Technology Insurance Quote
The table below lists typical coverages that are needed in the Technology industry along with usual costs.
We can usually issue the policy and provide you with the appropriate certificate of insurance for your vendors within 2 hours.
General Liability
Below is a detailed description of the proposal for General Liability Insurance. The annual premium is $425. You can make monthly payments if you like.
This Policy combines all of your insurance needs and packages them into one competitively priced product.
| Liability Coverages | Limits of Insurance | Premium |
|---|---|---|
| Business Liability Insurance for Each Occurrence | $1,000,000 | Included |
| General Aggregate | $2,000,000 | Included |
| Products/Completed Operations Aggregate | $2,000,000 | Included |
| Personal and Advertising INjury | $1,000,000 | Included |
| Damages to Premises Rented to You | $300,000 | Included |
| Medical Expenses | $10,000 | Included |
The Quote Process
Obtaining a technology insurance quote can be a smooth process if one knows how to navigate through the quoting process. There are a few simple steps that need to be addressed in order for you to obtain the most competitive and comprehensive proposal available for your small business insurance portfolio.
Coverages:
There are typically seven insurance coverages that are applicable to technology companies that one must consider when planning your insurance portfolio.
The first coverage that normally builds the foundation for your insurance program is that of general liability insurance. Sometimes this is referred to as public liability insurance, commercial general liability insurance, CGL, GL, general insurance, liability insurance, tech insurance, tech liability insurance, and finally technology liability insurance. Basically all these terms mean the same thing. Normally the limits that is available for the general liability insurance coverage is from $100,000-$2 million in limits. The technology general liability coverage provides bodily injury coverage and property damage coverage from claims and losses from your operations. Depending on the number of employees, your payroll, and your gross annual receipts, the premium for this coverage for technology insurance quote is normally around $425 in annual premium. You can make monthly payments if you so desire.
The next coverage technology professionals usually purchase is that of professional liability insurance. Sometimes this coverage is referred to as professional liability insurance, tech E. & O. insurance, errors and omissions insurance, and finally technology E. & O. insurance. This coverage provides protection from the professional technology advice and services that you offer your clients. This policy unlike any of the other policies is written on a claims made basis. These policies usually start around $1500 in annual premium.
The umbrella policy is another one of the first policies that is purchased by the technology consultant professional. This policy is sometimes referred to as umbrella coverage, umbrella insurance, umbrella policy, excess liability insurance, excess coverage, excess insurance policy, tech umbrella coverage, technology umbrella insurance and finally technology umbrella policy. While umbrella insurance and excess insurance are technically different in the breadth of their coverages (the umbrella offering broader coverages than the excess) nowadays they are basically the same coverage in most cases. This policy is how you can access the higher limits that might be required from your vendor’s requirements. Typically these limits start at $1 million in limits and can go as high as $100 million in limits. These policies usually cost around $450 per million dollars of limits.
Non-owned and hired auto coverage provides coverage for your company from claims and losses from you or your employees being involved in an automobile accident from autos that you do not own or from autos that you rent or higher. Typically the premium for this coverage is approximately $175 in annual premium.
Finally some other coverages to consider would be a crime Bond, contents coverage, and workers compensation insurance if you have employees.
A technology insurance quote can usually entail one of these coverages or all seven of these coverages. Your vendor requirements normally dictate the type of coverages, limits, and carriers that you need to have. Also, factored into this decision process should be the level of peace of mind that you want to have in crafting your insurance portfolio.
R. Glenn Matsen, CEO
MBA, CPCU, ChFC, ARM
707.528.7299 ext. 303
707.528.1662 fax
info@techologyinsurancequote.net/
Lic. #05083580
