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Supplemental Insurance Policies for Your IT Business

In the past, insurance policies were sometimes sold as "comprehensive business insurance." But the reality is that no single policy can cover every business risk. The best way to protect your IT business is through a combination of policies that can offer appropriate protection for a variety of common exposures.

You can learn more about the most commonly purchased insurance coverage for IT businesses, such as General Liability and Errors & Omissions Insurance, here.

However, depending on your needs, you may also benefit from supplemental coverage. Consider these additional policies for an extra layer of protection for your IT business.

Employment Practices Liability Insurance 

Employment Practices Liability Insurance (EPLI) can pay for lawsuits related to claims of discrimination, wrongful termination, and sexual harassment. It can cover legal expenses related to claims brought against your company by current, former, and even prospective employees.

Business Interruption Insurance

Business Interruption Insurance can pay for lost income if your business must temporarily halt operations because of natural disasters, supply chain problems, fires, and other covered property events. If you experience a qualifying event, this policy can help pay for your rent, payroll, taxes, loans, relocation costs, and other expenses.

Umbrella Liability Insurance

When your General Liability Insurance, Hired and Non-Owned Auto Liability Insurance, and/or Employer's Liability Insurance limits have been reached, Umbrella Liability Insurance can offer supplemental protection. Available in increments of $1 million, Umbrella coverage can be bundled with a General Liability policy or purchased as a standalone policy.

Directors and Officers Insurance 

The personal assets of private companies' directors and officers are at risk from lawsuits by a variety of entities, including customers and clients, shareholders, competitors or suppliers, and government agencies. But most lawsuits against directors and officers are management related and brought by employees of the company. Directors and Officers Insurance, also known as D&O Insurance, can address these lawsuits and is frequently bundled with Employment Practices Liability Insurance (EPLI).

Business Property Insurance

You can protect your company's property, such as office furniture and computers, by purchasing Business Property Insurance. This policy can pay to repair or replace your business property if it is stolen or damaged. IT small business owners often qualify for a Business Owner's Policy (BOP), which bundles General Liability and Property coverage at a rate typically lower than purchasing the two policies separately.

Commercial Auto Insurance

Commercial Auto Insurance can cover vehicles your company owns or operates in a commercial capacity. If you get into an accident, this policy can pay to repair damage your vehicle causes and to defend your business against auto liability claims.

Hired Auto & Non-Owned Auto Insurance

Typically added as an endorsement on a General Liability policy, Hired Auto & Non-Owned Auto Insurance can address your business’s liability for accidents that happen in personal vehicles used for business errands. This can include rental cars, or an employee's vehicle used for business purposes.