LLCs need insurance policies that match their state requirements and type of business. These property and liability coverages protect against common risks.
This policy protects LLCs from basic risks that most small businesses face, including medical bills from slip-and-fall injuries. It's often required by client contracts and commercial leases.
E&O covers the cost of lawsuits filed by clients or customers that accuse your LLC of an error or oversight. It's also called professional liability insurance.
A cyber liability policy helps LLCs recover after a cyberattack or data breach. It can also covers legal costs when an LLC is held responsible for failing to prevent a client's data breach.
A BOP combines two policies at a discount: general liability insurance and commercial property insurance. Small low-risk LLCs are typically eligible.
Most states require LLCs with employees to purchase workers' compensation insurance. It also protects sole proprietors from work-related medical expenses that health insurance could deny.
This policy, also called errors and omissions insurance (E&O), protects small businesses that provide professional services or advice. It covers lawsuits related to work performance.
LLC owners can save money on business insurance coverage with two packages common in the IT industry.
A business owner's policy (BOP) combines commercial property insurance with a general liability policy.
A general liability insurance policy is the coverage that most small business owners purchase first. It covers basic third-party (non-employee) liability claims, including bodily injury and property damage. The policy is especially beneficial for tech LLCs that invite the public into an office or storefront, handle delicate client equipment, or have an active social media presence.
Commercial property insurance is critical for protecting your work equipment and your building, if you own it. This policy is valuable even if you’re renting an office space, as your landlord’s policy won’t cover your company’s belongings.
Technology errors and omissions insurance (tech E&O) combines errors and omissions insurance and cyber liability insurance.
This policy is crucial for LLCs in the tech industry and professional services, as it covers the cost of lawsuits over the quality of your work, including any security recommendations. It bundles errors and omissions insurance with both forms of cyber liability insurance:
First-party cyber liability insurance helps your tech company recover from a data breach or cyberattack. It covers expenses like the cost of credit monitoring services, crisis management, and cybersecurity incident investigations.
Thirty-party cyber liability insurance protects tech companies if a client sues you for failing to prevent a data breach or cyberattack at their business. If you find yourself in this kind of dispute, this covers your attorney's fees, settlement, court-ordered judgments, and other legal costs.
Chat with an insurance agent to find out more about bundles and discounts.
A sole proprietor is someone who owns a business and is personally responsible for its profits, debts, and liabilities. With a sole proprietorship, your company:
LLCs are a more formal corporate structure for your company. With this setup, your IT company:
TechInsurance helps IT and tech business owners compare business insurance quotes with one easy online application. Start an application today to find the right policy at an affordable price, and get a certificate of insurance for your LLC.