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IT Business Insurance for Oklahoma City

Oklahoma City boasts one of the proudest, most tight-knit communities in America. From packing Chesapeake Energy Center for Thunder games to supporting local businesses, residents of OKC have each other’s backs. Throw in low cost of living (OKC ranked 17th out of 360 major international markets for affordability) and you have all the reason you need to grow your tech business in Oklahoma City.

Small Business Insurance for Tech Companies in Oklahoma City

When most business people think of Oklahoma City, they think of the energy industry, aeronautics, or agriculture. But OKC’s tech ecosystem is also thriving. Since 1998, one local incubator – i2E – has invested $15 million in Oklahoma-based IT companies and attracted $665 million more in follow-on capital. Add in the efforts of community resources like VentureSpur, the OKC Chamber of Commerce, and the University of Oklahoma Health Sciences Center (for biotech-related firms), and it’s no wonder OKC is hailed as a business-friendly city.

You leverage these opportunities to build your tech company. And now it’s time to protect your investments with adequate IT business insurance coverage. The following policies can make sure accidents, data breaches, or lawsuits don’t jeopardize your tech firm’s future:

General Liability Insurance

When a non-employee is injured on your company premises, it becomes your legal responsibility. General Liability Insurance makes sure that your business survives the costs associated with an accidental injury: unpredictable medical costs, escalating legal fees, and the expense of a settlement or judgment. GL Insurance is so fundamental for a small business that your commercial lease probably requires you carry it. Your GL policy also protects your business when it’s sued for damaging third-party property (tangible or intellectual).

Business Owner’s Policy

A Business Owner’s Policy (BOP) is a cost-cutting insurance bundle available only to small, low-risk enterprises. It combines GL Insurance and Commercial Property Insurance together at a lower premium. Property Insurance insures your office and its contents against loss or damage caused by fire, windstorms, theft, or vandalism. Your policy pays to fix or replace your assets – regardless of whether you rent or own your property. If you suffer enough property damage to temporarily shut down your business, Business Interruption Insurance (which can be included in your BOP) helps keep you solvent while your tech business recovers.

Errors and Omissions Insurance

Sometimes, customers will suffer data breaches or economic losses and blame your services for it. Whether that customer is right or wrong, your E and O policy will help you survive the lawsuit by paying for your lawyer’s fees, court costs, settlement expenses, and judgments against you. Considering the recent prevalence of cyber attacks on businesses both large and small, the fact that an E&O policy includes third-party Cyber Liability coverage is especially comforting.

Workers’ Compensation Insurance

Oklahoma state law requires all employers to provide Workers’ Compensation Insurance for their employees, unless they only employ five or fewer people who are all family members. Oklahoma employers can meet their obligations by purchasing a private insurance policy or a policy through the state-run Workers’ Comp fund. Private Workmans’ Comp Insurance policies are usually cheaper than joining the CompSource Oklahoma state fund. Generally, state funds are an “insurer of last resort” because they tend to accept higher-risk businesses.

Cyber Liability Insurance

As a small tech company familiar with the ins and outs of network security protocols, you might not think your firm is a target for hackers and cyber thieves. But any security system can be hacked, and small businesses (those of 100 employees or fewer) actually account for 70 percent of all cyber crime. A first-party Cyber Liability Insurance policy (sometimes called Cyber Risk Insurance or Data Breach Insurance) protects your business in the event that sensitive third-party information is stolen from your own computers or network. It can cover the cost of repairing your security holes and your business’s reputation after the breach.

Protect your OKC-based tech company right away. Call a TechInsurance agent at 1-800-668-7020, or fill out an online insurance application to receive IT business insurance quotes via email.

Snapshot of Small IT Business Owners in Oklahoma City

  • Most Oklahoma City-based IT businesses only have one employee.
  • 22% of Oklahoma City tech businesses are responsible for their client’s data as part of their services.
  • OKC IT businesses rake in a median of $35,00 a year in revenue.