Just because your IT company may not produce a physical product, that doesn’t mean you need any less insurance protection. Regardless if you are a small startup of developers or an established company, Mountain Insurance: Longmont can provide the relevant technology business insurance needed for your specific circumstance.
5 Important Factors for Technology Business Insurance
- Professional Liability Tailored to IT Industry- General liability insurance covers property damage and personal injury claims but professional liability protection is needed for financial losses suffered by customers due to inadequate performance of software, for example.
- Full Spectrum of Life-Cycle Solutions- Stay away from insurance carriers that only offer a one-size-fits-all approach. Look instead for an insurance broker that can grow as your small business does, and has options for IT companies at all stages of maturity and complexity.
- Domestic & International Exposure Addressed- With the internet and cloud servers, small technology businesses are not restricted to domestic markets. However, multinational corporations have the advantage of big legal budgets to protect their international business ventures so selecting an insurance carrier that provides worldwide coverage is critical for independent tech companies.
- Software & Programming Services Included- It is essential that software and programming is included in your general liability policy. This protection is so important for instances when lawsuits are brought against both the hardware and software makers even though the loss was due just to faulty hardware.
- Straightforward Claim Reporting Obligations- Some insurers require that claims are started within 60 to 90 days of a threatening declaration, even if the complaint was just mentioned to a customer service or sales representative and not reported to a manager. Best to find a policy where written claims against your company are substantiated.
It’s impossible to predict when and how your IT company may need protection from a future claim, so it’s best practice to get the most comprehensive coverage you can afford. Steve Longenecker and the experienced team at Mountain Insurance: Longmont are up-to-date on the latest technology business insurance needs and will ensure that your company is protected from all future threats.
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