Everyone's heard about the strength of the Texas economy, but what most people don't realize is that Dallas and the North Texas area have actually grown faster than the rest of the state. While everything may be bigger in Texas, it's even
bigger in Big D.
The tech industry is one of the major players in this robust economy. The Dallas, Arlington, and Fort Worth areas contain 43 percent of Texas's tech workforce. Not that we're keeping score. But we are.
Small Business Insurance in Dallas
As a Dallas-area company (we're based in Allen, Texas), TechInsurance specializes in helping Texas small businesses avoid the financial pitfalls that could bankrupt them. One lawsuit can cost hundreds of thousands of dollars. A small fire can wipe
out your business inventory and destroy your computers. One workplace injury can lead to a million-dollar lawsuit.
Small business insurance can cover these liabilities and help you meet your legal requirements. Here are the policies we most often recommend to independent IT professionals:
An IT business interacts with many third parties each day. These include landlords, contractors, clients, customers – anyone who doesn’t work for the business. General Liability Insurance pays your legal expenses when these third parties
sue you over property damage, physical injuries, and non-physical injuries, such as slander, libel, and copyright infringement. Say a client trips on your stairs and breaks their leg. General Liability Insurance can protect you from the cost of the
lawsuit, lawyer’s fees, and damages a judge awards your client. It can also pay for the settlement, if you resolve the issue out of court. Many contracts and lease agreements require this coverage.
A Business Owner's Policy (or BOP) is a great way for small businesses to save money on their commercial insurance. Insurers sell General Liability Insurance bundled with Property Insurance through a BOP. By packaging these policies together and
only selling them to small businesses that are classified as “low risk”, insurers are able to offer lower premiums on two basic policies. A Property Insurance policy can cover nearly all of your commercial property: owned office space,
buildings, technology, furniture, supplies, etc. If this property is lost or damaged in a fire, theft, or one of the weather events covered by your policy, your insurance company will pay to replace or repair the damaged property up to your policy’s
Errors & Omissions Insurance (also called Professional Liability Insurance) protects you from "business" lawsuits. When your clients sue you over the quality of your work, E&O Insurance covers the lawsuit. Say an IT consultant in Plano
is sued when the software he recommends leads to data breach. In this case, E & O Insurance can cover his legal expenses. E and O Insurance covers lawsuits related to software bugs, problems testing software, late delivery of projects, data breaches
on client networks, and other professional liabilities. Many client contracts will require you to have this coverage before you can sign on the dotted line.
Texas is the only state in the country that doesn’t require businesses to purchase Workers' Compensation Insurance (also called “Workers' Comp” or “Workman's Comp”). But many IT companies in Texas still
do. Why is that? Texas law still holds businesses liable for paying for their employees’ workplace injuries – and that’s exactly what Workers’ Comp is designed to cover. Employers can still be sued for lost wages, medical
expenses, and other costs that arise from workplace accidents. Workers' Compensations Insurance covers these expenses, protecting you from legal and medical bills.
Cyber Liability Insurance (also called “Data Breach Insurance” or “Cyber Risk Insurance”) sounds like it covers all data breaches. It doesn't. Cyber Liability Insurance only covers first-party data breaches, i.e., the
breaches that happen on your own company's network. That's significant because many IT companies don't keep private data on their company computers. (Or if they do, they only have a relatively small amount.) For most IT companies, E&O
Insurance (see above) offers enough data breach protection because it covers lawsuits when client networks are hacked or suffer a data breach. So which companies need the first-party coverage in Cyber Liability Insurance? The ones that store a lot
private information on their devices. For instance, this policy can cover a web hosting company's expenses when they are hacked. The might include the cost of investigations, credit monitoring for customers, additional personnel, and other costs
associated with its response to the data breach.
For a free, no-strings-attached insurance quote, call a TechInsurance agent at 1-800-668-7020 or fill out our simple online insurance