In Tulsa, you know how to live the good life. Nestled in the heartland of America, Tulsans enjoy low cost of living, neighborhoods where you can both raise your family and enjoy a night out, and a community supportive of tech entrepreneurs like you.
For example, Tulsa became one of the early adopters of incentives like the TCC StartUp Cup. The city also sports an active incubator and co-op working environment with resources like The Forge, the MIT-chartered Fab Lab Tulsa, and the Oklahoma Innovation
Small Business Insurance for Tech Companies in Tulsa
Running your own business can be exciting. Freedom and opportunity meet, allowing you to take your company in whatever direction inspires you. And when you succeed, you can feel proud about your hard work and intelligent evaluation of your customers’
But it can also be stressful – especially if you’re operating without the proper business insurance. Accidents both mundane and highly technical can suddenly subject your company to tens of thousands in liabilities, medical bills, lawyer’s
fees, or fines. To prevent such costs from depleting your cash reserves, you need the right combination of the following small business insurance policies:
Responsible small businesses carry General Liability Insurance, which covers legal expenses when a guest or other non-employee suffers an injury on your property and sues your business. It can pay for your attorney’s fees, settlements, and judgments
– all of which can amount to a sizable fortune. GL Insurance also covers property damaged by your business, including intellectual property. If your company is sued for damaging your client’s hardware or infringing on a copyright or
trademark, GL Insurance has your bottom line protected.
Successful companies optimize revenues and intelligently control costs. Business Owner’s Policies (BOPs) cut your insurance costs by bundling together GL Insurance and Commercial Property Insurance at a reduced annual premium. Property Insurance
covers your building, furniture, and technical equipment in case of damage caused by fire, windstorms, or property crime. If a property event wrecks your workspace and forces you to shut down for a while, your BOP’s Business Interruption Insurance can cover your lost profits (for up to 12 months).
E&O Insurance (also called Professional Liability Insurance) is for those times when your clients sue you, claiming your services were negligent or defective. Whether you actually committed a testing error or you weren’t at fault in the slightest,
E and O Insurance pays your lawyer’s fees, court fines, and settlement or judgment costs. And for those tech companies that develop solutions for client networks or wireless devices, your E & O policy includes third-party Cyber Liability
coverage. This kicks in when your client suffers a security breach and blames you for the attack.
As an employer in Oklahoma, you are required by state law to cover each of your employees with Workman’s Comp Insurance. Workers’ Comp ensures employees’ medical costs and lost wages are covered when they suffer a work injury or illness.
And the policy helps you by covering your legal costs if your business is sued over the incident. Because Oklahoma’s Workers’ Comp laws can be complicated, be sure to contact an insurance agent to find out what your insurance obligations
To supplement the third-party Cyber Liability coverage included in your E & O policy, you can get additional first-party Cyber Liability coverage. First-party Cyber Liability Insurance (aka Cyber Risk Insurance or Data Breach Insurance) is crucial
for a tech business involved in web hosting or that otherwise keeps sensitive third-party information on its networked computers. Because a security breach on your own computers will affect your trusted clients, you’ll want first-party Cyber
Liability Insurance to help you patch security holes and rehabilitate your reputation for safety and reliability.
To secure the investments you’ve made in your Tulsan tech company, call a TechInsurance agent now at 1-800-668-7020. If you’d rather receive insurance quotes tailored to your needs by email, fill out an online insurance application.
You’ll usually receive a response within minutes.