Business Owner's Policy
for IT Businesses, Consultants & Subcontractors

As an IT professional, you have a unique and valuable set of skills that your clients and customers turn to when they need new technology infrastructure created or their current systems repaired. But offering your services means you may rely on equipment, supplies, and business property to perform your work. If your IT business has a storefront or office that customers and clients can visit, you always encounter the risk that someone could potentially be injured on your premises, no matter how improbable that may at first seem.

With these considerations in mind, you can easily see why business insurance is an essential component of your risk-management strategy. With adequate coverage, you won't have to worry about whether your business can survive the cost of a liability lawsuit or unforeseen catastrophe, such as a fire, tornado, or theft of your equipment.

For a broad scope of protection, a Business Owner's Policy (BOP) may be a good fit for your insurance needs. By combining General Liability Insurance and Property Insurance, your BOP offers a safeguard against liability lawsuits and the unexpected damage or loss of your commercial property. Depending on whether or not your business is considered low-risk and certain other criteria, your IT firm may be eligible for this plan. One of our insurance experts can help walk you through the details of a BOP's requirements.

For more information about the coverages and benefits a Business Owner's Policy offers your IT staffing firm or IT services business, keep reading.

Business Owner's Policy: Protecting IT Firms

Business Owner's Policy: Protecting IT Firms

Business Owner's Policies for IT professionals help safeguard your business in times of uncertainty. Along with its reliable and expansive coverage, a BOP can also save your small business money as it is typically offered at a discounted rate. Though you will already enjoy a comprehensive policy with your BOP, you also have the freedom to tailor your policy with endorsements specific to your business.

Through its bundled General Liability and Property Insurance policies, your BOP protects your business in the event of a liability claim or natural disaster, such as a fire, a tornado, or criminal activity that damages business property.

Your BOP's General Liability portion ensures that your business will have the legal funds to defend your business against a claim alleging injury, bodily harm, or property damage to a third party. These legal funds typically cover attorney's fees, court-ordered settlements, bond premiums, and more, depending on your policy limits. Even if your business is not at fault, this coverage can save your IT firm from paying hundreds of thousands of dollars out of pocket simply to hire an attorney.

Your BOP also provides coverage for the business assets you rely on to conduct business each day. From your office space and furnishing to your computer equipment, supplies, and inventory, the Property Insurance portion of your policy safeguards your essentials. Typically, this coverage will kick in to replace insured business assets in the event that a tornado, fire, theft, or act of vandalism damages your property. It can also cover damage to others' property while it is in your custody or care.

Our IT business insurance experts are happy to answer any questions you have about purchasing a BOP for your small computer, web, or IT services firm.

IT Business Insurance: Business Owner's Policy Coverage

IT Business Insurance: Business Owner's Policy Coverage

One of the safest risk management measures your IT business can take is to have a comprehensive business insurance plan in force. If you're searching for a discounted policy, a Business Owner's Policy offers a wide range of coverage that safeguards against the most common risks your business may face for a bargain price. As you shop around for a policy that meets your unique protection needs, keep in mind the following claims your BOP likely covers.

Property Claims

Your equipment can be costly to replace, and for firms that rely on computers, tablets, and smartphones on a daily basis, you don't have time to spare when it comes to replacing damaged or lost property. When unforeseen disaster strikes, your BOP kicks in so you can quickly replace the equipment you need to serve your clients. Typically, your insured property will be covered should a fire, tornado, or theft occur. Assets that may be covered can include your business equipment, supplies, inventory, your office space or storefront, furnishings, and more, depending on your policy.

In many cases, you will have the option to insure your business property at its current value or its full replacement value. Because technology depreciates quickly, your agent may advise you to insure your property at its replacement value. Though this option may increase the rate of your premiums, it allow you to replace your assets regardless of how much their value has decreased at the time of the claim.

If you rent office space for your IT firm, the Property Insurance of your BOP can make sure you meet the insurance requirements of your lease, as it offers coverage for rented commercial space.

General Liability Claims

If clients and customers regularly visit your storefront or office, the General Liability Insurance provided by your BOP is an invaluable asset to your business protection plan. This coverage safeguards your IT firm against liability claims alleging that your business is responsible for a third party's bodily harm, injury, or property damage. If an accident happens at your office — say, for example, a client trips over a rogue cord and hits their head on the floor, they could feasibly sue your firm for medical expenses. Once they file a lawsuit against your business, your General Liability Insurance kicks in to cover the cost of your legal defense, settlements or judgments, medical expenses, and more.

Additionally, a Business Owner's Policy can include coverage for completed operations liability, contract liability, and advertising liability. For more information about the specific coverages included in your BOP, contact an insureon agent.

Business Interruption Insurance for IT Professionals

You can include business interruption insurance on to the Property Insurance portion of your Business Owner's Policy. If a disaster leaves your business closed due to property repairs or court hearings, this coverage can compensate your business for the foregone income you would have earned for up to 12 months, depending on your policy. That means you won't need to worry about not being able to pay the overhead, utilities, or payroll for your IT firm. For more details about business interruption coverage, be sure to ask your insureon agent.

Insurance Policies Custom-Made for IT Professionals

Insurance Policies Custom-Made for IT Professionals

Our insurance experts at insureon know that shopping for business insurance can be a confusing experience, which is why we make getting insurance quotes from multiple A-rated insurance providers convenient and stress-free. Simply complete our quick online application, and you could receive competitive quotes in minutes!

If you want to secure a Business Owner's Policy for your IT services business, contact one of our insurance agents. We can also help you determine whether your business meets the eligibility requirements for this comprehensive coverage.

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