folding.

Small Business Insurance for Tech Companies in Colorado Springs

The risks threatening your company are as diverse as the types of tech businesses currently operating in Colorado Springs. A web developer runs different risks than a software developer. A company specializing in data storage has different liability exposures than a company focused on healthcare information technology.

No matter the focus of your tech business, the following insurance policies protect your investments:

General Liability Insurance

If you lease an office or workspace, your lease agreement likely requires you to carry a certain amount of General Liability Insurance. GL Insurance covers you for injuries that non- employee guests suffer on premises. Thankfully, bad accidents don’t happen often – but when they do, your liability exposure and legal costs can skyrocket. GL covers those costs so you’re not scrambling to find funds elsewhere. Additionally, GL Insurance covers your legal costs if you get sued for trademark infringement or damaging others’ property.

Business Owner’s Policy

A Business Owner’s Policy (BOP) combines GL Insurance and Commercial Property Insurance at a lower premium. You’ll want Commercial Property Insurance even if you rent your office so you can replace equipment damaged by fire, certain weather events, or property crimes. If a covered disaster shuts down your business for a while, having Business Interruption Insurance as part of your BOP comes in handy. While your office is being repaired and equipment restored, Business Interruption Insurance covers your lost profits.

Errors and Omissions Insurance

E&O Insurance (aka Professional Liability Insurance) covers legal costs when a third party sues you for negligent work (e.g., the software you provide is buggy). Even if you’re not at fault, you might find yourself facing a costly lawsuit when that client / customer blames you for their losses. E and O Insurance also offers third-party Cyber Liability coverage. Say you create infrastructure so your client can store sensitive information on their systems and they suffer a data breach. If they blame you for the fallout, E&O Insurance will cover you.

Workers’ Compensation Insurance

If you pay somebody to perform work for you (even part-time work), you are considered an employer and Colorado law requires you to carry Workers’ Comp Insurance. Workman’s Comp offers medical and wage replacement benefits to your employees when if they suffer occupational injuries. Workers’ Comp also protects you by covering your legal costs if you are sued for a workplace accident.

Cyber Liability Insurance

If you store sensitive third-party information on your own network or servers, first-party Cyber Liability Insurance protects you in the event of a security breach. Though dealing with a data breach is always a hassle, Cyber Liability Insurance makes it easier by covering the cost of contacting affected third-parties, finding the security problem, and minimizing damage to your reputation with certain public-relations measures.

Don’t let an unfortunate incident bury your Colorado Springs-based tech business under a mountain of uncontrollable costs. Contact a TechInsurance agent today at 1-800-668-7020 to discuss your options. Or, fill out an online insurance application for quotes sent right to your inbox.

Snapshot of Small IT Business Owners in Colorado Springs

  • 75% of Colorado Springs-based IT professionals work out of their home.
  • 40% of Colorado Springs tech businesses are responsible for their clients’ data as part of their services.
  • Colorado Springs-based IT businesses make a median of $100,000 in revenue.