FOR IMMEDIATE RELEASE
IT Businesses Drive Demand for Business Insurance, More Than 35 Percent Growth for TechInsurance
Leading online IT insurance provider records Q1 2010 as best quarter in company history
Dallas, TX——The first quarter of 2010 was the most successful quarter on record for TechInsurance, the nation's top insurance provider for information technology businesses, indicating that the economic turnaround is strengthening for IT service providers. TechInsurance was founded in 1997 to provide affordable business insurance coverage for the burgeoning technology industry.
"We were pleased when January proved to be the best month in company history, but by April we were stunned to see the trend for month-over-month record growth continue," says Jim Cochran, president and founder of TechInsurance. "What this tells us is that small IT businesses are going back to work at a very rapid pace, and are seeking the insurance they need to fulfill contractual requirements or protect themselves as new businesses. We view small technology business growth as an early leading indicator for a recovery as corporations begin to spend on IT projects again."
TechInsurance has insured more than 2,000 new businesses in the first quarter, compared with 1,476 during the same time period in 2009. That's an increase of more than 35 percent. Many of these new TechInsurance customers are startup businesses. The overall growth trend in new IT insurance policies began in August 2009, with increasing sales every month compared to the same period the prior year.
"Many of the people who were laid off during the recession have decided to start their own IT services businesses," Cochran notes. "As startups, they can find it difficult and confusing to get the insurance they need, such as professional liability and general liability insurance, to protect their business investment and secure client contracts. Since we specialize in insurance for IT small businesses, and we have lots of experience in working with startups, we can very efficiently get them coverage at an affordable price."
Another notable trend is strong growth in sales of workers' compensation policies, which indicates that TechInsurance's technology customers are hiring and need coverage for their employees.
TechInsurance is the nation's leading online insurance agent for small and micro businesses (those with 10 or fewer employees). Since its launch in 1997, TechInsurance has provided a convenient online destination where IT and technology consultants, contractors, and business owners can find essential liability insurance coverage from top-rated providers by completing an application process that takes only a matter of minutes. In addition to offering third-party Cyber Liability Insurance policies, TechInsurance offers General Liability, Property, and Workers' Compensation Insurance. For more details about TechInsurance, visit the company's website at http://www.techinsurance.com.
# # #
Mark Meadows, Propllr LLC
302-353-8258, [email protected]