The past 10 years have been a decade of dramatic change for IT service providers. With the emergence of new technologies, innovations in cloud computing and managed services, and disruption from start-ups, MSPs are adapting to changing customer needs. In order to succeed in this environment, it is critical that you focus on your innovation strategy and how you can be ahead of these emerging trends.
However, it’s also important that you or your business is getting proper coverage to protect yourself from financial loss and litigation, protect your assets, the livelihood of your employees, and your clients.
To help you navigate this changing landscape, we have identified three of the best insurance companies for IT businesses in 2021.
1. TechRug
TechRug has an extensive client base including Fortune 500 companies, retail businesses, telecommunications companies, financial firms, government agencies and more. The company covers all exposure to damages caused by hackers, virus attacks or theft of data. It also covers damages to property, business interruption expenses, online liability and employee cyber extortion.
They offer different insurance policies such as Business Owner’s Policy, Cyber Liability Insurance for non-malicious errors or omissions, Cyber Crime Insurance, and Employment Practices Liability. They even offer coverage on recovery of data following a cyber incident.
TechRug is a solid choice for:
- Managed Service Providers
- Managed Security Service Providers
- Cloud Computing Companies
- IT Staffing Companies
- Telecommunication Companies
- Software Development Firms
The best thing about TechRug is that they know and understand the risks of IT businesses and how to protect them. To better understand the risks you need, they offer a complimentary IT Risk Assessment to help you identify your business’ sensitivities to cyber attacks or data loss. With their thorough understanding of the IT industry’s needs, knowledge of emerging technologies, and top-notch customer service, TechRug is one insurance company that you can rely on.
2. TechInsurance
TechInsurance is an ITC insurance company that truly understands the special risks of the IT industry. This includes damages to computers and equipment due to power surge or lightning strikes. It also includes damages to a company’s own software, including ransomware and hacking of programs.
TechInsurance also covers data breaches, business interruption losses and stolen equipment from the insured premises. A major benefit that TechInsurance provides is being able to offer all their services for one package price without additional fees or hidden charges.
TechInsurance has clients ranging from SMEs to large organizations in the public sector, including many Fortune 500 firms. TechInsurance’s clientele includes government agencies, educators, manufacturers and healthcare providers.
TechInsurance also offers a range of other insurance products for small businesses at competitive prices, including covers against property damage, equipment breakdown, burglary and more.
In summary, TechInsurance offers the following policies: Errors and Omissions Insurance, Cyber Liability Insurance, Fidelity Bonds, Business Owner’s Policy, General Liability Insurance, and Workers’ Compensation. They also offer auto insurance for tech companies.
To discover their price, you can schedule a meeting with them so you can get a customized quote.
3. Hiscox
Another company that offers support for IT companies is Hiscox. Named one of the 50 best places to work in insurance by Inside Public Accounting & Consulting Business, Hiscox has been protecting companies’ technology for over 30 years. Their wealth of experience allows them to understand how your business works and what needs to be protected from potential damage.
Hiscox specializes in providing insurance solutions for Small and Medium Enterprises, including ones in the IT industry. To understand your business’s needs, they work closely with you to create a bespoke plan that suits your organization.
Hiscox covers all risks associated with IT, including damages caused by ransomware or hacking of data, as well as property damages from burglary or fire. Hiscox offers solutions for computer equipment, intellectual property concerns and cyber extortion. They also offer different products that protect against liability arising from errors or omissions by your employees.
Hiscox has policies designed specifically for the IT people: IT consultants, app service providers, database admins, project managers, programmers, hardware installation experts, and more!
In conclusion, Hiscox offers a range of IT insurance policies that you or your company can benefit from.
Conclusion
IT Businesses need insurance too because they are at risk for physical damages, intellectual property issues, cyber extortion and many more. This includes the damages that a security breach or a data hack could do to a company’s reputation.
These three companies that we mentioned above — TechRug, TechInsurance and Hiscox — are the best companies that can provide appropriate insurance coverage for IT businesses, including SMEs and large organizations. Their expertise combined with their affordability make them the best of the best.
However, when choosing, the company that will be right for your will largely depend on your needs, budget, and the risks you want to be protected from.
I hope this article has helped you make an educated choice on which company to choose for your IT business insurance needs.
