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.
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.