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IT Business Insurance for Fort Worth, TX

While Texas is well known for its rapid economic growth, the Federal Reserve reports that the Fort Worth-Dallas area has actually grown faster than the rest of Texas. You're doing something right when you're the standout in the Lone Star state! In fact, Fort Worth's success is bigger than that. The Fort Worth-Arlington-Dallas area is the 12th largest metropolitan economy in the world.

Insurance for Fort Worth Companies: Protection from Tech Liabilities and Lawsuits

Small business insurance protects Fort Worth IT companies from some of the common reasons businesses go bankrupt. Lawsuits. Fires. Property damage. Data breaches. Expenses related to each of these can be covered with an effective small business insurance plan. Let's take a closer look at five insurance policies you might need and how they can protect your finances:

General Liability Insurance

Fort Worth tech companies usually need to buy General Liability Insurance in order meet certain contractual obligations in their lease agreements, professional licenses, or other contracts. Many legal experts suggest businesses purchase this policy immediately after startup, because it protects you from liabilities that start on day one of your business venture. GL Insurance pays for the cost a lawsuit when third parties (anyone you don't employ) sue you for slip-and-fall accidents, property damage, slander / libel, or copyright infringement.

Business Owner's Policy

As a small-business owner, you're probably crunching the numbers and trying to figure out a way to save a little money on your business insurance. Well, that's why there's a Business Owner's Policy (or BOP), which packages General Liability and Property coverage in one policy with lower premiums. Property Insurance reimburses businesses for damaged or lost property. The insurance company pays for property lost due to fire, theft, vandalism, and certain weather events. Most Property policies list the specific property-loss events (called “named perils”) that  they cover. If you need specialized protection, you can add it on to your primary policy.

Errors and Omissions Insurance

Errors and Omissions Insurance (also called “Professional Liability Insurance”) covers lawsuits over mistakes (or perceived mistakes) in your IT work. Say a tech contractor in Arlington installs enterprise software that has a security flaw. His client is hacked, blames the contractor for the data breach, and sues for hundreds of thousands of dollars. Fortunately, E&O Insurance covers client data breach lawsuits. It also covers disputes about delivery, performance, compatibility, and other issues a tech company may have with hardware, software, or consultancy.

Workers' Compensation Insurance

While Texas doesn't require businesses to purchase Workers' Compensations Insurance (frequently shortened to “Workers' Comp” or “Workman's Comp”), Texas law holds businesses financially liable for covering an employee's medical expenses after a workplace injury. You can also be liable for paying a partial salary if the employee has to miss work. Workman's Comp covers these costs. Many policies also include Employer's Liability Insurance, which protects you from the cost of a Workers’ Comp lawsuit. Say an employee develops carpal tunnel syndrome. They might sue their employer for lost earning potential or other damages. Employer's Liability Insurance would cover this lawsuit.

Cyber Liability Insurance

Client-side data breaches are covered by E&O Insurance, but what about a data breach on your own network? In these situations, Cyber Liability Insurance (also called “Cyber Risk Insurance” or “Data Breach Insurance”) covers the cost of preventing identity theft and responding to a data breach on your network. In Texas, you can pay civil penalties of up to $250,000 after a data breach if you fail to inform affected users quickly. Because of the high penalties, it's important to address a data breach ASAP. Cyber Risk Insurance pays for investigators to help you figure out how the breach occurred and who was affected. It can also pay for credit monitoring services (to prevent identity theft). Coverage note: Most IT companies won't need Cyber Liability Insurance because they don't store enough client data on their computers to make it worthwhile. Other IT firms – web hosting companies, business intelligence analysts, etc. – might have a lot of private data and need to protect their liability with CL Insurance.

For more information on any of these policies or to learn how they protect your specific business, call us at 1-800-668-7020 or submit an online insurance application. We'll send you a free insurance quote, customized for your business.

Snapshot of Tech Businesses in Fort Worth, Dallas, and Arlington

Fort Worth, TX
  • 77% of Fort Worth, Dallas, and Arlington tech businesses are home-based.
  • 24% of business owners are responsible for client data as part of their products and services.
  • On average, businesses subcontract 42% of their annual work to third parties.