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General Liability and Property Insurance for Technology Businesses
While you may think it's unlikely that your IT business could ever face a bodily injury or property damage lawsuit, you may be surprised to learn that it can and does happen to businesses like yours. All it takes is one accident and your company could be slapped with unexpected expenses that exceed your small business budget.
These types of policies are a small investment that pays off big when your business runs into trouble, and most low-risk IT businesses can purchase them in a bundled Business Owner's Policy, or BOP, at a discounted rate to secure coverage for both aspects.
What a Business Owner Policy Covers
A BOP includes two of the most common types of coverage purchased by businesses like yours:
- General liability insurance to protect your company from third-party claims related to property damage or bodily injury. For example, if you're working at a client's office and accidentally damage a server full of valuable information or leave a cable on the floor for someone to trip over, any resulting legal challenges should be covered by your policy, including your legal defense, bond premiums, settlements or judgments, medical expenses for an injured party, and some other expenses you may incur.
- Property insurance to protect your investment in your business's furnishings, equipment, computers, and the other materials you count on to do your job. This type of insurance will reimburse you for the loss of or damage to your business property due to theft, fire, natural disaster, and certain other causes. It also typically covers other people's property that is in your control, so if you're working on a client laptop and accidentally spill your cup of coffee on it, don't worry – it's covered as if it were your own.
Some BOPs may also include business interruption coverage, which reimburses you for lost income and certain expenses you may face if you are forced to close or relocate your business for a period of time as the result of a covered property loss.
Find out if your business qualifies for reduced-rate BOP coverage.
Contact Business Insurance Now for a Free Risk Assessment
Many tech businesses need assistance selecting the right property and general liability policies with coverage levels that are a good match for their business risks. Contact the IT insurance experts at Business Insurance Now for a free risk assessment to help you select the right coverage for your business.
Get a free general liability and property insurance quote now.
- Create an equipment inventory roster to track the computers, servers or other equipment that your team uses on-site or at the client site.
- Train employees on the proper care and security of company issued equipment as well as client equipment in their care.
- To help prevent accidental injury to others at a client site while running cable or moving equipment, use barriers or signage to control access to the area.
- If you work with subcontractors, ensure you have adequate contracts to transfer risk and require the contractor to carry separate insurance as well.