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IT Business Insurance for Las Vegas, NV

The Entertainment Capital of the World is also the home of your tech startup or established IT business. Millions of tourists pour their money into casinos on the Strip or on Fremont Street, but you apply your capital to your entrepreneurial dream: making your mark in this increasingly technological world. With tech luminary Tony Hsieh and other powerbrokers working to make Vegas the next big tech hotspot, combined with Nevada’s lack of income tax and Vegas’s low cost of living, it is a great place to grow your IT company.

Small Business Insurance for Tech Companies in Las Vegas or Paradise

Most people think of the mega casinos on the Strip when they envision Vegas. But you know the city for its tech hotspots: the co- working havens Work in Progress and 6th Street Workspace and tech entrepreneurs and Zappos employees congregating in spaces made vibrant by the Downtown Project.

With so much activity and optimism in Vegas, it’s easy to underestimate just how important business insurance is to your startup’s survival. Don’t gamble on your tech business’s financial security – instead, consider carrying the following IT business insurance policies:

General Liability Insurance

A third party’s bodily injury on your business premises is like a bad beat in poker: the odds may be low that your opponent hits his one out, but if it happens, your stack might be decimated. General Liability Insurance makes sure that when an unfortunate fall or other accident injures one of your guests, the ensuing costs (medical bills, lawyer’s fees, court costs, settlements, or judgments) don’t come out of your pocket. For tech firms that create or host content, GL Insurance is even more important as it protects your business from lawsuits over copyright or trademark infringement.

Business Owner’s Policy

A Business Owner’s Policy (BOP) is available only to low-risk small businesses. It bundles General Liability Insurance and Commercial Property Insurance together at a lower premium than each policy would have separately. Even if you rent your office space, you’ll want Property Insurance to protect your technical hardware, equipment, furniture, and fixtures against loss or damage. For those who own commercial real estate, know your policy can compensate you for repairs to your building if it’s by fire, windstorms, theft, or vandalism. If your business does fall prey to a property disaster, Business Interruption Insurance (which you can add to your BOP) covers your lost profits while your business is temporarily on hold.

Errors and Omissions Insurance

E&O Insurance (also called Professional Liability Insurance) covers your legal costs when clients sue you, claiming your product or service caused their financial losses. Even if you aren’t at fault, E and O coverage can pay for your legal defense fees and the cost of a settlement or judgment. E & O Insurance also includes third-party Cyber Liability coverage, so if your clients’ networks suffer a data security breach, certain costs associated with the fallout don’t come out of your pocket.

Workers’ Compensation Insurance

In Nevada, state law requires every employer to carry Workman’s Comp Insurance, even if they only have one employee or if the only employees are family members. Workers’ Comp protects both you and your workers by covering the medical and disability expenses associated with occupational illnesses and injuries (e.g., carpal tunnel syndrome). If you are a sole proprietor, you can exclude yourself from Workers’ Comp coverage to cut down your premium costs.

Cyber Liability Insurance

Identity thieves, hackers, and other cyber criminals disproportionately target small companies. If you host or store sensitive third-party information (e.g., credit card numbers or billing addresses) on your own network, you are liable for data breaches (and the bevy of damage-control costs associated with them). A first-party Cyber Liability Insurance policy can help you by covering the cost of notifying affected third parties, fixing the weak spots in your security protocols, and funding PR efforts to repair your reputation in the marketplace.

To protect your Vegas-based tech business, contact a TechInsurance agent at 1-800-668-7020 or fill out an online insurance application. We can send your small business insurance quotes directly to your inbox within a day or two.

Snapshot of Small IT Business Owners in the Las Vegas-Paradise Area

  • 55% of Las Vegas-based IT professionals work out of their home.
  • 40% of Las Vegas / Paradise tech businesses are responsible for their clients’ data as part of their services.
  • Las Vegas IT businesses rake in a median of $50,000 a year in revenue.