A business owner's policy bundles two policies at a discount, making it an affordable option for technology businesses. The value of your business property determines how much you'll pay for this policy.
Tech businesses pay a median premium of $45 per month, or $540 per year, for a business owner’s policy. The median better illustrates what you can expect to pay since the average values include high and low extremes.
Because your property value affects the price, companies that own a building or expensive equipment will pay more for this coverage.
Startups with expensive equipment or a large office space should consider higher policy limits to match the potential cost of damaged property. Higher limits cost more, but you can also receive a higher payout on a claim.
Most technology companies choose the $1 million / $2 million business owner’s policy, with a median deductible of $500. That means the policy has:
Purchasing a business owner’s policy is already one of the best ways to get affordable commercial insurance. To save money, a technology business can also:
Pay your annual premium in full. When you purchase a policy, you can pay your premium in monthly or annual installments. The annual premium often costs less than paying month by month.
Manage your risks. Technology companies with no previous claims on their insurance can expect to pay less for business insurance. Business owners can avoid claims with a risk management plan aimed at reducing tripping hazards, theft, and other risks. That could include: