There's no one-size-fits-all answer to this question, but we have done a lot of number crunching to offer you ballpark ranges for insurance costs. Get an idea of the business factors that affect your insurance costs, and then click through to find out what other IT businesses typically pay.
Your liability coverage needs depend on the type of work you do. One thing to consider, though: many business owners underestimate how much a lawsuit can cost, even if it's eventually tossed out. Hear firsthand from an attorney how a frivolous lawsuit cost one of his clients more than $50,000 (spoiler: luckily, liability insurance was able to cover it).
General Liability Insurance can help cover legal expenses when your IT business is sued over third-party bodily injuries, property damage, advertising injuries, and more.
Even if you never make mistakes, unhappy clients may bring frivolous lawsuits against your company. And even if your client doesn't win, the cost of defending yourself can be prohibitive.
The coverage you enjoy depends on the type of policy you have. Most types of insurance offer coverage for both W2 employees and 1099 contractors, though there are exceptions.
Claims-made liability coverage means that both the triggering incident and the resulting claim must occur while your policy is in force. For example, if an incident happens before your policy's effective date or you don’t file a claim until after your coverage ends, you may not be covered.
Most liability insurance policies, such as Professional Liability Insurance and General Liability Insurance, provide coverage nationwide. However, with the possible exception of Commercial Property Insurance, your coverage typically won’t extend internationally.
This coverage offers liability protection for third-party injuries or property damage caused by you or your employees while driving a rented or personal vehicle for company business.
Umbrella Insurance expands the policy limits of existing types of insurance.
The answer depends on which state your business is based in, how many employees you have, if you hire contractors, and if your clients require you to carry coverage.
If you need to file a commercial insurance claim, you will usually need to call your insurance carrier first. If you aren’t sure how to contact them don’t worry. Your TechInsurance agent can help.
Most types of business insurance are renewed on a yearly basis.
You’ll need to provide information about your industry, the services you provide, your annual revenue for the past two years, projected annual revenue, and a few other details.
It depends on what type of technology insurance quote you need. For example, for Professional Liability Insurance, we need details about the type of work you do, and for Workers’ Compensation Insurance, we will ask for your employees’ job descriptions and your payroll information.
Do you have representatives who speak other languages besides English?
Yes. We have representatives who speak Spanish.