Technology businesses pay a median premium of less than $30 per month, or $340 per year, for general liability insurance.
Among IT professionals that purchase general liability insurance with TechInsurance, 40% pay less than $300 per year and 47% pay between $300 and $600 per year. Technology businesses in high-risk industries tend to pay more for general liability insurance.
Technology businesses with a busy storefront or constant interaction with clients should consider higher policy limits to match the potential cost of a lawsuit. Higher limits cost more, but you can also receive a higher payout on a claim.
Most technology companies (88%) choose the $1 million / $2 million general liability policy, with a median deductible of $500. That means the policy has:
Purchase a business owner’s policy. Small, low-risk technology businesses may be eligible for a business owner’s policy. A BOP bundles two common policies, general liability insurance and commercial property insurance, at a discount.
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.
Risk management. 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 for workplace safety. That could include: