It's no secret that the decline in manufacturing has hurt the Midwest, but as an IT company in Milwaukee, you're part of an important shift in Milwaukee’s $88 billion economy: moving jobs into high-tech industries. You're part of
a process that's turning Brewtown into a destination for IT and tech entrepreneurship.
Milwaukee Small Business Insurance: Protecting You from Financial Risks
Milwaukee businesses don't have much room for error. Small-business owners track every penny, making sure not to waste their hard earned capital. That's why business insurance coverage is so important. There are some expenses that are simply
too large for a small business to handle – lawsuits, property damage, employee injuries, and other unexpected accidents.
Say an IT contractor in West Allis is sued over data loss that occurred on network software he installed. Or a web designer in Waukesha is sued when her client blames the site she built for slow sales. To ensure these entrepreneurs stay in business, they’ll
need a solid insurance plan. Here are the policies to consider:
Milwaukee is known (feared?) for its winters, but while there isn't insurance to protect you from the cold, there is a policy that covers a lawsuit when someone slips on your icy sidewalk and breaks a bone. General Liability Insurance covers lawsuits
filed against your business by third parties (i.e., non-employees) over bodily injuries, property damage, injury to reputations, and other common lawsuits. In fact, when you sign a lease agreement, your landlord may require you to have this coverage.
A Business Owner's Policy (or BOP) is a lower cost insurance plan that makes a lot of sense for a budget-conscious Milwaukee business. BOPs package General Liability Insurance and Property coverage together for lower insurance rates. Property Insurance
covers business property such as computer equipment, technology, furnishings, and owned commercial buildings. Say a fire damages the building of a mobile marketing business in Waukesha. Its insurance policy pays to repair and replace any covered property.
Property Insurance usually covers damage from fires, non-major weather events, vandalism, and theft.
E & O Insurance (aka “Professional Liability Insurance”) covers the damages, legal fees, and other expenses related to a lawsuit about your IT work. If a client sues you over a missed deadline, software glitch, validation error, or other
tech issue, this insurance covers the cost of the resulting lawsuit. E & O Insurance also covers lawsuits over data breaches that occurred on a client's devices or network. Say you install enterprise resource planning software for a client.
If that software has a security flaw that exposes their data, E&O Insurance can cover your legal expenses.
Workers' Compensation Insurance (sometimes called “Workers' Comp” or “Workman's Comp”) covers medical and salary expenses when an employee is injured on the job. Let's say an employee at a marketing firm
in the Third Ward gets carpal tunnel syndrome. Workman's Comp covers their medical costs, rehabilitation bills, and lost salary. If the employee sues the business instead of receiving benefits, most Workers' Comp policies cover the employer's
legal expenses. Wisconsin law requires business that employ three or more full-time or part-time employees to have Workers' Compensation Insurance. However, owners of the company, sole proprietors, and members of the LLC do not count toward your
Cyber Liability Insurance (also called “Cyber Risk Insurance” or “Data Breach Insurance”) covers certain data breach liabilities – namely, the costs related to breaches that happen on your own network. Many IT businesses
simply don't have much risk of this kind of data breach because they don't store private data on their business networks. But if your business does keep private data, you should consider Cyber Risk Insurance, which covers the costs to repair,
investigate, and respond to data breaches. If a web hosting firm in downtown Milwaukee suffers a data breach caused by malware, CL Insurance pays for the business to contact its customers, offer free credit monitoring services, investigate the breach,
and fulfill other legal obligations.
For a free IT insurance quote for your Milwaukee-area business, call 1-800-668-7020 or submit an online insurance application.