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IT Business Insurance for Portland, Oregon

From the iconoclastic style of Trail Blazer Bill Walton to the quirky (and not entirely inaccurate) hipster caricatures of “Portlandia,” Rip City has long nurtured those who go their own way. Portland’s trademark liberality is a boon for entrepreneurs with open minds ready to innovate.

Indeed, Portland, Oregon, has long been an innovation hotbed. Beginning in the post-war 1940s and 1950s and continuing through the tech boom of the 1990s, Portland’s IT culture was at the forefront of electronics and computer hardware development. While hardware is still an important part of the city’s economy, small IT entrepreneurs in Portland now increasingly focus on software, particularly mobile applications, open-source applications, and digital media content. And while giants like Intel bring money and research to the area, most of Portland’s tech companies are small, averaging fewer than nine employees per company.

Small Business Insurance for Tech Companies in Portland, Vancouver, or Beaverton

Growing your business in Portland’s supportive and resource-rich tech ecosystem can be exciting, but it can also be stressful – all those long hours trying to find a market niche, fretting about funding. Getting a tech firm up and running (and keeping it running) is already stressful, so why increase the tension by operating without the proper IT business insurance? A combination of the following policies can protect your business from unexpected costs that can derail your business:

General Liability Insurance

General Liability Insurance steps in when a guest suffers a bodily injury on your premises. One person breaking a bone can put your business on the hook for thousands in medical and legal costs, including escalating lawyer’s fees, court costs, and settlements or judgments. General Liability covers those costs so they don’t deplete your coffers of hard-earned cash. GL Insurance also protects your business from copyright or trademark infringement liability – an important consideration for any tech business that creates or hosts original content.

Business Owner’s Policy

A Business Owner’s Policy (BOP) is a specially designed insurance product for small businesses. A BOP bundles together GL Insurance and Commercial Property Insurance at a reduced annual premium. Commercial Property Insurance protects your tech company’s office space and its contents (think computers, furniture, and office gear) against loss or damage by fire, windstorms, vandalism, or theft. You can also add Business Interruption Insurance to your BOP. This coverage pays for lost revenue when a covered property event forces your business to shut down for a bit.

Errors and Omissions Insurance

E & O Insurance (also called Professional Liability Insurance) protects your business from lawsuits over a third party’s economic losses. For example, if a client alleges a mistake in your work cost them sales, E and O Insurance would cover your attorney’s fees, settlements or judgments, and other court expenses. You don’t even need to be in the wrong to face the hefty costs of a lawsuit. Because your E&O Insurance also includes third-party Cyber Liability Insurance, you’ll be covered for legal costs associated with data breaches, too.

Workers’ Compensation Insurance

Oregon state law requires all employers to purchase Workers’ Comp Insurance for their “subject workers.” The law defines these workers as anyone hired to do work that an employer directs and who receives a wage (family members, minors, and undocumented workers included). Workman’s Comp protects your employees by paying their medical costs and lost income if they suffer an occupational injury or sickness. The policy also protects you by paying your legal costs if an injured employee sues.

Cyber Liability Insurance

Unfortunately, network security issues are an ever-present concern in today’s business world, especially for a smaller company like yours. If you keep sensitive third-party information on your own network, and that network is hacked, you could face massive liabilities and damage-control costs. A first-party Cyber Liability Insurance policy pays for notifying affected third parties, fixing your security holes, and launching PR measures to combat the damage your reputation might suffer in the marketplace.

Protect your Portland-based IT firm with the proper business insurance so you can spend your time and money on what matters most. You can contact a TechInsurance agent at 1-800-668-7020 or fill out an online insurance application to receive IT-specific business insurance quotes tailored to your company’s risks.

Snapshot of Small IT Business Owners in Portland, Vancouver, or Beaverton

  • 80% of Portland, Vancouver, and Beaverton-based IT professionals work out of their home.
  • 21% of Portland tech businesses are responsible for their clients’ data as part of their services.
  • Portland-based IT businesses clear a median of $40,000 a year in revenue.