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Enclosed in the table below are some typical coverages that are needed in the Technology industry along with some approximate pricing.

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

IT consultant insurance besides being a requirement from most of your vendors can also be used as a competitive advantage for you. If you are paying less for your overall technology liability insurance then your competitors, that can be a competitive advantage for you. Also, by having comprehensive coverages in place for your IT business insurance you could be protecting your assets and cash flow from claims and losses more effectively than your competition is currently doing.

Technology liability insurance and IT professional liability insurance needs to be crafted carefully to make sure that you, your company and your subcontractors all have the appropriate liability insurance in place.

It gets more convoluted when you are trying to intertwine the IT consultant insurance and the IT contractor insurance into your specific project for your clients. The IT professional liability insurance is a unique coverage for the IT consultant and the IT contractor. Tech E. & O. has strict underwriting requirements because of the breadth of the coverage that is being provided.

You as the IT consultant need to clearly define in writing where the IT consultant insurance and the IT contractor insurance start and stop. Normally the most troublesome area arises in the area of workers compensation insurance. Even though you are calling someone a subcontractor they may or may not be a subcontractor and in fact they may be an employee. If they are an employee this subjects you to the employment workers compensation laws of the state that you are operating in.

Information technology insurance is a complex and technical area in the insurance world of coverages. If you as a small business owner do not take the time to properly sort out the IT insurance issues, you may find that the insurance company will sort it out for you at audit time. If you mis-classify an employee as a subcontractor you could be faced with a substantial increase in additional premium when your policy renews. The IT consultant insurance typically is based upon payroll and gross annual receipts. If you are not properly accounting for an employee payroll versus a subcontractor payroll you can and will be facing additional premiums at the end of your policy term. Almost all of the technology liability insurance policies are subject to audit, which means they will be reviewed by the insurance company for the accuracy of payroll and sales at the end of the year.

Many IT consultants fail to have mirror contracts with their subcontractors as they personally have with their clients and/or vendors. If the IT consultant is required to have technology liability insurance, IT professional liability insurance, workers compensation insurance, umbrella insurance, and possibly crime insurance, and your IT subcontractor does not have the same coverages and limits that you do; there can be substantial gaps in coverage because of your subcontractor relationship.

IT consultant insurance is very broad and comprehensive and can protect many facets of your business. Making sure that you have the appropriate insurance company, coverages, limits, and a broker who has the experience and expertise in technology insurance, will give you a competitive advantage over your competition.
R. Glenn Matsen, CEO
MBA, CPCU, ChFC, ARM
707.528.7299 ext. 303
707.528.1662 fax

info@techologyinsurancequote.net/
Lic. #05083580

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.

What is Covered

Tech insurance can be used to provide peace of mind and protection for your assets with regards to the pitfalls of operating a business.

General liability insurance and professional liability insurance, sometimes referred to as technology liability insurance and technology professional liability insurance are normally the two insurance policies that will provide the protection you need from technology claims and losses.

Let’s look at some of the common tech E&O claims and their causes.

• Poor communication with clients. Not having the appropriate methods for communication both orally and in writing can normally lead to claims and losses because of unmet expectations.
• Errors in programming. Losses in this area, other than incompetence, can normally be traced back to poor communication with clients in the programming process.
• Delays in work product. This too can be traced back to poor communication with clients in not laying out appropriate timelines and schedules and milestones for the project. Tech insurance procurement normally take some time and waiting until the last moment to have IT insurance in place can cause unnecessary delays in your project.
• Project development problems. Problems normally do arise in the technology consulting area and this problematic area also needs to have good communication procedures in place.
• Large integration projects and/or installation projects. Clearly the complexity of any project is commensurate with the size of the project and/or projects that are intertwined. IT contractor insurance provided by having IT professional liability insurance and technology liability insurance in place can protect you from claims and losses in this area.
• Problems with combining legacy systems. Having multiple platforms of both hardware and software can create problems with regards to your tech insurance and your specific contract with your client. Sorting out what you promised versus what the technology business insurance is going to provide coverage for can leave you with gaps in coverage.
• Project creep. If change orders can be initiated randomly without a formal process this can be a hotbed of claims and losses in either your tech E. & O. insurance or your IT consultant insurance portfolio.
• Beta testing. Taking shortcuts or not providing the proper beta testing can have long-term tech liability losses coming your way soon.
• Turnover. Besides potentially losing key personnel on each and every project, having the appropriate workers compensation insurance in place and crime insurance bond can protect your company from losses to valuable employees or from a not so valuable employee.
• Negligence. Tech insurance, which includes general liability insurance and professional liability insurance as well as other coverages, are what is known as negligence contracts. There typically is no coverage whatsoever for intentional acts. These policies typically cover bodily injury, property damage, personal injury, advertising injury, technology professional liability, and the like due to accidents and not intentional acts.

Almost all of these 10 examples of causes of losses and claims, all point back to the first cause of loss and that is poor client communications. Having both formal and informal communication procedures in place that are mutually beneficial to both you and your client will go a long ways in preventing claims and losses. Tech insurance can and will provide peace of mind to cover these gaps in client communications that can cause severe losses to your assets and cash flow.

R. Glenn Matsen, CEO
MBA, CPCU, ChFC, ARM
707.528.7299 ext. 303
707.528.1662 fax

info@techologyinsurancequote.net/
Lic. #05083580

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.

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