The Triangle has long been a hotbed of technological entrepreneurship. The Raleigh–Cary area in particular is among the top 10 metro areas in the nation in high-tech startup density. Raleigh alone has been ranked the second highest city for tech
job growth between 2001 and 2013. With a constant stream of talented, highly educated graduates from UNC, Duke, and NC State, it’s no wonder the area is called Research Triangle, and it makes Raleigh fertile ground for your tech business.
You know that getting your small business off the ground takes time, effort, and money. From development costs and marketing to keeping up with the newest innovations, you spend much of your time focused on the company’s success. Part of that equation
involves securing adequate small business insurance coverage. The appropriate policies can mitigate loss and liability risks – and give you peace of mind so you stay focused on what matters.
Small Business Insurance for Tech Companies in Raleigh or Cary
Not having the appropriate insurance coverage is like UNC or Duke playing basketball without playing defense. Sure, you might score a lot of points, but if your opponent can score on you at will, it doesn’t matter – you lose.
The right combination of small business insurance policies makes sure you can keep the revenue you generate with your innovative tech products or services. After all, a single data breach or liability lawsuit can happen without warning. The following
insurance policies can provide you with the defense your tech company needs to succeed:
General Liability Insurance provides a few fundamental protections that every small tech business needs. First, it protects your business if a non-employee gets injured while visiting your office or workspace. Second, a GL policy covers the costs of defending
your business against a copyright or trademark infringement claim – an important protection for content producers and web hosting services. Third, if you or an employee gets sued for damaging third-party property while performing your services,
GL Insurance covers your legal costs.
Business Owner’s Policies (BOPs) are designed to help small businesses like yours save on insurance costs. With a BOP, you get GL Insurance and Commercial Property Insurance at a lower premium. Commercial Property Insurance is important because
it protects the assets you rely on to run your business: namely, your workspace and the equipment within it. If a fire, burglar, vandal, or storm wrecks your office, fries your wiring, or damages your computers, Commercial Property Insurance covers
repair or replacement costs. A BOP can also include Business Interruption Insurance, which keeps you from losing money if a covered property incident shuts down your business
for a time.
Because your work involves technical expertise, you are open to liability for your errors. E&O Insurance (aka Professional Liability Insurance) protects you if a third party claims that your service or product (be it software or hardware) caused them
economic losses. They don’t have to be right, either – you’ll still have to spend tens of thousands of dollars on a lawyer and court costs to defend yourself, even if the suit is meritless. Thanks to your E&O policy’s
third-party Cyber Liability coverage, you’re also protected when a client suffers a data breach and blames the security failure on your work.
North Carolina law requires you to carry Workers’ Comp Insurance if you have three or more employees. If an employee gets injured or sick because of their work, Workman’s Comp covers their medical bills and lost wages during recovery. If
your employee sues you over their injury, Workers’ Comp can also cover your legal defense costs. Since North Carolina’s Workers’ Compensation laws are strict, you should speak with an insurance agent to sort out your insurance
While E&O Insurance protects you if your client’s network is hacked, first-party Cyber Liability (also called Cyber Risk Insurance or Data Breach Insurance) protects you if your own network is attacked. If your security protocols are
breached and third-party information is stolen from your computers, first-party Cyber Liability Insurance pays for the repairs to your system, covers the cost of notifying affected parties, and more.
A TechInsurance agent can discuss which business insurance options make sense for your Raleigh-based tech company. Please call 1-800-668-7020, or fill out an online insurance application if you’d rather receive insurance quotes by email.