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Why Technology Services Need Business Insurance
Working in the technology services industry requires that your small business stay on top of rapidly evolving systems, software and hardware updates, client needs, and so much more. Keeping pace with these developments and innovating on your own can expose technology service professionals to increasing levels of risk. Learn about the insurance coverage small technology companies, and computer and IT consultants typically need and purchase, from The Hartford.
Business Owner’s Policy
Most technology service professionals, and IT and computer consultants need a Business Owner’s Policy (BOP). Why? Because it helps protect your technology business in much the same way a homeowner’s insurance policy helps protect your home and personal possessions.
By combining three basic insurance coverages that are important to virtually every small business, including technology service, IT and computer professionals, a BOP can help save you money while safeguarding what you’ve worked hard to build.
- General Liability – helps protect your technology business from certain lawsuits alleging injuries or property damage that occurred as the result of your business operations – like if customers hurt themselves at your workplace or an employee damages a customer’s property while fixing their computer at their home. It even helps cover certain claims of slander and libel against your technology business. Business Liability insurance does not cover liabilities directly arising out of the professional services you may provide.
- Commercial Property – helps protect the place where you do business and the things you use to conduct business, like tools and equipment you use to fix or upgrade computer hardware components, office and workshop furniture, and more – whether you own or lease them.
- Business Income – helps cover the loss of income when you can’t run your technology, IT, or computer business because of covered property damage.
Learn more about our Business Owner’s Policy for your small computer, technology and IT services business.
Easily Add Optional Insurance Coverages to a Business Owner’s Policy
FailSafe Technology Errors or Omissions Liability Coverage
FailSafe MEGA Technology Errors or Omissions Liability coverage helps cover the costs of liability claims customers may make against your technology business. For example, if a client claims they lost a month’s worth of billing data due to a glitch in the software you provided, this coverage may help cover the costs incurred by your business to resolve the claim.
Data Breach Insurance Coverage
Technology businesses often store sensitive employee and customer information, including Social Security and debit/credit card numbers.
Data Breach Coverage helps pay the costs of notifying impacted individuals, managing public relations, good faith advertising, and more if personal information is lost or stolen from your technology business.
Employment Practices Liability Insurance
Computer, web, IT services and IT staffing businesses are vulnerable to legal claims made by current or former employees for issues such as wrongful termination, discrimination, retaliation and harassment. For example, if a former employee claimed a manager harassed him and that your business did not correctly address the problem, EPL may help your business pay for the legal costs associated with the claim.
Business Income Extension for Cloud Service Interruption
Our Business Income Extension for Cloud Service Interruption may help replace business income that is lost due to an interruption in cloud services. For example, if your technology business uses a cloud service to store customer data and that service goes down, you may be unable to fulfill customer requests and end up losing business. This coverage from The Hartford may help replace income lost due to an interruption in your business’s cloud service.
Business Income Extension for Off-Premises Operations
If you must suspend your off-site work because of damage to your business property, our Business Income Extension for Off-Premises Operations may help replace the income your technology business loses as a result. For example, if one of your critical tools breaks at a job site, you may need to shut down until it is fixed or replaced. This coverage from The Hartford may help replace the income your business loses while your operations are suspended.
Bundle Insurance Coverage for IT, Technology and Computer Businesses
Stretch Your Dollar
It’s easy to increase your professional technology, computer, or IT services Business Owner’s Policy protection at an affordable price with The Hartford’s Stretch® endorsements that bundle valuable key coverages. For technology businesses like yours we offer:
- Technology & Software Providers Stretch
- Super Stretch for Technology & Software Providers
- Super Stretch for Business Services
Contact an agent or a representative from The Hartford about these cost-effective solutions that help take the guesswork out of selecting the right coverage for your technology services company.
If you have employees, use a car for work, or work from home, your computer, technology or it business may also benefit from:
Other Important Insurance Options for Computer, IT and Technology Businesses
Workers’ Compensation Insurance
Required by most states, workers’ compensation insurance provides benefits to your professional technology, computer, or IT services employees for work-related injuries or illnesses including medical care, wages from lost work time, and more. And if the worker’s family decides to sue you, coverage can help you with related legal fees. Technology services businesses are among the many that have been turning to The Hartford for workers’ comp coverage for more than a century.
Commercial Auto Insurance
Do you use your car to visit clients, pick up damaged computers or other tech devices needing repairs, or attend conferences for your professional technology, computer, or IT business? A Business Auto Policy provides coverage generally not included in a personal auto insurance policy. It can cover you or an employee when an owned vehicle, used for business purposes, is involved in an accident.
Home-Based Business Solutions
If you run your technology, computer, or IT business out of your home, you probably want a Business Owner’s Policy (BOP). A BOP provides insurance coverage not generally available with a homeowner’s policy.
Ask yourself, “Do I have customers come to my home, receive business mail or accept deliveries for my business at my house, have employees or inventory in my home?” If so, your agent or a representative from The Hartford can help you select the right coverage to protect your business