Being an IT business can cover a fairly broad range of IT services, from fixing computers to developing software or working on the internet, the trem “IT” can cover a large area.
However, there are now a multitude of insurance products that are tailored to protect the risks inherent in IT businesses.
Here are some of the policies that are recommended for IT companies:
Property / Equipment Insurance
IT equipment is prone to theft, and alarm systems are often required to protect equipment.
An important point that is often overlooked is the leasehold improvements, if you invested $10,000 in tailoring your office to your needs, it is essential that you cover on your insurance because your landlord will do not for you!
We recommend that you do not cover laptops as their value has declined significantly. If you have a notebook with a value of $1,000 and any claim that you have a $500 deductible, it may not be advantageous for you to make a claim to the insurer.
To complement property insurance, you can also purchase additional coverage fee to cover the costs incurred due to a covered loss.
As a company you have the obligation to repair the damage you cause to others.
This coverage is often required by landlords to lease commercial premises. Unfortunately in the IT sector, insurers usually require insurance for errors and omissions liability insurance. However, it is possible to buy a smaller coverage which only covers the activities of the tenant without protection for products or work with your customers.
Examples of liability claim in the IT indutsry:
– One of your servers cause a fire in your building
– Your technician escapes coffee in a computer it makes repairs.
– A customer is injured while visiting you
This is THE guarantee of a company in the IT field. Here is a brief overview of what is covered:
– Any errors or omissions in the mandates entrusted to you
– Infringement of intellectual property
– Breach of trust
– Invasion of privacy
– Breach of contract term
– Libel, slander and defamation
Examples of claims:
– One of your employees loses a laptop with confidential information of a client
– Your designer interface serves as part of a design he found on the internet and your client is sued for copyright infringement
– You take care of IT support for business and after a disaster, the backups do not work and your customer loses all its data.