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Small IT Businesses in 2014: Who They Are, What They Do, and Where They're Exposed to Loss

Introduction

TIMI, the TechInsurance Market index, is a new arm of TechInsurance we've developed with the goal of giving the owners of small technology businesses a concrete idea of what risks they face as they run their businesses and what steps they can take to minimize those risks.

In the following pages, we offer a snapshot of the owners of the nation's smallest IT businesses (including freelancers, 1099 contractors, and independent contractors), then provide guidelines these business owners can follow to make sure they're safe from the most significant risks they face.

Key Findings

Our analysis shows that IT business owners face the biggest threats to their revenue from three sources. The first is client complaints, which can easily turn into professional liability lawsuits. The second is exposure of breach-sensitive data, and the third is violations of intellectual property (IP).

If that whets your appetite for some juicy risk management analysis, you're in the right place. Get comfortable and enjoy being one of the first to get to know TIMI.

70% of businesses raise prices or cut hiring when sued