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6 insurance policies every PC builder should consider
PC building insurance coverage helps your company comply with state laws and the terms of leases and contracts. These policies can aid with natural disaster recovery, cybersecurity, legal issues, theft, and data breaches.
Technology errors and omissions insurance
Tech E&O insurance covers legal costs related to work performance, such as inserting a wrong solid-state drive (SSD) or motherboard. It includes both E&O and cyber insurance.
- Outages and downtime
- Breach of service level agreement
- Legal costs from a client's data breach
Cyber insurance
This policy protects you from basic risks that most small businesses face. It's often required by client contracts and commercial leases.
- Fraud detection and monitoring services
- Client notifications after a data breach
- Business interruptions from cyberattacks
General liability insurance
This policy protects PC builders from basic third-party risks, and it's often required by contracts and leases. Bundle it with property insurance in a business owner's policy (BOP) for a discount.
- Client injuries at your office
- Accidental damage to client property
- Libel, defamation, and copyright lawsuits
Fidelity bonds
If one of your employees at your PC building company steals from a client, a fidelity bond reimburses the client for the amount that was stolen. It’s often required by clients in financial services.
- Unlawful data access by your employee
- Illegal money transfer by your employee
- Other employee theft or fraud
Workers' comp insurance
PC builders that employ other people usually need to purchase this policy to comply with state law. It covers medical expenses for employees injured on the job.
- Medical bills from work-related injuries
- Disability benefits while employees recover
- Workplace injury lawsuits
Commercial auto insurance
Commercial auto insurance covers the cost of accidents involving a PC builder's truck, van, or company car. Most states require this insurance coverage for vehicles owned by a business.
- Auto accident injuries
- Property damaged by your vehicle
- Legal costs from accidents
How much does insurance cost for technology businesses?
Average costs come directly from policies purchased by TechInsurance customers.
General liability: $30 per month
Errors and omissions: $67 per month
View more expected costs.
Start a free application to see how much insurance will cost for your business.
Why PC builders choose TechInsurance
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Common questions about business insurance for PC builders
What other business insurance policies should PC builders purchase?
PC builders may need additional insurance policies to protect against other exposures:
- Business owner's policy (BOP): Bundles general liability coverage with commercial property insurance to protect against common lawsuits and business property damage. This bundle is usually less expensive than purchasing these policies separately.
- Business interruption insurance: Helps your PC building business recover financially from a temporary closure tied to a fire, storm, or other covered property claim. It's often included in your property insurance or BOP.
- Employment practices liability insurance (EPLI): Covers lawsuits related to violations of an employee's rights, such as wrongful termination or discrimination.
- Inland marine insurance: Protects business property that is in transit or stored in an off-site storage unit. This includes computer parts, tools, and PC building equipment
What's the difference between first-party and third-party cyber insurance?
There are two kinds of cyber insurance, both equally important for PC builders:
- First-party cyber insurance: Protects against data breaches and cyberattacks that affect your PC building business directly, such as a DDoS attack that overwhelms your network.
- Third-party cyber insurance: Helps pay for legal costs when a client blames your PC building company for failing to prevent a data breach or cyberattack at their business.
When you buy tech E&O, it includes both types of cyber insurance, along with errors and omissions insurance to protect against other lawsuits from dissatisfied clients.
How can you save money on business insurance for PC builders?
It's easy to save money on business insurance through a few simple steps:
- Shop around. Get quotes from several insurance companies to find pricing that matches your budget. TechInsurance makes this possible with one easy online application.
- Bundle policies. When you buy policies from the same provider, it's often possible to combine coverages for a discount. The most common bundles are a business owner's policy and tech E&O.
- Pay the annual premium. Insurers offer two options when it comes to paying your premium: monthly or annual payments. Paying the full annual amount usually costs less.
- Risk management. Avoid costly claims that can increase your premiums by reducing your risks. Eliminate clutter that could cause accidents, use detailed written contracts, and include redundancy in your systems.
