Recently Forbes has ranked Jacksonville as one of America's “New Tech Hot Spots.” In fact, in the last 14 years, Jacksonville experienced an almost 75 percent growth in tech jobs. That's staggering. While Jacksonville may be most
famous for its Gator Bowl and Jaguars, word is spreading that Jacksonville's tech industry is on the rise.
Jacksonville and North Florida Small Business Insurance
When you're looking for IT insurance, you want to find a company that understands tech issues. You know how hard it can be explaining software to your clients, and you shouldn’t have to explain the nature of your industry to your insurance
agent. But don't worry. TechInsurance specializes in IT liabilities. Our agents will make sure that the coverage you get actually fits the kind of tech work you do.
The specific insurance you'll need depends on the size of your business and the tech industry you work in. In general, Jacksonville tech companies and small businesses should consider the following policies:
one of these third parties sues you, your insurance company covers your legal expenses (lawyer's fees, court costs, judgments, settlements, etc.). Say a telecom installer in San Marco damages a client's office while rewiring their network. When
the client sues him, General Liability Insurance covers his legal expenses and damages owed to the client.
BOPs bundle General Liability and Property Insurance into one policy, but at a discounted price. This coverage is a great deal for tech startups, even if they are home-based. That’s because most Homeowner's Insurance policies don't cover
your commercial property – not even computer equipment. Luckily, Property Insurance covers most of the business property you own, such as computers, buildings, furniture, inventory, and technology. For example, if someone breaks in and steals
your computers, Property Insurance pays the cost of replacing them. It also covers some weather damage, but not all. Standard policies usually cover minor storms, but not natural disasters such as flooding or hurricanes. If you need extra coverage,
let our agents know.
Errors and Omissions (aka “Professional Liability”) Insurance is a standard part of an IT insurance portfolio. Many IT contracts require you to have it. Clients want you to have this policy because it covers the cost of professional mistakes
and oversights. E&O Insurance for IT companies covers lawsuits over software errors, data loss, data breaches (on client networks), software testing oversights, and other errors and omissions. For example, if a client's network is hacked
(or your software exposed their data), they could sue you. Fortunately, E&O Insurance covers data breach lawsuits.
Workers' Compensation Insurance (also called “Workman's Comp”) pays employees’ medical bills and lost wages when they are injured in a workplace accident or develop an occupational illness. Common IT Workman's Comp
claims include slips and falls, carpal tunnel syndrome, and back injuries. Florida law requires businesses with four or more employees (part- or full-time) to carry Workers' Compensation Insurance. Corporate officers and LLC members don't
count toward this four-employee requirement. So an IT consulting company with five employees, two of which are founders of the company, won't need
to purchase Workers' Comp. Many WC policies also pay for lawsuits that stem from an accident or illness. This lawsuit coverage is called Employer's Liability Insurance.
Cyber Liability Insurance (or “Cyber Risk Insurance” / “Data Breach Insurance”) covers the expenses related to a data breach or unintentional data disclosure that happens on your own network. It doesn't cover
breaches on client computers (see E&O Insurance above). Many IT businesses and contractors don’t need Cyber Liability Insurance, because they don't have access to private data or don't store any on their computers. Other IT companies
need it because they have a lot of data on their networked devices. For instance, business intelligence firms, big data consultants, web hosts, and others might need Cyber Liability Insurance. This policy pays for your response to a data breach. This
might include credit monitoring costs, extra personnel, expenses related to contacting customers affected by the breach, and data security investigations.
To talk with specialists in IT business insurance, give us a call at 1-800-668-7020 or fill out an online insurance application.