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Best In-Class Business Insurance for Technology Firms & IT Consultants
You may not see a direct need for your business to have general liability insurance. The question “Why would I need general liability insurance?” is one an insurance agent answers every day. Insurance protects you for the unexpected, making sure your business is able to operate through any obstacle life has to offer. Here are five reasons you would need general liability insurance:
In order for you to perform your job your client may for evidence of insurance. This is the number one reason we find that any business would need general liability. Almost every wok agreement contract has insurance requirements you must meet. If you don’t have the insurance already you will need to find a quote fast or your client may offer the contract to another better prepared business. Don’t let this happen and prepare your business with an insurance program. Your client is asking for this insurance in case of bodily injury or property damage. Insurance will cover you for your responsibility in any of these events
Clients Visit your place of work If your business involves customers or clients visiting your work place you are at risk if someone is injured or damages property. Avoid the anxiety with general liability insurance. If a person were to slip trip or fall they may want to hold you responsible for medical bills or lawyer’s fees. General liability provides insurance coverage for lawsuit and medical payments.
Have employees at third party locations When you send an employee to a third party location your business is responsible for their actions and work they do. Off premise work needs to be insured just like having customers in your place of work. A bodily injury or damage to property can occur and without general liability lawsuits or medical bills will come out of your pocket. General liability extends its liability to where you are performing your job. While doing maintenance work at a client site a person slip trips or falls across liquid on the floor due to the maintenance work you are responsible.
Access to clients equipment or server For many businesses it is not uncommon for you to be in the care of, custody or control of your client’s equipment. General liability insurance covers you from fire, storm damage or theft of your clients property. If you are working with a company’s systems integration, network or server this coverage is crucial. Commercial general liability insurance is able to cover computer equipment from damage, certain power failures and computer viruses.
Write or Speak about Clients business When it is your job to write or speak about a clients business you are at risk from offending a competitor or consumer. They may see your work as libel, slander, disparagement, or infringing on a copyright. General liability provides coverage for personal or advertising injury designed to cover publication of material that slanders or libels another person or organization. Legal defense costs from lawsuits that claim false, malicious or misleading statements in advertisements, promotional flyers, brochures, or Web sites, etc. can also be covered.
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A certificate of liability insurance is a one page document that verifies the existence of insurance coverage. The certificate includes the insured party’s name, the insurance company’s name, the policy number, the effective /expiration date, the type of insurance coverage and dollar amount.
With this one piece of paper you can provide extensive details about your insurance policy to anyone. You may ask yourself “who would need to see my insurance certificate?” Before agreeing to sign a IT consultant contract your client will ask for proof of insurance. They demand this when liability and large losses are a concern. For example in the event of a bodily injury or property damage caused by you while doing work on their behalf or at the client’s site your client will be defended under your policy just as you are.
The following may also be provided on your certificate of liability insurance:
1) Certificate holder- a certificate holder is anyone who is named in and insured by the insurance policy. In some cases clients may ask to be named as a certificate holder to ensure that they’ll be notified in the event that your policy is canceled before its expiration date.
2) Additional Insured- this refers to anyone else besides the policy holder who is covered by an insurance policy. A certificate of insurance typically includes a list of additionally insured parties, if they exist. For the purposes of most tech firms, additionally insured parties would include your customer or clients. People who are “additional insured” can receive coverage benefits if the work you do on their behalf leads to an injury or property claim against them.
Typical Contract Language-“Insurance required will name Client as an additional insured with respect to Client’s insurable interest, will be primary or non-contributory regarding insured damages or expenses, and will be purchased from insurers of sound internationally recognized financial standing.”
Certificates of insurance also include language that indicates that, if an insurance policy is cancelled, any and all certificate holders will be notified. ‘Certificates of Liability Insurance evidencing the required coverage and limits shall be furnished to Client prior to the commencement of any work hereunder and shall provide that there will be no cancellation or reduction of coverage without thirty (30) days’ prior written notice to Client.”
The certificate of insurance is your key to doing business and a crucial document that you need access to all the time. With our great certificate department you are one email away form receiving or sending your certificate to clients. Anytime you have a request, our certificate department is here to help. The one thing your insurance certificate cannot do is grant you any of the policy benefits. You will need to have a copy of your full insurance policy to do so.
Buying a new home can be overwhelming just to think about. If you have never purchased a home before, here are some steps to better understand what’s involved.
Now that you have qualified for a mortgage, searched for a home, placed a bid, drawn up a contract and obtained an insurance quote you are now ready to become a home owner. These are just some helpful insights into the process of buying a home that you can use to prepare yourself when it’s time for you to purchase a home.
Keeping your data safe and secure is an important job for every business owner. Hackers, viruses, and employee error are potential hazards every business must prevent to keep their data secure. You may ask; how can a business protect its data?
First, you need to understand where your business is vulnerable. Do a security audit and test your entire IT infrastructure. This includes your computers, networks, and mobile devices. Once you know some of the spots you need to improve, you can form a data protection strategy.
Employee Error Hackers and viruses are usually the main focus in a business’s data protection strategy but one of the biggest threats is employee error. Consultants, partners, and vendors all access your network. Put a security policy in place so the people who enter your network have specific rules to follow that ensures your data security. For example, mandate that all computers used to connect to your network have security software (firewalls and antivirus software). Have a rule in place that reminds your employee not to exchange security information over the phone and encourage the use of strong secure passwords. This can help minimize the threat to your data. Keeping your employees involved will make it a habit to think about data and network security and can also create a team work environment.
Lost, Stolen, or Corrupted Data Your data can be stolen, corrupted or lost. These are risks you need to prepare for. One of the main things you can do to keep your business running is to have a back up strategy. This will ensure that you can recover your data at any time. Without a back up strategy your data can be lost forever. Back up your data regularly. Whether it’s hourly, daily, or weekly, it’s really up to you to assess how much data you can afford to lose. You can use the software already on your computer or there are plenty of third party programs out there to use. Storing your data offsite can also protect it from any natural disasters that may occur.
Along with backing up your data, it’s a good idea is to encrypt it. Even if the data is stolen it cannot be used to harm you or your clients. Encrypt individual files, folders or an entire disk. There are hundreds of methods a variety of ways to keep your data safe. Make sure you invest the time and money in encryption programs and antivirus software.
Cyber Risk Insurance Now that you have done your research and put together a data protection strategy there is one more thing you can do. Cyber risk insurance proves that insurance carriers are becoming more sophisticated and in tune with today’s world. Cyber risk protects technology companies like yours. If your system is breached, it can disrupt or even ruin your business.
Cyber risk provides protection to all types of business from inadvertent disclosure and theft of confidential information such as social security, bank account and credit card numbers, and damage to or destruction of computer systems and data form computer viruses, hacking and criminal activity.
Any organization that stores or transmits confidential information or whose operation may be subject to disruption from the failure of technology needs cyber risk insurance. Cyber risk insurance can especially help information technology companies mitigate their cyber risk. The cost of this insurance depends on the size of the company, type of industry, amount and type of information stored along with other factors.
Contact a technology insurance expert to learn more.
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In the insurance world knowing what to ask can save you time and effort looking for a policy to protect your business. A recent article on technology insurance discussed five good questions that IT companies should be asking their insurance carrier or agent. The information technology world is growing every day and with it, risk. Problems can arise in ways that you can’t even imagine. The code you write could cause your client a financial loss. Do you know how to protect yourself from this scenario? You may think you have the right insurance but without asking the questions, you can be left with gaps in your coverage.
Your company’s international exposure is also something to consider. In the online world, your software can be downloaded and used anywhere in the world. Working with an insurance carrier that understands this is crucial. Make sure they have experience in international commerce and are able to guide you towards the products that will protect you overseas.
Another good point the article brings to our attention is that even though your software is impregnable you can be included in a claim against both you and the hardware manufacturer. Make sure your insurance is ready for this situation by asking you agent or carrier for a product that will protect you from this type of lawsuit.
Communication is the key to success. Contacting your insurance agent or carrier should be simple with multiple outlets so that you are never left in the dark. When dealing with an insurance company or an independent agent, be sure they have an easy communication process in place. I always check to make sure I have contact name, phone number, second phone number, email, second email, and a place to go for online support.
Do you know what a peril is? Didn’t think so. Watch our latest video to learn more. The first in a multi-part series!
Insurance is a wonderful thing our society has created and has become essential in the business world. It is important for policyholders to actually read the policy over and review what it covers and, more importantly what it doesn’t. Most business owners looking for insurance are concerned with the cost of insurance rather than the coverage. This is a fine approach until catastrophe strikes, like last October 2013 with Hurricane Sandy left many business owners without enough coverage. An insurance agent in New Jersey will likely be very qualified to advise on the proper business insurance coverage given their familiarity with known business and weather risks.
With Sandy policyholders were most worried about flood insurance. Standard property insurance and business owners policy do not have flood insurance in them. It is a separate policy that you property must qualify for. A recent article in BestWeek discusses the lawsuits being filed by business owners and homeowners against brokers for not presenting the right flood coverage options to their clients who lost property in the storm. It’s amazing to see how many people are interested in what the insurance policy covers after a loss has occurred.
Preparing for the unknown is what insurance is all about. Your broker should review the policy with you until you fully understand it but it is not their responsibility to make sure your read the policy. Reading an insurance policy is about as much fun as going to the dentist, but with a thorough review of your policy you will make sure it is everything you need.
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We have over 15 years of experience working with small IT consulting businesses. Why is that important? Because this experience has given us the time to learn how the IT industry works. When you bid for a contract to work for a vendor they will hand you a sample contract that has all the requirements. Let’s focus on the insurance requirements all consulting contracts have.
The most important insurance to look at is workers compensation. If you have employees it is required by law to maintain workers compensation. If you do not have employees it may still be required for LLC’s and Corporation. Each state has its own laws and regulations. Go online to each states department of insurance and check out what the laws are for your state or ask you local insurance agent. Some states are considered monopolistic; these states have legislation that requires workers compensation coverage be provided exclusively by that states’ designated Workers Compensation Program. There is no open market to buy insurance. For more information about monopolistic states call 732-832-7997.
General liability is liability insurance that covers an office where customers come in an out, they potentially can slip, trip or fall and injure themselves. General liability can protect you from this risk providing medical payments and litigation fees from lawsuits. It can also protect your office furniture, equipment and machinery from covered perils such as fire and theft.
Why you need it? This is a great product to protect your business and office but you need this insurance to meet contract requirements. Your work contract will require it. You can get liability only or liability and property coverage for your computers office furniture if you work out of an office.
A coverage part of general liability it is almost always required. Automobile liability can be confusing; you may say to yourself I don’t have any business autos why do I need auto liability. This coverage is for an auto you may use for your job. For example you rent a car while traveling for business. If there is an incident, property can be damaged and people can be injured. If you have Hired and Non-owned Auto liability you are covered from suit for this type of occurrence. It does not fix the car this is liability coverage only.
Why you need it? Hired and Non-owned Auto Liability is a requirement on your contract. Your client also wants you to have this coverage so if an incident happens it would be your insurance responsible and not their insurance.
Like an umbrella covers your form rain, Excess liability or Umbrella liability adds a level of protection to your general liability policy and workers compensation policy. When you meet your insurance policy limits, an umbrella policy provides extra or excess coverage. Say you general liability policy limit is $1M per occurrence, a lawsuit is made and a judgment of $1,500,000 is awarded. This is $500,000 over your limit. At this point you umbrella coverage is activated to pay out the remaining judgment. If you don’t have umbrella coverage the $500,000 can be your responsibility.
Why you need it? Umbrella liability (excess liability) is a coverage requirement on your vendor’s contract. Your client required this to make sure your policy limits can handle any incident that may happen. With your company meeting the required limits of insurance you are able to perform your work confidently and securely.
Professional liability insurance protects you against loss from a claim of alleged negligent acts or “errors and omissions” in the performance of your professional services. Your coverage will cover you for; Legal defense costs required to prove your case, all employees including W-2 employees and 1099 subcontractors, optional coverage for allegations of copyright infringement and intellectual property infringement, personal Injury against claims of libel, slander and invasion of privacy.
Why you need it? Professional Liability or Errors and Omissions insurance is another insurance policy requested by your client or vendor. This insurance would be used if your consulting or programming services leads your client to a financial loss. This insurance actually insures the work you do in case of an error or omission.
Third Party Fidelity Crime Bond is generally divided into two types, Fidelity Bonds and Surety Bonds. Fidelity surety bonds are different from insurance in that they always have three parties central to the contract; Principal – the entity or person that might cause the loss, Obligee – the entity that collects under the bond, should the principal cause a loss, Surety – the entity that pays the loss, such as an insurance company. Fidelity Bonds are technically a form of Surety Bonds, but are usually considered a distinct product in common usage.
Why you need it? This is another contract insurance requirement. Crime Bonds are issued as a guarantee against loss due to employee dishonesty. As such, they are an important part of a company’s insurance program, because they cover areas not covered in the companies Liability and Property coverage.
Your business is your life. “Life is 10% of what happens to you and 90% of how you react to it.” Having your business properly insured gives you confidence, security and access to do business. Insurance can help you react to life and the risks of being in business. Help prepare your business for success and make a comprehensive insurance package a part of your business plan. Being prepared will build a business that is reputable and reliable.
Employee Benefits The face of every business is its employees. We recruit them, train them and hope they will stay for the long run. Providing an employee benefits package will make your business more appealing to work for. When you take the time to invest in a health plan rich with benefits you can gain an edge over your competitors, attracting the best and brightest employees to work for you. Showing that you invest in your employees will impact who you hire and how the business world looks at you.
Retaining your best employees is easy when you have a benefits program in place. If an employee is invested in a retirement plan along with a comprehensive health insurance plan they are more likely to stay with their current employer even if it may not be their ideal job. When employees have a service like health insurance available to them, they are more likely to participate in the prevention and wellness programs most plans provide. This encourages healthy habbits and discourages unhealthy ones like smoking or bad diet. With a healthy and happy work force the quality of work will increase and the attitude in the office will be positive and motivating. You may also find the health of your group can decrease the premium of health insurance.
Liability Insurance In today’s society we throw lawsuits around like a box of cracker jacks. We need consumers but they are a risk so be prepared with liability insurance. If someone in your store slips, trips or falls liability insurance can shield you from out of court settlements, attorney expenses, judgments or settlements, medical expenses, and bonds if necessary. Business must also safeguard against things you may not have thought of like advertising injury, In the event your marketing violates someone’s copyright. The liability also extends to an alcohol related injury for example at your companies holiday party. Securing your company form lawsuit will give you the confidence you need to perform at your best.
Employment Practices Liability Not only must you protect yourself against consumer lawsuit you must also protect against your employees and employment practices. With today’s laws and regulation on fair hiring, discrimination and sexual harassment something can slip through the cracks. By having employment practices liability you will have done your due diligence to protect yourself from lawsuit
Property and Casualty Insurance While your employees are the face of your company the body is your office, warehouse, products and property. They are important parts of a business that also needs protection. With property and casualty insurance you can ensure that your equipment, machinery and inventory are safeguarded. A good agent will steer you towards a quality insurance company that require inspection and routine maintenance of you equipment and machinery. They will have a network of repairmen and inspectors that you can call to maintain your equipment for maximum efficiency.
Contract Requirements Whether it is a federal regulation, state law, license requirement or contract, there will inevitably be and insurance requirement. Get the permission to do business by already having business insurance in place. A government agency can impose fines or even take away licenses that can shut your business down if you don’t have the required insurance. An insurance agent can help you prepare for such occurrences. If you are bidding for a new contract and your competitor is missing one of the contracts insurance requirements they will have to find an agent to get a quote and maybe lose out on that contract. You can win the bid and expand your business. Insurance is a key to business and can unlock a world of opportunities.
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InsureYourCompany.com has been treating clients like family for over 15 years. You’ll never have to talk to an automated phone system—we have business insurance experts ready to provide personalized customer service, not only helping you with your insurance and employee benefits needs, but showing you how to be a smarter business owner.
If you are in the IT industry InsureYourCompany.com is the insurance agent you want to work with, we are technology insurance experts and have changed the way you do business. See below a list of professionals who we help today.
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