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IT Business Insurance Massachusetts

IT Business Insurance in Massachusetts

What is IT Business Insurance?

Operating an information technologies firm comes with a not-insignificant amount of risk, for many businesses entrust essential operations to the IT firms they hire. Should there be an error in a firm’s work, the results can be substantial and expensive -- and the firm may be held responsible for them. IT business insurance helps protect Massachusetts firms in this line of work from many of the potentially costly risks that they face.

IT business insurance is a special form of commercial insurance for IT firms and similar businesses. In order to offer these businesses with the various protections that they need, most of these policies are underwritten as package policies that combine several coverages together. Businesses can usually select the exact combination of coverages that their policy comes with.

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What Businesses in Massachusetts Can Benefit from Technology Insurance?

In broad terms, the majority of Massachusetts businesses that offer information technology services to individuals or businesses can likely benefit from having technology insurance. Some examples of such businesses often include:

  • Computer repair businesses
  • Data and network security companies
  • IT consultants and their companies
  • IT headhunters and staffing companies
  • Mobile app and software developers
  • Digital and online marketing agencies
  • Web designers and developers
  • Website hosting companies
  • Telecom cable installers

As this list shows, there are many different businesses that may want or need technology insurance. Businesses that are unsure whether this insurance is right for them can learn more about the protections available by talking with an informed insurance agent. An insurance agent who specializes in this type of insurance will be able to help assess a particular business’ needs and make an informed policy recommendation.

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IT Business Insurance Massachusetts

What Coverages Does Technology Insurance Make Available?

The multiple coverages that technology insurance policies usually come with often include both common coverages that many businesses need and less common coverages that are normally reserved for IT or related businesses.

A few of the more common coverages that a policy might come with are:

  • General Liability Coverage, which often covers some accidents resulting in third-party injury or property damage along with defamation lawsuits
  • Commercial Property Coverage, which often covers business-owned buildings, equipment, tools and inventory against certain causes of damage
  • Commercial Auto Coverage, which often covers business-owned cars, trucks and vans that are used to provide services at customers’ locations
  • Employment Practices Liability Coverage, which often covers employment-related discrimination lawsuits filed by employees or others
  • Business Income Coverage, which often covers prolonged losses in revenue that are caused by certain incidents

A couple of coverages that are especially important for IT businesses include:

  • Cyber Liability Coverage, which often covers online attacks, data breaches and other IT-related risks that businesses face
  • Technology Errors and Omissions Coverage, which often covers mistakes made in IT work that a business provides

Both cyber liability coverage and errors and omissions coverage are widely available through many different types of commercial policies. When getting these coverages for an IT business, though, it’s especially important to make sure that the coverages’ terms have been adjusted to meet the particular needs of IT businesses. An insurance agent can help check the particular terms of these two (and other) coverages.

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How Expensive Are IT Business Policies?

Premiums for IT business policies are based on many different factors and therefore, often vary. An independent insurance agent can help businesses explore policy options from multiple insurers in order to get an accurate idea of what a policy would cost. 

Nonetheless, these policies tend to be affordable. They’re almost certainly more affordable than what a big claim could cost if no coverage is in place.

IT Business Insurance Massachusetts

How Can Massachusetts Businesses Get IT Business Insurance?

If IT business insurance makes sense for your business or firm, contact the independent insurance agents at Garrity Insurance. Our agency has assisted many Massachusetts businesses with their IT and other insurance needs, and we’re here for your business too

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