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IT Business Insurance for Louisville, KY

Like a fine cask-strength, single-barrel Bourbon, Louisville is multilayered, emblematic of the good life, and lots of fun. Whether you’re playing Ping-Pong at Garage Bar, hitting the pubs in the Highlands, watching the Cardinals beat the Wildcats at the Sports and Social Club, or perfecting your flirting game at 4th Street Live, you’ll be surrounded by friendly and open people looking to have as much fun as you are. You’ll also be in the third-best city in the country for young entrepreneurs (according to under30CEO.com), making Louisville a great place all around to grow your small tech business.

Small Business Insurance for Tech Companies in Louisville and Jefferson County

Louisville’s tech community is not the largest, but it’s growing. According to the Kauffman Foundation, Louisville’s startup density has more than doubled in the past ten years. Much of that activity has been in the health tech area (highlighted by the work of the XLerate Health tech incubator), but Louisville’s young tech community is developing in all directions.

Though you’re busy doing market research, meeting with potential investors, and working on the nitty- gritty of your tech product, it’s worth your while to learn how IT business insurance can protect the substantial investments you’ve made in your company. Part of the price of operating your own business is the risk of accidents, data breaches, and lawsuits that can drain your finances. The following small business insurance policies can prevent that, keeping your cash available for reinvestment into your company:

General Liability Insurance

Accidents happen every day. Is your business protected if the guy delivering the new desktops trips and hits his head on a corner? As a business owner, you are liable for injuries to guests and other non-employees that happen on your business premises – which is why your lease probably requires you to carry General Liability Insurance. GL Insurance covers medical costs for someone injured on your property, as well as your legal expenses in defending against a bodily injury suit. For tech companies developing original content or hosting third-party content, GL Insurance provides further peace of mind by covering the cost of a trademark or copyright infringement lawsuit.

Business Owner’s Policy

Keeping costs down is important. Business Owner’s Policies (BOPs) help small businesses like yours save money by bundling together GL Insurance with Commercial Property Insurance at a lower premium. Property Insurance protects your equipment and office space from damage or loss caused by fire, windstorms, power surges, or property crimes. A BOP can also include Business Interruption Insurance, which kicks in when a covered property event forces you put your business on hold. It covers your lost profits so you can make ends meet, even during a standstill.

Errors and Omissions Insurance

Everyone makes mistakes from time to time, especially after long hours at work. And the end-users of your products or services aren’t perfect either – if something goes wrong and it costs them money, they might blame you – even if you’ve done nothing wrong. E&O Insurance (also called Professional Liability Insurance) is for just such occasions. It pays your legal expenses if a disgruntled customer sues. E&O Insurance also covers you when your client blames you for a data breach on their network or device.

Workers’ Compensation Insurance

Any business with one or more employees is required by Kentucky law to carry Workman’s Comp Insurance. If one of your employees gets sick or injured because of their work, Workers’ Comp Insurance makes sure they’re covered, paying their medical bills, lost wages, and rehabilitation or disability costs. Workers’ Comp also helps you by covering your legal costs should your employee sue over the injury.

Cyber Liability Insurance

While our technologically advancing world provides your IT company with ample market opportunities, it also opens the door for cyber criminals to steal personal identities or other private information. If your network or computers contain any sensitive third-party data, your business is vulnerable to cyber attack. A first-party Cyber Liability Insurance policy provides peace of mind by covering a range of costs associated with a security breach, including the expense of fixing the holes in your security protocols, as well as managing any damage a data breach can do to your reputation for safety.

While gambling on horses over at Churchill Downs can be enjoyable, gambling with the future of your Louisville or Jefferson County-based tech company is not. A TechInsurance agent is available at 1-800-668-7020 to discuss how to tailor IT business insurance policies to your particular tech company. If you’d rather receive insurance quotes via email, feel free to fill out an online insurance application instead.

Snapshot of Small IT Business Owners in the Louisville / Jefferson County Area

  • 38% of Louisville tech businesses are responsible for their clients’ data as part of their services.
  • Louisville-based IT businesses make a median of $17,000 in revenue.
  • Most tech businesses in Louisville and Jefferson County have only one employee.