Running a business is hard work and trying to find the right insurance coverage can be equally as demanding. Your business is an ever evolving and growing entity, and with growth comes change; your insurance needs need to be adapted accordingly. Itâ€™s important to know what you are getting and even more important to know what coverage you need to protect your assets as your business grows.
Insurance for technology companies is a very specialized type of policy area. Understanding it can become challenging without the right guidance from an experienced agent. At ISU Oâ€™Connor Insurance Associates we are small business owners just like you. Our agency is family owned and no one understands the hard work you have put into your business better than we do.
So, what insurance do I need?
Your business is technical and the insurance you carry needs to be specialized just for your operation. On a basic level you need liability insurance, property coverage and business interruption. The liability will provide you with insurance if someone has an accident while they are within your place of business (or if you are at someone elseâ€™s business). The property section covers your building if you own it and your business property including supplies and any inventory you have on hand. The business interruption is to cover your lost income while you are trying to get your business back up and running after a covered insurance loss.
Since you have probably been in business a few years this is not anything you havenâ€™t already become familiar with, but if you are in a growth mode your needs have changed since you first put your policy in place–this is where the specialized coverage comes in. You need insurance to cover everything from a data breach that results in your customers’ information being stolen, to an employee accidentally downloading a virus that corrupts your server and crashes your network. Itâ€™s a scary thought, but it happens in the tech world everydayâ€”itâ€™s best to be ready.
Why is it so important?
Imagine for just a moment that the unthinkable happens at your business, to what is (essentially) your livelihood. Do you feel confident your insurance would provide coverage? Most technology experts think having coverage for the business, personal property the company owns and liability insurance is enough but your biggest insurance disasters could actually come from professional liability. You need a policy that understands your complicated and growing business from all angles and potential circumstances.
At ISU O’Connor Insurance Associates an experienced agent will walk you through a series of questions to learn more about you and what your business needs. During the conversation one of our agents will help educate you, clarify the jargon, simplify the process and lay out the options so you can make an informed buying decision. Your needs are unique and your insurance policy should reflect them.
Ready to get started? Just give us a few pieces of info and we will give you a call to start the conversation.