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Best In-Class Business Insurance for Technology Firms & IT Consultants
When you operate a business, proper insurance coverage is crucial to your economic stability. When an unexpected incident occurs, your insurance policies pay for the property, employer, liability, and other exposures that could ruin your finances and put you out of business.
Think of each policy as a key component of a well-thought-out program of protection. Insurance is too important to simply scan your renewal policies and pay the premiums each year just because of a looming expiration date.
It’s a good idea to meet with your agent annually to discuss all of your policies without the pressure of looming renewals or pending claims. It’s the best way to make certain your insurance program sufficiently protects your current business exposures.
Preparing for your annual insurance policy review requires time and effort, but it’s not necessarily complicated. You begin by examining your business situation and documenting recent changes. During your review, you discuss your findings with your agent to determine if coverage upgrades are necessary.
It’s often a matter of revisiting the answers you gave your agent when you first purchased your commercial insurance policies. Much of the information you need is usually included in annual income tax or business financial records.
The assets of your growing business change from year to year. Real estate values rise and fall. You buy new machinery or vehicles to keep up with business demands. The changes you undergo during a year may cause a drastic shift in your financial situation.
These changes may also alter the types of insurance you should have in force or increase the required limits. Here are some of the key categories to consider:
When you’re in business, minor injuries and damage can lead to lawsuits against your company. Often attorneys take on cases and pursue them regardless of liability.
During your annual insurance review, you should discuss these and other concerns with your agent and make sure you have the right policies to cover your potential exposures.
If your financial situation allows you to assume more responsibility for your first and third-party exposures, you may wish to make policy changes that reduce your premiums.
Commercial insurance policies provide valuable coverages that protect and defend you so you can keep your doors open. When you contact us to schedule your annual business insurance review, you’ll find it’s an important tool to help you make the right insurance choices.
Is self-care the next big trend to increase workplace productivity? According to a report from the World Health Organization (WHO), it certainly is.
For business owners large and small, this is good news. Self-care results in mentally and physically stronger employees across the income spectrum. Their personal benefits spill over to the company that employs them.
Self-care at a small business begins at the top, the business owner, and expands outward with wellness programs that inspire healthier employees.
One common thread running through the benefits for both company and employee is health care. Every benefit is tied into a byproduct that results from business owners and employees who are enjoying better mental and physical health.
Although there are many pieces to a company’s productivity puzzle, health is one piece of the puzzle that companies have more control over than they realize.
Many chronic health conditions that disrupt workflow with absenteeism, tardiness, low productivity, and turnover are caused or exacerbated by a work environment that is considered high-stress, involves frequent travel, demands hours of sitting in front of computers, or features daily inconsistencies that leave workers never knowing what to expect.
According to leadership consultants with Entrepreneur magazine, such an environment results in physical and psychological strain that will eventually be evident in reduced production levels and even burnout. And everyone, even management, is at risk. To transform a workplace, leadership needs to begin by implementing a workplace self-care program.
The Affordable Care Act (ACA), often referred to as Obamacare, has incentives in place to encourage companies to implement wellness programs in the workplace. The U.S. Department of Labor (DOL) provides a Fact Sheet that outlines policies companies can promote that include everything from routine blood pressure checks to group health coverage.
Although much of the focus of the ACA is employee wellness, what about the key person responsible for it all—you? Often business owners overlook the importance of their own health. They are so busy managing their business and moving forward, they forget to take the time to invest in themselves.
Here are some self-care tips for small business owners to help themselves develop the best habits for self-care and protect the greatest investment within their company: themselves.
An insurer is more than the group who manages the paperwork of your company’s group health insurance policy or a business owner’s individual health insurance policy. Insurers have the skills and resources to advise a business in solutions that will help a company grow its bottom line by strengthening the health of its workforce and key leader.
For more information on how to launch your own wellness program in the workplace, run your company smarter, or simply get a quote for group health insurance for your company, please contact us.
Suppose a power surge in your office ruins or damages your business’s computer system. Or ask yourself: What could happen to your business if an employee error damages your only production machine? Even broken water pipes can cause a lot of damage.
You may not expect them, but any of these unfortunate events could happen to your business when you least expect it.
When you think about all of the risks that your company faces day to day, it’s easy to see why insuring your business equipment is a smart move.
Your business insurance protects your company and its equipment from a wide range of mishaps, from motor burnouts to power surges, from operator errors to boiler malfunctions.
It can also offer protection for damage to a number of important items, such as:
Most industries come with their own tools of the trade, and every industry has its own unique set of risks related to those tools. As a business owner, you need to be aware of those risks and prepare accordingly in case of a mishap.
Almost any business, small or large, needs to insure its business equipment, including:
If you don’t own the building your business is housed in, does that mean you don’t need the coverage?
No, you need the coverage just as much.
Suppose you operate a restaurant out of a building you lease. Imagine a power surge shorts out your electricity, shutting down your refrigerators for a couple of days, ruining your food in the process, and stopping the air conditioning or heat and lights.
The owner of the building will have to repair the electrical panel, but you have lost income and customers. Your insurance will help cover your financial losses.
Suppose you provide some kind of computer service to other businesses, but you depend on a server provided by someone else. Can you imagine that financial losses you might suffer if that server crashes? Equipment breakdown insurance would pay for lost income for your company.
Most warranties only provide so much coverage, and standard commercial property insurance does not cover equipment breakdown.
Warranties only cover specific types of product failures. They are restrictive, and most new equipment is only covered for a limited specific amount of time.
In addition, they will not replace lost business income or any damage to your equipment caused by operator error, which is responsible for many equipment breakdowns.
There are a number of ways business equipment insurance protects your company.
For more information on how you could benefit from insuring your business equipment, feel free to contact us.
In a world where everyone is almost always linked through some form of social media or electronic device, you may have found yourself wondering how we, as a society, maintain the intricate infrastructure that allows us to be constantly connected.
Who can we thank for the communications we can send by only a few effortless keystrokes or the answers we receive by asking a simple question to some powerful voice recognition software?
How did we go from the days of sending telegraphs to being able to tap a speed dial and suddenly not just speak to, but also see the person we are trying to communicate with?
We can thank the thousands of IT professionals who work diligently and, a lot of the time, thanklessly on the technology we use every day. Without their expertise pioneering the way for new developments, we would not enjoy the ease of communication we have today.
On the third Tuesday of every September, we celebrate National IT Professionals Day in honor of the men and women who dreamed up, developed, and then continued to maintain our everyday technology.
You may be asking yourself, “What exactly is an IT professional?” An IT professional, in its simplest terms, is someone who obtains data and then develops it for use through multiple devices and systems, such as phones, desktop computers, laptops, cyber security systems, networks, and databases (as well as many other things).
Because of them, we have programs to make and receive phone calls, text messages, and emails. We can digitally write, draw, create spreadsheets, listen to music, and search the Internet. We can save, transfer, and delete data at the drop of a hat, and if a virus threatens the functionality of one of our devices, we have firewalls, security scans, and computer cleaning programs to protect the integrity of our hardware and systems.
The concept of being or becoming an IT professional may seem easy. We use our phones and laptops every day. How hard could it possibly be to create something new or fix something on devices that we spend sometimes our entire day staring at? The reality of an IT professional is much more complex than it may seem.
According to Merriam-Webster, a professional performs a job that “requires special education, training, or skill.” The job of an IT professional is demanding and involves a relentless revolving door of ever-changing knowledge, sharp attention to detail, and unwavering patience.
The men and women of the IT world are responsible for creating entire networks and programs from nothing. If those networks and programs crash or don’t function perfectly, they then have to go back over all of the code they have written meticulously to see where the error is. They may also be responsible for engineering the hardware used to run the programs being developed or connect to the networks being formed. Because of IT professionals, we can do our jobs with ease, speak to anyone, anytime, and have unlimited knowledge at our fingertips.
The field of information technology is growing bigger every day and expanding to encompass more and more professionals to meet the demands of our technology-driven society. We are proponents of the IT community and have been providing business insurance and guidance for over 15 years. We are able to support IT professionals across the United States by finding them fast and affordable insurance to help protect their business while they do their jobs and keep us all connected through the various types of technology we use every day.
So thank you to all of the IT professionals out there! Happy National IT Professionals Day!
There are many stories out there about cleaning services being sued due to damages allegedly caused by workers on the job . If you own a cleaning business, these kinds of lawsuits are just one example of why you need cleaning services insurance.
Your business no doubt takes you to countless places so you can keep businesses, schools, and/or private residences spotless. Any suit against you claiming that you or your employees caused property or bodily harm is expensive to defend, whether or not it has any basis. Fighting even a frivolous suit is time-consuming and financially draining.
The following kinds of insurance are helpful for cleaning businesses and janitorial services.
General liability insurance can protect you against claims of bodily injury, one of the most expensive lawsuits to defend against. You could ending up owing a lot of money if someone claims he or she slipped on a floor that you or an employee cleaned. You could potentially suffer millions of dollars in damages—a terrifying prospect for any business owner.
General liability insurance can pay for medical damages, funeral expenses, court costs, settlement expenses, and more. It can also pay for property damage claims, libel or slander claims, and copyright or brand infringement allegations.
Workers’ comp can pay for medical costs for an employee hurt on the job or suffering from a work-related illness. An injury can occur when an employee lifts heavy equipment, slips on a wet or slippery floor, or is hurt in a fire or explosion.
Coverage is also available for commercial vehicles that you and your employees use to get from location to location. Liability coverage for your vehicle will pay for injuries or damage to other property or people if you or an employee is at fault. Physical damage coverage will also protect your vehicle if it is in a no-fault accident. Regardless of the cause, this is a vital policy to have.
Employee fidelity insurance will protect you against intentionally dishonest acts of one of your employees. Such insurance, also called a fidelity bond, gives a potential client confidence in your business. Your client would be compensated if an employee of yours is prosecuted and convicted for something he or she did while working for you.
Even though you may do a criminal background check on someone you hire, many potential clients will expect this coverage.
Umbrella liability coverage can provide the extra protection a cleaning service needs. This extends the limits of your general liability coverage. It is often possible to extend your coverage in $1 million increments at a very affordable rate. Different states have different regulations regarding this coverage, but an agent in your state could give the necessary information.
For more information about insurance for cleaning businesses and janitorial services, feel free to contact us for a quote.
When it comes to hurricanes, some people may not consider New Jersey a major risk area.
But that is actually far from the truth.
In fact, the state of New Jersey is four on the list of states that have the most potential for hurricane damage. So when asking the question, “Do I need hurricane insurance for my small business?” the answer is a resounding yes.
Being located on the eastern seaboard, New Jersey is a state that is extremely vulnerable to devastating storms. Hurricane Irene in 2011 and Hurricanes Ivan and Jeanne in 2004 were major storms that caused a lot of damage across the state. Perhaps the most notable example was Hurricane Sandy in 2012, which cost New Jersey businesses nearly $8.3 billion in damages.
So where does that leave you, a New Jersey small business owner, when it comes to preparing for hurricane season?
Hurricane insurance covers a lot of variables, but it is important to be aware of a few things when considering your options. For instance, flood insurance is usually separate and just a hurricane insurance policy alone will not typically cover your business in case of a flood.
A separate flood insurance policy will help protect you against flood damage, while a hurricane insurance policy protects against wind damage and/or subsequent damage caused by accompanying rain from above. Flooding caused by rain or storm surge flooding or water damage caused by an overflowing river or similar body of water is what is traditionally covered by flood insurance.
Bear in mind that flood insurance does not begin to cover the business until after a 30-day waiting period, so it is integral to plan in advance and not wait until a storm is eminent.
Be aware of your deductibles with hurricane insurance simply because some policies have separate deductibles that are not part of the standard deductible for regular business insurance. It is better to know this in advance rather than it be a surprise when it comes time to use the insurance should the worst happen and you have damage from a hurricane.
According to the Insurance Information Institute, which has hurricane information by state:
Hurricane deductibles are percentage or dollar deductibles that are higher than for other perils, or causes of loss. They are calculated as a percentage of the dollar amount of coverage on the dwelling. The trigger for hurricane deductibles, or the point at which they apply, varies by company. Triggers have some common characteristics: they generally go into effect only when the National Weather Service issues a hurricane watch or warning and remain in effect for a specified amount of time after the storm has passed. The intensity of hurricanes may also affect the trigger. Hurricanes are classified on a scale of 1 to 5, with 5 as the highest intensity.
It is important for you to protect your business investment. With New Jersey being a state that is highly susceptible to storms making landfall, hurricane insurance simply makes good sense. Not only will you have peace of mind, but you won’t have to depend on taking money out of your own pocket or trying to rely on federal assistance if a storm does damage your property or, in a worst case scenario, you have a total loss.
Working in the child care industry is extremely rewarding, but it’s also a lot of hard work. When working with children, whether it’s in the context of one-on-one care or in a daycare setting, there are many risks that other businesses simply don’t have to face.
Suppose someone accuses one of the employees at your daycare center of using corporal punishment or in some other way physically or sexually abusing one of the children you care for at your center.
What if a child is hurt in the playground area or is injured somewhere else on your grounds? Or imagine a situation in which a worker is transporting children in a vehicle not owned by your business and there is an accident.
As the owner of a child care service company, you’re legally responsible for any of these situations. The expenses you might have to pay for damages or litigation could be enormous.
These are just some of the reasons you need business insurance for daycares and child care providers.
There are two insurance policies that you have to make sure you have, as all businesses need them regardless of their industry.
Any business that has people come onto its premises needs this coverage. This will provide financial protection for an injury at your center. This is especially important to you since children are prone to accidents and injury. Even though most of these injuries are minor, if a child were to suffer a severe injury, the possible financial damages could put you out of business. In addition, this coverage will protect you if there is property damage to your center.
This is more commonly known as errors and omissions coverage. Generally, it protects professional services and advice-providing companies as well as individuals from having to pay the full cost of defending against a claim of negligence made by a customer, and damages granted in a civil court.
Some examples of negligence include child abuse, incorrectly dispensing medication, poor food preparation, and mistreatment on field trips. In the case of your business, such coverage would provide protection for your childcare workers and teachers.
The more specific kinds of business insurance for daycares and child care providers include:
Serving children and their families is one of the most important and rewarding jobs in the world. You are in the business of protecting children, but also of protecting yourself. Having adequate insurance is absolutely vital, especially for those who work in the field or who own a daycare center.
It is not an uncommon scenario: An independent IT contractor is working to secure a contract for work from a company, and that contract requires proof of insurance. The contractor, however, has let their policy lapse from the last time they needed to provide proof of coverage.
Now he or she must scramble to obtain coverage in order to retain that company’s business.
Not a fun situation, is it?
While it often depends on the type of IT work you do, the tech industry is a wide area that sometimes involves frequent visits to other locations. You may initially think going into the field to work on someone’s computer won’t cause any issues.
You would be wrong.
Don’t become complacent—there are more risks than one would expect. When services are performed for outside clients, many things could go wrong where your company gets the blame. This can not only endanger your reputation, but your company’s finances as well.
Let’s look at what you might need as an independent contractor sending IT technicians into the field. (Remember, you may need to get separate liability policies for specific situations.)
When you’re shopping around for general liability insurance, you want to make sure it covers two areas: bodily injury and property damage.
Both of these might sound unimportant, but a technician traveling to a remote location already brings a risk of bodily injury. If they’re in an accident on the road or at the client’s location, bodily injury protection helps cover medical expenses. Also, you typically get legal coverage as well if they decide to sue you for negligence.
Other bodily injuries could occur on the job, especially if told to do a task you didn’t realize had extreme risks. Some IT technicians have to work with cables or do specific wiring for equipment. This could involve coming in contact with precarious areas which could lead to electrocution.
Property damage may occur separately or at the same time as the above mishap. Even working on a computer could cause damage to property if the technician makes a major mistake during their work.
General liability policies protect you if your workers happen to cause damage to property belonging to others.
Sometimes tech-related jobs can cause damage after the technicians leave the client’s home or business. Consider getting a completed project (or product) liability policy.
Working on a computer could potentially cause damage later if the technicians failed to address security protocol or didn’t provide full protection from cyber threats. Similarly, if a fire results due to faulty wiring, it may not happen until the technician leaves.
The same thing could happen if your technicians provide products to outside clients. One of your products could cause damage or malfunction, causing a serious situation for a client.
This policy protects from the legal costs you’d have to pay in a lawsuit, possibly due to injuries.
You could face slander or libel charges due to harming a client’s reputation. Such a situation could occur if the work your technician did for the client caused them to lose business. For instance, if your technician failed to address a cyber threat, it could create embarrassing and money-losing issues for the client.
A client might even accuse you of false advertising claims. As a result, having this separate policy protects you financially while dealing with protracted litigation.
Contract disputes are always possible when doing consultant work as a technician. General liability policies don’t always cover this, so it’s a good idea to ask for a similar policy through your insurance company.
Having to deal with disputes over contracts could involve lengthy legal proceedings due to complex wording in contracts. It’s always important to have as much legal protection as possible.
When you work in the world of IT staffing, all sorts of things can happen. You have to be a smart business owner and protect yourself as much as possible. By having proof of insurance, you can obtain more business and protect your assets and financials in the process.
This is often as simple as having the necessary insurance and being ready to show proof of it upon request. You should be able to identify the insurance company and your policies, subcontractor agreements, and more.
This can offer the level of protection needed for your business, and it speak volumes to potential business partners.
Before you worry about showing proof of insurance to clients, you want to be realistic about the kind of insurance you need overall. Every company is a little different, but you are probably going to need more than one type to cover all of your bases.
As a general rule, you will want general liability insurance. This is standard for most businesses and can cover a lot of ground by itself. Additionally, professional liability insurance helps to protect you from mishaps that are out of your control.
Since you never know what your contractors are capable of, this can be invaluable. After all, if you place someone at a client’s office and he or she accidentally deletes thousands of records, costing the client a significant amount of money, you will ultimately be held responsible.
You may also want to look into workers’ compensation insurance as well as fidelity bond coverage. You may be required to have both of these before being contracted to fill a job, though it will depend on your state’s requirements as well as the kind of IT services you provide.
More and more businesses are becoming savvy about how to conduct themselves. When a company looks for a prospective contractor, they want proof of insurance. IT staffing is no different.
Whether you are actively working to fill a specific request or you are simply contacting various businesses to forge ongoing relationships, you want to be able to show that doing business with you is in no way a risk.
It will show that you are:
All of these are attractive qualities and it can be what helps you differentiate yourself from other IT staffing firms that are vying for a particular company’s business. Anything you can do to prove your professionalism can be a big help and allows you to grow your business quickly.
A lot can happen on the jobsite. As mentioned before, when you are providing IT staff on another company’s property, you could have someone who injures themselves, damages the property, or causes the company money because of bad advice that is given.
Having proof of insurance demonstrates that you actually have the means to handle these issues in the event that a company files a claim.
Without the insurance, you could end up paying for everything out of company profits. Depending upon the issue, this could add up to thousands of dollars. If you are a smaller agency, it may be just enough to put you out of business.
This can be easily avoided by being smart and planning ahead. With the right policies in place, you would only have to pay a deductible.
Once you learn of the benefits to having these policies, you will want to have the right insurance all the more. It can be simple to get these policies; it will be something that ultimately pays for itself when you can obtain more business and get yourself out of financial problems in the event that something goes wrong with a client.
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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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We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
