.
Which business insurance policies does an IT consultant need?
These policies provide coverage for the most common IT consulting risks.
General liability insurance
This policy covers risks every IT consultant faces, such as accidental client injury in your office. Bundle with property insurance for savings in a business owner’s policy.
BEST FOR
-
Slip-and-fall accidents
-
Damaged customer property
-
Libel or slander lawsuits
Errors and omissions insurance
Technology E&O is crucial for IT consultants. It covers lawsuits related to work performance, such as claims that your advice caused financial harm.
BEST FOR
-
Car accidents
-
Vandalism and theft
-
Weather damage
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for irrigation businesses that have employees. It can cover medical bills for work-related injuries.
BEST FOR
-
Failure to deliver promised technology services
-
Accusations of negligence
-
Work errors and oversights
Fidelity bonds
This bond, also called an employee dishonesty bond, covers client accusations of employee theft, including theft by electronic funds transfer.
BEST FOR
-
Data breach lawsuits
-
Client notification expenses
-
Fraud monitoring costs
Cyber liability insurance
This policy helps IT consulting businesses survive data breaches and cyberattacks by helping to pay for recovery expenses and associated costs.
BEST FOR
-
Employee theft or fraud
-
Unlawful data access by an employee
-
Illegal fund transfer by an employee
Workers’ compensation insurance
Workers’ compensation insurance is required in almost every state for IT consulting businesses that have employees. It can cover medical fees for work-related injuries.
BEST FOR
-
Employee medical expenses
-
Missed wages
-
Legal costs
How much does technology business insurance cost?
-
Several factors will have an impact on insurance costs, including:
-
IT services offered
-
Business equipment and property
-
Revenue
-
Location
-
Number of employees
Why do IT consultants need insurance?
Your business strives to deliver IT solutions to your clients, but that doesn’t mean everyone will be satisfied with the results. IT consulting insurance provides coverage for expenses related to lawsuits if someone claims your services caused financial harm. It can also cover injuries, property damage, and other risks.
