Umbrella Liability / Excess Liability Insurance
for IT Businesses, Consultants & Subcontractors

As an IT professional — whether your expertise lies in IT staffing, programming, or computer repair — you may not think that you experience much risk in your line of work. If you perform your duties as a contractor, you may not even have a storefront or office outside your home. No matter the perception surrounding business protection, the simple truth is that lawsuits happen all the time, and your contracts alone may not protect you if you are involved in a liability claim.

That's why it's a sound decision for IT professionals to consider Umbrella Liability Insurance. With a single premium, you can easily extend the limits of your General Liability, Hired and Non-Owned Auto, and Employer's Liability policies (part of your Workers' Compensation coverage). Also know as Excess Liability Insurance, Umbrella Liability adds more coverage to your underlying policies in increments of $1 million.

Your state may require that you have specific underlying policies in place before you can purchase Umbrella Insurance. Your insureon agent will be happy to advise you about your options. To learn more about Umbrella Liability / Excess Liability Insurance and how your IT business may benefit from this convenient coverage, keep reading.

How Umbrella Liability Insurance Protects IT Professionals

How Umbrella Liability Insurance Protects IT Professionals

As opposed to individually increasing the limits of each one of your business insurance policies, Umbrella Liability Insurance offers you the streamlined and affordable option of extending your coverage through one premium. Umbrella coverage can expand your limits by millions, and usually, you would only have to pay a couple hundred dollars a year for this extra coverage — an extremely reasonable rate for even the smallest startups.

If you're debating whether to include Umbrella Insurance in your overall business protection plan, you may want to first assess the likelihood of having an auto accident while conducting business. That's because auto accidents are the leading cause of liability claims and can quickly exceed millions in settlements, depending on your situation.

Should your IT business operate out of a storefront or office that welcomes clients, customers, and visitors, you are exposed daily to liability risks. If someone sustains even a slight injury on your business premises, it could escalate into a million-dollar court battle. When you boost your General Liability policy with an Umbrella policy, you give your IT firm more security if it should ever face a liability lawsuit.

For an example of how your Umbrella policy would function, say a customer walks into your computer repair store. It's raining outside, and their slick shoes on your floor results in a spill and a broken bone. Though your business's only role in the accident was that the incident took place at your shop, the customer could still sue for medical expenses. Let's say your customer is the litigious type, and they pursue your business for alleged liability. If they're awarded a settlement of $1.5 million, and your General Liability Insurance maxes out at $1 million, your Umbrella Liability policy would cover the additional half-million dollars.

Of course, if a client or customer sues your IT business for professional negligence or failure to perform duties, Umbrella Liability will not cover such a claim. In order to increase your limits for that kind of protection, you will need to reevaluate the coverage your Errors & Omissions policy provides. Be sure to talk to your insureon agent if you're concerned that your E & O limits aren't high enough to adequately protect your business.

Key Details About Umbrella Insurance for IT Professionals

Key Details About Umbrella Insurance for IT Professionals

As you weigh your business insurance options, consider the following takeaways about Umbrella Liability coverage and how it could strengthen your IT business protection plan.

Umbrella Insurance Amplifies Your Liability Protection While Saving You Money.

If you were to increase each limit of your liability policies, the extra expenses would start to add up quickly. When you purchase an Umbrella Liability policy, however, you only have to pay for one premium to extend the limits of multiple policies. This means you can have more coverage provided by your General Liability, Hired and Non-Owned Auto, and Employer's Liability plans, and still pay less money for the increased limits. Another perk of incorporating Umbrella or Excess Liability Insurance into your business insurance plan is that Umbrella policies can cost as little as a couple hundred dollars a year — making this a low-cost and savvy option for small business owners.

Umbrella Liability Insurance Does Not Include Errors & Omissions Insurance.

IT professionals will want to take note that Umbrella Liability coverage cannot increase the limits of their Errors & Omissions or Professional Liability policy. To increase the limits of your E & O coverage, talk to an insureon agent about the best course of action for your business needs. Still, you may want to consider protecting your IT business with Umbrella Insurance because of the power it gives your other liability policies. The added protection of Umbrella Insurance can be the difference between a settlement being fully covered by your business insurance and you paying out of pocket for any amount past the limits of your policy.

Umbrella Insurance Can Be Purchased in Increments of $1 Million.

Because Umbrella Liability coverage can be purchased in increments of $1 million, this policy gives your IT business considerable breathing room in the event of a covered liability claim. Between the cost of defending your business in court and the potentially devastating settlement expenses, every penny counts when it comes to safeguarding your firm.

If Umbrella Insurance coverage fits your business protection needs, complete our easy online application. You may be able to begin coverage within 24 hours of your initial application.

Custom-Made Policies for Computer, Web, and IT Professionals

Custom-Made Policies for Computer, Web, and IT Professionals

The insurance experts at insureon work with IT professionals to customize a business insurance plan that addresses the unique needs and risks associated with their industry. We create policies that offer coverage for your IT services business — no extras and no hidden fees. Let us help you secure the policies that safeguard your business. If you have any questions about Umbrella Liability or any other coverage concerns, contact an insureon agent today.

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