09 Jun Insurance for IT Consulting Firms
Insurance for IT Consulting Firms
IT Consulting Firms have unique Insurance needs. If you manage or own an IT Consulting Firm, there are specific coverages to consider. This blog will go over some of the most important coverages for your IT Consulting Firm.
Insurance for IT Consulting Firms – Professional Liability
Professional Liability is one of the most important coverage that often goes overlooked by IT Consulting Firms. This is an important coverage because it covers you against claims that arise from advising others in a professional capacity. It is important to differentiate that this coverage is very different from General Liability, which covers bodily injury and property damage to third parties. Every IT Consulting Firm should carry some form of Professional Liability in case their professional advice causes damages to their clients.
Insurance for IT Consulting Firms – BOPs
A Business Owners Policy, or BOP, is an affordable policy that combines General Liability and Business Personal Property into a single policy with a single policy number. In addition to the General Liability coverage, this policy can provide coverage for your computers, valuable paperwork, and any other important Business Personal Property. Carrying this policy is optional, but again, it is very affordable and there are several important coverages that can be included
onto this policy.
Insurance for IT Consulting Firms – Workers Comp
IT Consulting Companies with employees are required to carry Workers Comp in case an employee gets injured while working. This may seem like an unnecessary coverage, but it is required by law and is fairly affordable for IT related companies. There are several class codes that may apply to these employees, including clerical, programming, and outside sales class codes. It is critical to properly classify your employees into these classifications as the rates will vary depending on the
duties of the employees.
If you own or manage an IT Consulting Firm, give us a call! We are eager to assist you with your Business Insurance needs.
You can reach our Business Insurance specialists at 925-297-4829.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.