Office Insurance: IT Insurance for Your Small Business
TechInsurance can get your company the IT business insurance it needs to cover its
liabilities, sign important contracts, and meet state requirements.
A strong IT business insurance portfolio offers protection from:
- General liabilities (customer injuries, damaged customer property, etc.)
- Property damage
- Cyber liabilities / data security
- Professional liabilities
- Workplace injuries
- Auto liabilities
Office Liability Insurance for Small IT Firms: General Liabiltiy
General Liability Insurance is a type of office insurance that pays for many legal
expenses when a third party files a lawsuit regarding:
- Property damage
- Physical Injury
- Libel / slander / advertising injury
IT businesses frequently work on their clients' networks and computers. If something
goes wrong and you damage your customers' property, General Liability Insurance
can cover the cost of a lawsuit.
This office insurance policy also covers many common slip-and-fall scenarios. When
a prospective client is visiting your office and trips over a network cable, General
Liability Insurance can cover a lawsuit over physical injury and medical expenses.
IT Office Insurance to Protect your Equipment
Business Property Insurance makes sure you don't miss a beat when your property
is lost or damaged by fires, thefts/burglary, weather damage, or other covered claims.
If your office is broken into, you may assume that your landlord's insurance will
cover your losses, but that's not true. You'll need your own office insurance to
cover your property.
Property Insurance can pay you to replace your lost or damaged computers, printers,
electronics, office space, supplies, inventory, and other equipment.
BOPs Combine Office Liability and Property Insurance Policies
You might be able to get your Property Insurance and General Liability Insurance
for less by purchasing a Business Owner's Policy. These policies are insurance packages
for small IT businesses and can offer you the same coverage for less than they'd
cost purchased separately. By buying two insurance policies at once, you can save
money on your premiums.
Cyber Liability Insurance: Office Insurance for Cyber Threats and Liabilities
Cyber Liability Insurance is a policy that can cover the unique liabilities of IT
businesses that install or service their clients' networks. Because your business
is responsible for its customers' computers, networks, VPNs, and other technology,
you can be liable when their networks are hacked.
The Third-Party Coverage in Cyber Liability Insurance (also called Data Breach Insurance
or Cyber Risk Insurance) is especially important for businesses like yours. When
your customers are hacked, they may sue you for the money they lose and the harm
done to their business's reputation. Make sure your business insurance covers your
Office Insurance to Protect Your Professional Liabilities
Eventually, all businesses will have some dispute with their clients about the quality
of their goods and services. When they do, Errors and Omissions insurance can cover
the costs of a lawsuit.
Being an IT professional, you know it can be hard to communicate with clients about
technology. No matter how many times you explain it, some customers may still be
confused about their network security, computers, or other services you offer. If
a miscommunication leads to customers getting upset or being dissatisfied with the
product they purchased, you'll want insurance to protect you.
E&O coverage protects your professional liabilities. This policy pays for lawsuits
that allege your business:
- Made mistakes
- Failed to deliver the promised goods and services
- Was negligent
Office Insurance to Protect Your Injured Workers and Your Liabilities
All businesses have liabilities regarding employee injuries. When an employee is
hurt on the job, businesses are responsible for paying their medical expenses and
even their wages while during recovery.
Workers' Compensation Insurance can pay for these costs as well as your legal expenses
from any lawsuit an employee brings related to the injury.
You'll probably have to purchase Workers' Comp in order to fulfill your legal requirements.
Almost every state specifies that businesses purchase this coverage for their employees.
Proof of Office Insurance: Certificate of Liability Insurance
One important insurance tool is your Certificate of Liability Insurance (COI). This
sheet of paper (or digital file) gives a quick one-page summary of an office insurance
You might have to show this certificate when you sign certain contracts. COIs often
come up when you are hired as a subcontractor. The main contractor will want to
know what your liability coverage is and may need to file a copy of your COI with
Similarly, you may need to ask to see your customers', vendors', or contractors' / subcontractors' Certificates of Liability Insurance.
Protect Your Risks Behind The Wheel
Don't make the mistake of assuming your Personal Auto Insurance covers you when
you're behind the wheel for work.
If your business requires you or your employees to drive, your Personal Auto Insurance
might not cover any accidents that happen.
Commercial Auto Insurance (for vehicles owned by your company) and Hired and Non-Owned
Auto Insurance (for vehicles owned by you, your employees, or a rental company)
can protect these liabilities.
In addition to purchasing this insurance, you should consider setting ground rules
for your employees' driving. Make rules against texting and driving or other "multitasking"
behind the wheel.
Manage Your Liabilities with Contracts
Working with contracts is a good way to prevent some lawsuits and reduce your overall
liability risk. Many startup and small IT businesses can't afford lawyers for each
and every contract.
To help you out, we've supplied a few
sample contracts your business can use as templates for its Non-Disclosure
Got Questions about Office Insurance? We've Got Answers.
If you have any questions about which types of office insurance make sense for your
business, don't hesitate to contact an agent. Our agents specialize in IT liabilities,
so you'll be talking with someone who knows the specific demands of your industry.
You can also check out our Frequently Asked Questions
page to find answers about cost, coverage, and other IT business insurance issues.
Tech Insurance: Fast, Online Office Insurance When You Need It
Whether you need office insurance to meet the demands of a specific contract, meet
government regulations, or simply protect your business from the risks it faces,
TechInsurance can provide you with multiple quotes within minutes. For free office
insurance quotes today, fill out our free online application today!