GENERAL LIABILITY INSURANCE FOR TECHNOLOGY BUSINESSES

YOU’VE WORKED HARD TO BUILD YOUR BUSINESS, NOW STAY IN BUSINESS

Would it be easy for your company to come up with a million dollars or more if an unexpected lawsuit comes your way?  Of course not!

Protection against liability-  EVERY business needs this, new or old.

For a small premium you can protect your new or existing company from this sort of occurrence,   It's easy to shop for software company general liability insurance with InsuranceTrak by clicking to get a quote with our QuoteTrak tool.

For more information, below we dive into General Liability insurance coverage as it specifically applies to technology companies.

Commercial General Business Liability insurance protects your assets and pays for your company’s obligations if someone gets injured on your premises or when you or your employees are responsible for injury or property damage to others. Coverage usually includes:

1. Losses suffered by the injured party
2. Compensatory damages
3. Claims of false advertising
4. Libel, Slander, and Defamation of Character
5. Non- monetary loss suffered by the injured party
6. Punitive Damages
7. Copyright infringement

General Liability Insurance is sometimes offered in a package with Property Insurance under a BOP policy and protects your business so that you are able to continue with business as usual while facing claims of negligence or wrongdoing.  Commercial General Liability insurance also covers the legal costs to defend claims, whether or not the claim is fraudulent. (Every business should check with their insurance agent in each state of operation as coverage may vary from state to state.)

If you already have a BOP (Business Owner’s Policy) that includes general liability coverage, make sure that you are comfortable with liability coverage limit.  The BOP is a bundled policy with standard limits.  Some types of businesses may need an additional policy with larger liability coverage limits to better suit their business needs.  Review your coverage needs by associating the risk factor with the coverage needed for legal fees, damage awards etc. 

The state or states you are conducting your business in may also be a factor in deciding how much coverage you should have.  The type of business you conduct will also be a factor, for example, building contractors would generally be open to more exposure than a software company, as an IT company is generally in a low risk category. 

Sometimes the BOP combination policy will be a better choice for a low risk category.  If you already have a business liability policy and feel you need additional coverage because you are or you have recently become more at risk, you may be able to purchase an umbrella insurance (or excess insurance) policy to bridge the gap if your liability payment exceeds your basic policy limit.

Always refer to state requirements and check with InsuranceTrak to choose the best options for your business.  You worked hard for your money!  Protect your assets!

The coverage experts at InsuranceTrak can help you shop for the best General Liability insurance coverage when crafting your technology insurance plan.  The other common types of business insurance for technology companies are listed below:

• BOP-  Business Owner's Policy
• Cyber Liability Insurance
• Professional Liability-  Errors & Omissions Insurance
• Workers Compensation