Are you in a technology business? Are you confused about what type of business insurance you really need? With so many carriers and insurance products, finding the right coverage can seem impossible. And even if you buy insurance, you may not end up with the right product for your unique business requirements. That’s why we have prepared this guide to insurance for technology businesses.
Errors & Omissions (E&O) / Professional Liability Insurance
Errors and omissions insurance (E&O) is a type of professional liability insurance that protects companies and their workers or individuals against claims made by clients for inadequate work or negligent actions. E&O insurance often covers court costs and any settlements up to the amount specified in the insurance contract.
Cyber Liability/Data Breach Insurance
Cyber liability insurance and data breach insurance help cover the costs in the event of a security breach. Examples of items covered include identity protection solutions, public relations, legal fees, liability and more. Data breach coverage can be critical because prompt, visible response helps restore the public’s confidence if your technology business is victimized.
Business Owner Policy
A business owner policy protects your assets like computers, software, desks, telephone systems and photocopiers. You also get protection against theft, power surges, fires and water damage. In addition, your business owner policy can provide slip and fall coverage and loss of income in the event your business is shut down due to a covered claim.
Workers Comp Insurance
Works comp offers protection for injuries to your employees. This coverage is MANDATORY and employers operating without workers comp can face severe penalties, including jail time.
An employment practices policy protects an employer from claims of sexual harassment, wrongful termination, discrimination, failure to hire, failure to promote and other workplace claims.
Consider an umbrella liability policy as a “blanket” of coverage over and above your other liability policies. You MUST have a primary general liability policy before you can purchase an umbrella policy.
Still Have Questions?
My team and I are here to help. Please feel free to contact us with your questions.