Tech Industry Business Insurance

The technology sector has expanded quickly in recent decades and is poised for more growth in the near future. Numerous goods and services fall into the tech industry, from computers and smart phones to web design and development. While careers in the tech field can be extremely rewarding, they can be risky, as well. That’s why you need to protect yourself and your employees with insurance for tech companies. For full protection, you’ll need a wide range of insurance coverage options from an insurance provider that understands the unique needs of your tech business.

General Liability

Every business benefits from general liability coverage, as this part of the policy protects your company when guests suffer bodily injury or property damage during a visit to your business premises. If a visitor needs medical care or repairs for damaged property, your general liability coverage will pay for those costs so you don’t have to.

Additionally, this part of your policy features product and advertising liability. As a result, if a product that your company manufactures harms your customers, or if your advertising is found to be harmful or misleading, general liability will cover the costs. You can purchase this coverage separately or as part of a complete business owners policy (BOP).

Business Owners Policy

If you want a streamlined way to ensure your business has full financial protection, you need a business owners policy (BOP). This policy combines several coverage types that most companies in the technology industry will benefit from.

First, it covers the building where your business is located, meaning it pays for any repairs you need after property damage has occurred due to a fire, vandalism, or a natural disaster. It also pays to replace or fix business assets inside the building, such as computers, software, furniture, and other items you need to run your tech company.

If you cannot generate income after a fire, natural disaster, or any other reason for business interruption, your BOP will make up for a portion of that lost income. You can also add extra coverage to your BOP for additional structures, electronic files, and other valuable assets that allow you to run your technology company.

Workers’ Compensation

If you have one or more employees working at your tech company, you need workers’ compensation as part of your business insurance policy. Not only is it required in most states, but it’s also recommended due to the protection it offers you and your staff.

When an employee is injured at work, this insurance coverage kicks in to pay for their medical bills and lost income. If they’re killed on the job, this coverage pays for funeral expenses and death benefits for the family. Simply put, this type of insurance is important if you want to protect your employees and their families from unforeseen expenses, and protect your own business from the fines you’ll get if you don’t have it as part of your policy.

Commercial Auto

If your tech company delivers products or services to customers at their home or business, you will need to add commercial auto insurance to your business policy. This way, if your employees cause a car accident while driving for business, they’ll have sufficient coverage to pay for medical bills and property damage for themselves and any victims.

Commercial auto insurance is important to have because an employee’s own personal coverage won’t usually pay for work-related crashes. In addition, this part of your business policy covers not only delivery trucks and other company cars, but also employees’ personal cars and any vehicles you’ve rented for business. So if your employees ever need to drive somewhere to perform tech support, deliver software or hardware, or meet to discuss a client’s web design needs, commercial auto insurance is essential.