Liability Insurance for the IT Consultant & Developer
Just like with any other startup business, most tech companies begin with little to no capital at all. While new tech companies work within margins that are paper thin sometimes, Business Insurance is something that must seriously be considered to safeguard the continuation of these companies as well as their future success.
A startup business, especially in the technology industry, has a great many moving parts to manage. It is true that every type of company out there is going to need start up insurance. However, a tech company has special needs, thus requiring a custom Tech Insurance policy through a reliable provider.
Joel Wagner and WHINS Insurance Agency work with more than thirty different insurance companies in order to provide you with the best possible coverage for your new technology business in California. All of the work of finding the right policy to meet your unique needs is done for you, so you can rest easy.
Errors And Omissions Insurance
Errors and Omissions Insurance will protect you against any failures in the technology service that you provide, which results in damages for your customers. This is one of the most crucial types of coverage that you can include in your Technology Insurance policy.
Practically everything that you do is considered a professional service, with is not included in general liability coverage. This type of liability insurance will help to keep you protected when you over professional advice as well.
If a claim of negligence is make against you by one of your tech clients, you will be protected from bearing the entire expense of your defense. You will also be protected against the cost of awarded damages in a civil lawsuit.
This type of coverage is focused on the potential failure to perform a job adequately, financial loss that your work causes as well as an error or omission in a product that you sell or a service that you provide. These are all things that could lead to legal action being taken against your tech company.
Cyber Liability Insurance
Because the greatest majority of the work that you do is related to computers and electronic information, it is wise to invest in IT Insurance to ensure your protection. In the event that a network goes down or private information is leaked, which can lead to serious financial damage for both you and your customers, you will need this type of coverage included in your California Tech Insurance policy.
When sensitive information related to your employees' or customers' private data is lost or compromised, this coverage will step in to ease that fallout. You will receive compensation to notify all of the parties that have possibly been affected. You will also have financial support for monitoring credit and any other expenses that result due to a data breach.
General Liability Insurance
The most basic type of coverage that you are going to need to include in your Technology Insurance policy is General Liability coverage. This will protect you against third party bodily injuries and property damage, such as if a customer slips and falls on your premises or one of your employees damages their computer hard drive.
You will be glad that you have this type of coverage if anyone ever decides to bring a lawsuit against you. You will have the funds that you need to cover any settlement costs and legal fees that are associated with the liability claim.
Another important element of start up insurance is the inclusion of Commercial Property Insurance. This type of coverage will protect your servers, computers and any tenant improvements that you make on your premises. In the event that a covered incident, such as a fire, leaves you unable to operate your business, you could also receive loss of income through your IT Insurance policy.
You will need to obtain this type of coverage as soon as you start your tech company. In some cases, this type of insurance will be required by contract if you rent or lease your office space. The cost of this type of insurance is minimal when you consider the amount of protection that you are getting for your money.
If you have one or more employees working with you, then you need to invest in Workers Compensation. This type of coverage will provide your employees with the necessary benefits if they are ever injured or become ill while on the job.
You will need this policy in place as soon as you hire your first employee, regardless of whether that employee works for you on a full or part-time basis. In addition, you also have the option of including yourself on the Workers Comp policy.
You have worked hard to get your new tech company off the ground. Don't take the chance of a fire, theft or professional mishap destroying all that you have built. Let Joel Wagner and WHINS Insurance Agency protect your business with a specialized Technology Insurance policy. Call (818) 233-0825, or click on the quote request button now to get started right away!