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Small Business Insurance for IT Professionals in North Carolina

North Carolina isn't usually the first state that jumps to mind when people talk about IT hotspots. But thanks to a booming tech community in Raleigh, that might soon change. Even if you're not part of a giant tech company, this city has a lot to offer – especially if you're on a budget. That's why the city made our Best Places to Live for Tech Entrepreneurs report. And if you are on a budget, there's a lot you can do to minimize your business costs and risk exposure, no matter where in the state you're based.

Cost-Saving Tips for IT Businesses in Fayetteville, Chapel Hill, Winston-Salem, and Other Cities in North Carolina

  • Tip #1: Because North Carolina has its fair share of inclement weather, you stand to take on a certain amount of property damage in any given year. If you secure your Property Insurance through a Business Owner's Policy, you may also be eligible for Business Interruption Insurance.

    Business Interruption Insurance provides funds for lost profit and other expenses associated with shutting down your business because of property damage. With this policy in place, you can rest easy knowing that in the face of any covered event, you won't have to worry about losing your livelihood.
  • Tip #2: Do you use a truck, van, or automobile for company purposes? Or are you thinking about expanding your IT business to include one? If so, there's a policy you should consider carrying that could save you thousands of dollars: Commercial Auto Insurance. This policy provides funds for accidents caused by you, an employee, or insured and uninsured motorists. Without it, you could end up having to pay out of pocket for medical expenses and property damage, which can add up in a hurry.

    There's also a policy known as Hired and Non-Owned Auto Liability, which protects IT business owners from accidents involving employees operating their own vehicles.
  • Tip #3: When it comes down to it, sometimes the policies you have in place aren't enough to protect you from the high cost of liability lawsuits. For those situations, you want to consider carrying Umbrella Insurance.

    Umbrella Insurance provides funds for certain policies that have reached their limit and now require supplemental funds. Without Umbrella Insurance, you have to pay for excessive lawsuits out of pocket. But Umbrella Insurance provides funds for General Liability Insurance, Hired or Non-Owned Auto Liability, and Employer's Liability. It could save you thousands in the long run.

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Between Charlotte, Raleigh-Durham, and Morrisville, there are plenty of great companies for North Carolinians to work for. It's also a wonderful place to visit, tourism being one of North Carolina's leading industries. This is all good news for IT businesses looking to set up shop in the state known for being "First in Flight" (take that, Ohio!). With happy residents and an influx of visitors, there's plenty of business to be won.

But with more lucrative contracts comes increased potential for risk. Is your IT business prepared for the hazards that may come your way should you add employees or expand to include vehicles for company purposes?

Essential Insurance Policies for IT Businesses in Asheville, Greensboro, Wilmington, and Other Cities in North Carolina

At TechInsurance, we pride ourselves on providing the most up-to-date information on the policies best suited for your IT business. We have established relationships with top-notch insurance providers and can provide competitive quotes within 24 hours of filling out our free online application.

So whether you're looking to purchase Workers' Compensation Insurance, Property Insurance, or Errors and Omissions Insurance, we'll make sure you're armed with the facts you need to make an informed decision.

Business Owner's Policies for IT Businesses in North Carolina

One package you should consider when researching your business insurance options is the Business Owner's Policy (BOP). This package combines two of the most crucial insurance policies for IT business owners: General Liability Insurance and Property Insurance. What's more, a BOP is generally more cost-effective than purchasing these packages separately.

With a BOP, you're protected from property damage and third-party lawsuits. Common events covered by Property Insurance include...

  • Theft.
  • Fire.
  • Wind storms.
  • Lightning storms.
  • Equipment damage.

With the General Liability portion of a BOP, you're also protected from having to pay out of pocket for litigation brought about by non-employees. Perhaps one day you'll be hit with a lawsuit alleging you fostered an unsafe environment in which a client's employee became seriously injured. Or one of your employees might damage equipment while installing software at a client's office. General Liability Insurance covers the legal costs associated with defending your company, should the affected parties sue you over incidents like these.

What's more, a BOP can offer Business Interruption Insurance, which provides funds for IT businesses forced to shut down by covered property damage. With Business Interruption Insurance, you won't have to worry about making payments to cover expenses that continue despite your closure: loans, employee wages, and lost sales.

To see if your IT business is considered low-risk enough to qualify for a Business Owner's Policy, get in touch with one of our certified reps today.

Errors & Omissions Insurance for IT Businesses in North Carolina

Yet another essential policy for IT business owners is Errors & Omissions Insurance (also called Professional Liability). This policy protects you from lawsuits claiming your business failed to deliver on contracted services, as well as suits alleging you committed an error or oversight that caused a client to lose money.

Because IT work often affects the security of sensitive information or the systems that allow a client's business to function, the stakes are often high for IT businesses – which means lawsuits are fairly common when something goes wrong. The last thing you want, however, is have to dip into your profit margin to defend a Professional Liability case in court. The following costs can be disastrous...

  • Attorney's fees.
  • Court fees.
  • Settlement costs.

Workers' Compensation Insurance for IT Businesses in North Carolina

North Carolina law states that any business operating with three or more employees is required to carry Workers' Compensation Insurance. However, there are plenty of benefits to carrying this policy, even if your business consists of just you and one other employee.

For instance, there are plenty of workplace hazards for those in office environments. From carpal tunnel syndrome to sudden accidents, the last thing you want to have to worry about is paying for the following expenses should an employee be injured on your site...

  • Medical expenses.
  • Wages while they recover.
  • Wages for an additional employee.

If you're currently operating with three or more employees, be sure to get in touch with a TechInsurance agent right away. We'll makes sure you're compliant with state laws so you can avoid fines and penalties.

Employment Practices Liability Insurance for IT Businesses in North Carolina

The more employees you have, the more likely you are to take on claims alleging employment practice violations. That's why IT businesses with multiple employees are urged to carry Employment Practices Liability Insurance. This policy protects your IT business from having to pay out of pocket for lawsuits filed by employees alleging discrimination, wrongful termination, or harassment.

Employment Practices Liability Insurance also protects against...

  • Sexual harassment.
  • Stress caused to employees.
  • Contract breaches.
  • Employee mismanagement.
  • Negligent hiring practices.

Lawsuits can be financially devastating. Don't let your IT firm fall victim to costly liability claims. Get in touch with one of our reps today.