According to CNN
Money, Virginia Beach is the best place in America to start a small business. From business-friendly laws to a continual influx of federal and tourist dollars, the Hampton Roads metro area puts you in a great position to grow your tech company. You
can leverage the resources not only of Virginia Beach, but also of Norfolk, Newport News, Hampton, and Chesapeake.
Whether you specialize in modeling & simulation, cyber security, or another key part of Virginia Beach’s growing tech sector, you should make sure to properly protect the time and money you’ve put into your small IT company. A data breach
or other uncontrollable contingency could expose you to expenses and legal liabilities in the tens to hundreds of thousands of dollars.
Small Business Insurance for Tech Companies in Virginia Beach, Newport News, and Norfolk
In some ways, your business is like the Chesapeake Bay Bridge-Tunnel. It involves ingenuity and technical expertise, and it hopefully makes your clients’ lives easier and more productive. But if there’s an accident? You could be trapped
in the longest bridge-tunnel complex in the world. Or, in the case of your business, trapped by unwanted and uncontrollable expenses that bring your company to a standstill.
The following types of insurance can make sure that if an accident happens, you’ve got a way out:
General Liability Insurance covers litigation costs when a non-employee gets injured at your workplace or your business damages third-party property (including intellectual property). While accidents are thankfully rare, they can be incredibly expensive
when they happen. One person tripping and breaking a bone in your office can leave you paying thousands in lawyer’s fees and medical costs. Additionally, if your tech business creates original content or hosts third- party content, you could
also run into liability for copyright or trademark infringement. GL Insurance pays your defense costs and covers damages, settlements, or judgments that accompany these unfortunate occurrences.
Business Owner’s Policies (BOPs) are available to low-risk small businesses to help them cut costs. The standard BOP combines GL Insurance and Commercial Property Insurance at a lower premium than buying each separately would allow. Commercial
Property Insurance insures the expensive equipment you depend on to run your IT business against loss or damage caused by fire, property crime, and certain weather events. BOPs can also include Business Interruption Insurance,
which insures your revenue when a covered property event temporarily shuts down your company.
Your clients rely on your technical expertise when they hire you or buy your products. If something goes wrong, your customers might accuse you of careless work, regardless of whether you are actually at fault. E&O Insurance (also called Professional
Liability Insurance) protects you in cases of glitchy software, latency issues, testing error, or third-party data breach by covering your legal defense costs if you get sued.
In Virginia, any business with two or more employees (even if they’re part-time, temporary, or family members) must carry Workman’s Comp Insurance. In certain cases, independent contractors hired for specific projects also count as employees.
Workers’ Comp pays for an employee who is injured on the job (whether in an accident or because of repetitive motion). It covers medical costs, replacement wages, and legal expenses if your employee sues you over the injury.
While your E&O policy covers data breaches or cyber attacks that happen on third-party client computers, it does not protect your own network. First-party Cyber Liability Insurance (also called Cyber Risk Insurance or Data Breach Insurance) exists
for those IT businesses that have sensitive third-party information on their own servers (e.g., web- hosting companies and businesses that handle financial data). You know that even the best security protocols can be hacked; you might not know that
cyber criminals disproportionally target small businesses. In the event of a data breach, first-party Cyber Liability coverage pays for diagnosis and repair of the breach, as well as certain public-relations measures to restore your good reputation.
To get the information you need to successfully protect your small tech business in Virginia Beach, call a TechInsurance agent at 1-800-668-7020 or fill out an online insurance application. You’ll receive detailed insurance quotes tailored to your IT business within minutes.