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IT Business Insurance for Albuquerque, NM

Albuquerque boasts not only a beautiful natural landscape (with the snaking Rio Grande and the proud vistas of the Sandia and Manzano Mountains), but also a vibrant tech ecosystem. Just as Route 66 used to be a main driver of Albuquerque’s commerce, it’s now the Information Superhighway. With the resources of Innovate ABQ, a plethora of local technical talent, and increasingly common tech events like Startup Weekend, Albuquerque is a great place to grow your IT firm.

Small Business Insurance for Tech Companies in Albuquerque

It’s not much of a Breaking Bad spoiler to say that Walter White was a technical genius, educated at CalTech and a former employee of both Los Alamos National Laboratory and Albuquerque’s own Sandia National Laboratories. And if you’ve seen the first season of the show, you know that one of Walter’s college compatriots struck it rich by founding his own tech startup – an opportunity Walter helped create but lost out on.

While Breaking Bad may be fiction, tech startup success is not far from the reality of Albuquerque’s tech history: former Albuquerque tech company Micro Instrumentation & Telemetry Systems, Inc. developed the first-ever commercially viable home computer (the now-forgotten Altair 8800). Microsoft founders Paul Allen and Bill Gates also started their tech giant right here in Albuquerque.

If you want your fortunes to be closer to Paul Allen and Bill Gates than Walter White, you have to take certain steps to ensure your success. One such step is protecting your investments with the proper IT business insurance policies, such as…

General Liability Insurance

While technology has increased our ability to understand and control our circumstances, sometimes dumb luck still rears its indiscriminating head. Luckily, General Liability Insurance can spare your business the high cost of medical bills and litigation costs when a non-employee sues over an injury they suffered on your commercial property. GL Insurance also protects your company in claims of copyright or trademark infringement, an important consideration for any tech company hosting or creating digital media content.

Business Owner’s Policy

Business Owner’s Policies (BOPs) can help your company cut its costs while obtaining two fundamental business insurance coverages: GL Insurance and Commercial Property Insurance. Property coverage protects your office space (and its contents, such as your furniture, servers, or other technical equipment) in case of damage from fire, windstorms, or property crimes (e.g., theft and vandalism). If a property- damage calamity forces you to close up shop temporarily, Business Interruption Insurance (a coverage you can add to your BOP) keeps your business solvent by covering your lost income.

Errors and Omissions Insurance

If clients think your services or tech products caused them to lose data, time, and money, they could sue you for damages. Whether or not the problem was your fault doesn’t matter. Simply being named in a lawsuit could cost you thousands of dollars in attorney’s fees alone. Not to worry – if a disgruntled client does sue, your E & O Insurance (also called Professional Liability Insurance) covers the accumulating expenses of lawyer’s fees, court costs, settlements, and judgments.

Workers’Compensation Insurance

OAlmost all employers in New Mexico are required to buy a private Workman’s Comp Insurance policy for their employees. If your employees suffer a work injury or illness, Workers’ Comp pays their medical costs and missed wages while they can’t work. It also covers your legal costs if your injured employee sues. The insurance company fulfills your reporting requirements to the state in the event of an injury.

Cyber Liability Insurance

Does your business keep sensitive third-party information (such as credit card numbers or proprietary corporate information) on its servers or networked computers? If so, you are susceptible to attack by identity thieves and other cyber criminals, who generally prey on smaller businesses. A first-party Cyber Liability Insurance policy helps you put the pieces back together after a hacker successfully breaches your security protocols and steals third-party information. For certain tech companies, it is a necessary supplement to the third-party Cyber Liability coverage afforded by an E and O Insurance policy.

Don’t let unexpected accidents and expenses leave your Albuquerque-based tech firm destitute. Contact a TechInsurance agent at 1-800-668-7020 or fill out an online insurance application for IT business insurance quotes sent right to your inbox.

Snapshot of Small IT Business Owners in Arlington, Fort Worth, and Dallas

  • 77% of Albuquerque-based IT professionals work out of their home.
  • 25% of Albuquerque tech businesses are responsible for their clients’ data as part of their services.
  • Albuquerque IT business owners make a median of $45,000 in revenue each year.