Overachiever alert! If you're a Texas business owner and you love your home state, it's no surprise. In our report on great towns for IT business owners, Best Places to Live for Tech Entrepreneurs, there were three cities from the Lone Star State: Austin, Houston, and Plano. Whether you're looking to raise a family, dig roots into a strong community, or keep your wallet relatively full, Texas cities have you covered.
Cost-Saving Tips for IT Businesses in Dallas, El Paso, and Other Texas Cities
- Tip #1. If you choose to carry Workers' Compensation Insurance even though you're not required to by Texas law, and you're not sure about the high cost of monthly premiums, consider a plan with a higher deductible. When you have a higher deductible, your monthly payments are lowered. This does, however, come with a potential price – should you end up taking on a Workers' Comp claim, you may find yourself in a financial pickle.
Our advice is to carry a deductible that you can feasibly pay should a common accident occur. A deductible as high as $25,000 – no matter how low the monthly premium is – could be impossible to pay in the event something goes wrong.
- Tip #2. You never know what Texas weather might throw your way. For instance, if you take on a nasty hail storm that causes enough damage to your office that you're required to close down, you don't want to lose money waiting for repairs to finish and work to get back on track. That's why including Business Interruption Insurance in your Business Owner's Policy is essential.
Business Interruption Insurance offers funds to pay for lost profit, fixed costs, and any expenses taken on as the result of a temporary shutdown forced by a covered property event. Business Interruption Insurance can be the difference between keeping or losing your IT business should you also have to pay for a costly deductible because of damage to your property.
- Tip #3. When you're hired for jobs like setting up WiFi, administering networks, and managing employee databases, there's a good chance your clients will ask that you carry certain insurance packages. They want to know that if something goes wrong, all parties are financially protected. Typical contract requirements include Errors & Omissions Insurance and General Liability Insurance. Want to see what a sample contract looks like? Check out our sample contracts for IT businesses.
In a competitive market, it's important to earn as many contracts as possible – you don't want to be left scrambling for last-minute packages in order to land that big account. Give us a call today to find out more about the policies you may be asked to carry for the most lucrative contracts your IT business takes on.
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The Texas economy is one of the largest in the world – and it's growing at an incredible rate. Cities like Austin are quickly becoming hubs for burgeoning tech companies, making this behemoth of a state attractive for IT businesses like yours.
All that growth means a positive outlook, and it makes sense you'd be curious what your business insurance options are. As your business expands, you likely want to ensure that the livelihood of your IT business stays intact no matter what.
Cost-Effective Business Insurance Options for IT Businesses in San Antonio, Houston, and other Texas Cities
There are dozens of hazards that threaten your IT business throughout the week – workplace injuries, third-party lawsuits, miscommunications with clients, employee mistakes – but with adequate business insurance in place, you can prevent these mishaps from hurting your revenue.
Your TechInsurance agent is trained to help build you a business insurance plan that's comprehensive and affordable. Get in touch with us today to receive multiple quotes from top insurance providers at no charge.
Read on for more information about how basic business insurance can protect your IT business.
Business Owner's Policies for Texas-Based IT Businesses
A good place to start for your business insurance needs is a Business Owner's Policy. This cost-effective package combines two crucial policies into one – General Liability Insurance and Property Insurance. The General Liability portion of the BOP protects you from lawsuits over third-party property damage and personal injury that occur on your business premises. The Property Insurance portion provides reimbursements for damage to your business property.
- Third-party lawsuits are those filed against your business by non-employees. A third-party lawsuit can occur when someone is injured due to a cluttered or injury-prone worksite, or because you or an employee cause property damage or injure a third party while visiting a client. Lawsuits can be costly, often involving expenses such as lawyer's fees, court fees, and settlement or judgment costs.
- Property damage can result from any number of potential sources – fire, theft, and storm damage are those most commonly covered by a Property policy. Whether you're based in San Antonio, Dallas, or Houston, the weather in Texas can be volatile. That's why any business, regardless of industry, should stay covered with Property Insurance through a Business Owner's Policy.
Errors & Omissions Insurance for Texas-Based IT Businesses
E&O lawsuits against IT businesses happen when a client claims your or one of your employees made errors or omissions in their work. Errors and Omissions Insurance helps fund lawsuits alleging negligence or oversights. If you've been tapped by a Fort Worth company to help with network administration, you could face an E&O suit if and when that network malfunctions.
Even if the claim is frivolous, you'll have to go to court to combat litigation – especially if the plaintiff says your work contributed to a financial loss. It only takes one E&O lawsuit to put a serious damper on your IT business – give us a call today to find out more about how you can protect your revenue with E&O Insurance.
Workers' Compensation Insurance for Texas-Based IT Businesses
Many IT professionals feel their firm is too small to require Workers' Compensation Insurance, or that they're too tight-knit with their employees to be at risk for a claim should an employee become injured on the job. But Workers' Compensation is beneficial to both you and your employees – and carrying it doesn't mean you and your crew aren't close.
In the event that one of your employees suffers an injury as result of repetitive motion, carpal tunnel, a slip or fall, knee injuries, back injuries, or sudden accidents, you want to make sure you won't have to pay for their medical expenses out of pocket. Workers' Compensation Insurance provides funds for employee wages while they recover, as well as the costs incurred from having to pay an additional employee to take over the injured employee's work.
Just because you're not required by Texas law to carry Workers' Compensation Insurance doesn't mean you should ignore this essential policy. Get in touch with a TechInsurance rep today to see how you can be protected from costly workplace injuries.
Employment Practices Liability Insurance for Texas-Based IT Businesses
Employment Practices Liability Insurance (or EPLI) protects your IT business from the rare, though financially devastating, instances where an employee claims they were wrongfully terminated, experienced some form of discrimination, or were the victim of harassment.
Claims covered by EPLI include...
- Breach of contract.
- Discrimination based on age, sex, gender, or sexual orientation.
- Hurtful comments viewed as libel or slander.
- Sexual harassment.
- Invasion of privacy.
These types of cases can rear their head at any time. Make sure that if your business faces an EPLI charge, you're protected from the financial fallout.
STATE INSURANCE LINKS
- Match Your Insurance to Your IT Business's Risks
When you're a technology professional shopping for business insurance , it's easy to get overwhelmed by the large number of available options. How do you determine what kinds of coverage you really need?
- Top 10 Workers' Comp Insurance Questions
What is workers' compensation insurance? Workers' compensation insurance covers your employees' medical and disability expenses related to work-related illness and on-the-job injuries.