IT Business Insurance Should be As Niche as Your Company
IT Business Insurance Should be As Niche as Your Company
The word "IT" covers a broad spectrum of services ranging from network managers to software developers and graphic designers. The same can be said about the phrase "Business Insurance." It is a broad term that covers many different risks, some of which may apply to your particular business and others that might not.
Business insurance is the shield between your company and any potential lawsuits or payments you might incur outside of normal business operations. If you are going to pay for business insurance, shouldn't your coverage be as specific to you as your business is to the IT world? The insurance needs of a software developer are vastly different than that of a network maintenance provider. Both contractors should be utilizing professional liability insurance to protect against claims of negligence, errors, or omissions, but the physical demands of the network maintenance provider indicate that additional coverage may be necessary in terms of physical liability. On the other hand, the software developer who rarely leaves the office, probably does not need as much coverage for physical liability, but without a customized business insurance package, he may be overpaying for coverage he doesn't need.
The list of scenarios could go on for days, but the important point is that if you don't customize your business insurance policy based on your specific risks and needs, you will undoubtedly pay too much for coverage in one area, while remaining underinsured in areas where you are most vulnerable. If you're afraid that your business insurance policy is not meeting your needs, consult with your agent about getting a more customized policy. If your agent is unavailable or unwilling to customize your insurance policy, then you might need to switch business insurance providers. Don't settle for less than adequate coverage. Get the insurance you need to cover your IT business against any potential suits or claims.
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