IT Business Insurance from Massachusetts Specialists

What is IT Business Insurance?

Working in the information technology sector can be rewarding and profitable, but this type of work isn’t without its risks. Should a firm in this field fail to deliver on its promised services or provide errant advice, an expensive liability lawsuit could follow. IT business insurance helps IT firms in Massachusetts protect themselves from covered risks like these.

IT business insurance is a specialized form of commercial insurance that’s designed to insurance needs of information technology firms. Most policies are crafted as package policies, which means they have multiple coverages that work together to create a web of protection.

What IT Firms in Massachusetts is IT Insurance Right For?

Most information technology firms in Massachusetts can benefit from the protections that IT insurance provides. Few firms are immune from all risk, and this is generally the most appropriate type of insurance for these businesses. In particular, the following businesses may want a policy:

• Computer repair centers
• Digital marketing agencies and SEO specialists
• IT consultants and project managers
• IT staffing agencies
• Network security companies
• Mobile app and software developers
• Telecom cable installers
• Web designers and developers
• Website hosting companies

An insurance agent who specializes in this type of coverage can help businesses determine whether this is the most appropriate insurance for them.

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What Coverages Does IT Insurance Provide?

The exact coverages that IT insurance policies provide can vary, because firms can often adjust their policy’s coverages to meet their specific needs. Nonetheless, there are a number of coverages that policies frequently make available as standard or optional protections:

• General Liability Coverage, which may cover damage to customer property, slip-and-fall accidents and defamation lawsuits
• Cyber Liability Coverage, which may cover data breaches resulting in client notification costs, fraud monitoring costs and other expenses
• Technology Errors and Omissions Coverage, which may cover work errors, accusations of negligence and failures to provide services
• Commercial Auto Coverage, which may cover company-owned vehicles used to provide off-premises services
• Commercial Property Coverage, which may cover company-owned buildings and equipment against certain types of damage

In addition to these, there are many other coverages that some firms may want to consider. For example, employment practices liability coverage and commercial umbrella coverage are two other protections that can be useful. An agent can help firms make informed coverage selections.

Do IT Firms Need Business Income Coverage?

Business income coverage normally provides supplemental income in the event that a business suffers a covered and sustained revenue loss following a claim-worthy event. For example, this coverage may make supplemental payments to a business if the business can’t open for several months after a disaster.

Such protection is helpful to many different businesses, including many IT firms. When reviewing any business income coverage that’s included in a technology insurance policy, however, IT firms should look for a coverage that has protections that meet their unique needs.

Along with covering events that impact operations directly, some technology insurance policies’ business income coverage may also cover events that interrupt a cloud service provider’s operations and/or the ability to provide off-premises services. Firms that rely on another company’s cloud services or make a lot of off-premises service calls should consider whether they need benefits like these.