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IT Business Insurance for Long Beach, CA

Long Beach is an important industrial engine in Southern California – as well as the entire United States. With one of the country’s busiest ports and numerous offshore oilrigs, Long Beach is a center of energy production and commerce. What’s less well known is that Long Beach is becoming one of Southern California’s engines for tech growth, too.

With accelerators like Long Beach Tech, co-working centers like Work Evolution Labs, and innovative community tools like the LBConnect website, Long Beach is a great place to be a tech entrepreneur. The city is certainly doing its part to make the “Silicon Beach” area the third-best tech startup ecosystem in the country.

Small Business Insurance for Tech Companies in Long Beach / Santa Ana

With so many distractions available in the Los Angeles metro area and Orange County (the beach is right there), plus all of the demands of your growing tech company (market research, coding time, funding searches), it’s easy to overlook the importance of a business protection plan. After all, your journey has just begun!

But the success of your venture depends on your ability to circumvent liability risks and property losses, too. In order to protect your business and preserve your growth, consider investing in the following small business insurance policies:

General Liability Insurance

General Liability Insurance is a basic necessity for any small business. When non-employees (e.g., potential investors, fellow entrepreneurs, or delivery people) visit your office, there’s the chance they could be injured and sue you over premises liability. When that happens, GL Insurance covers their medical damages, as well as your legal expenses. GL also covers you when you’re sued for damaging someone else’s property or infringing on their copyrights.

Business Owner’s Policy

Along with GL Insurance, Commercial Property Insurance is another fundamental coverage needed by most small companies. It protects your office and its valuable contents (furniture, computers, monitors, prototypes, etc.) in case of damage by fire, windstorms, power surges, or property crime. A Business Owner’s Policy (BOP) saves your business money by combining Property Insurance with GL Insurance at a reduced premium. A BOP can also include Business Interruption Insurance, which compensates you for lost revenue when a property event temporarily shuts down your business.

Errors and Omissions Insurance

When clients suffer a financial loss, they may try to blame it on your tech services or products in an attempt to recoup damages. Even if the technical issue wasn’t your fault, a client might sue you all the same. E&O Insurance (also called Professional Liability Insurance) covers your legal defense costs when you’re sued for professional negligence or alleged mistakes in your work. E and O Insurance also provides third-party Cyber Liability coverage, which absorbs your liability costs when your clients suffer security breaches on their networks.

Workers’ Compensation Insurance

California law requires every single employer in the state to carry Workman’s Comp Insurance. Workers’ Comp covers your work-injured employees’ medical costs, disability expenses, and lost income. The policy also covers your legal defense costs should there be a legal or administrative dispute over the injury. Because Workers’ Comp laws can be technical and confusing, feel free to speak with a TechInsurance agent to discuss your legal obligations.

Cyber Liability Insurance

Identity thieves and other cyber criminals are always looking for opportunities to steal valuable private information. If you keep such information on your own servers or network (e.g., customer credit card numbers or confidential business data), you’re at risk. A first-party Cyber Liability policy protects you if third-party information is stolen from your company’s hard drive or network. The policy covers potentially immense costs connected with the notification of affected third-parties, finding the weak spots in your security protocols, upgrading and fixing what’s wrong with your system, and containing the damage to your reputation in the market.

The right combination of IT business insurance plans can make sure your Long Beach-based tech company can weather unexpected financial hits. Call a TechInsurance agent at 1-800-668-7020 or fill out an online insurance application to receive quotes and information on the particular policies you need.

Snapshot of Small IT Business Owners in the Long Beach, Los Angeles, and Santa Ana Area

  • Long Beach / Santa Ana-based IT professionals subcontract an average of 33% of their work each year.
  • 26% of Long Beach tech businesses are responsible for their clients’ data as part of their services.
  • Long Beach-based IT businesses rake in a median of $80,000 in revenue annually.