Your IT service company keeps other businesses running smoothly. Unfortunately, one surprise expense (like a client's network outage or a stolen laptop containing sensitive data) can put yours at risk. We believe in your business and want you to have affordable insurance that meets state requirements and protects your equipment, team and income. This guide breaks down:
A Business Owner’s Policy saves you money by bundling general liability, property insurance and optional business interruption coverage.
General liability insurance covers injuries and damages caused by your business, as well as advertising-related claims.
Here are five essential coverages every IT professional should consider to stay protected and profitable:
A business owner’s policy (BOP) is a smart starting point. It bundles key coverages into one affordable package – ideal for new or growing computer service companies. Your BOP typically includes:
GENERAL LIABILITY for IT businesses covers legal and medical costs if a client is injured or their property damaged in your space or while you're performing services. It also protects you from advertising-related claims.
IT SERVICE PROPERTY INSURANCE helps repair or replace your space and equipment if disaster strikes – like fire, theft, or vandalism. Examples:
BUSINESS INTERRUPTION INSURANCE Replaces lost income if you need to temporarily shut down operations because of covered property damage.
If you have employees, almost all states require you to carry workers comp for IT companies. It covers medical care and lost wages for staff injured on the job – and shields you from most employee lawsuits. You'll need tech employee injury coverage if:
IT SERVICE PROVIDERS TYPICALLY PAY BETWEEN $230-$650 A YEAR FOR WORKERS' COMP. TO SEE HOW MUCH YOU CAN SAVE, CLICK HERE.
Also known as Errors & Omissions (E&O) for IT service providers, this coverage protects you from claims of negligence, mistakes or failure to deliver promised services. Examples:
IT SERVICE PROVIDERS TYPICALLY PAY BETWEEN $400-$1,000 A YEAR FOR PROFESSIONAL LIABILITY. TO SEE HOW MUCH YOU CAN SAVE, CLICK HERE.
If you have company vehicles or use personal vehicles for business purposes, almost all states require you to carry commercial auto insurance. IT company vehicle insurance helps pay for:
You won't be shocked to learn that computer-related businesses are prime targets for cyberattacks. And IT service providers are held to a higher standard for cybersecurity by their clients. Cyber liability for IT companies helps cover data breach response, regulatory fines and recovery costs. Examples:
Your amazing company deserves protection that keeps up with your business. Mylo has been innovating insurance for 10 years and connected over 75,000 small business owners with 100,000+ policies. Because we don't sell our own insurance, we can give you an objective recommendation and find you the best value in your state – at no cost to you.
In minutes Mylo will:
A Business Owner's Policy saves you money by combining general liability (which helps you pay for medical expenses or lawsuits if someone is accidentally injured by your business) with property (which helps repair or replace your lost, stolen or damaged business property) and business interruption (which compensates you for lost revenue because of property damage). Also, "BOP" is fun to say. We won't judge.
Your company is vulnerable to lawsuits from clients who are unhappy with your work or claim you caused damage to their systems. You may also take on employees who don't know the job as well as you do. Professional liability helps you handle surprise legal expenses connected to your services. You will also want to protect your valuable reputation by carrying cyber insurance.
You may be able to bundle your most essential coverages (general liability, property and business interruption) in a money-saving Business Owner's Policy. In addition, Mylo makes it easy to compare the best quotes from multiple top-rated carriers so you can find the right coverage at the best value in your state.
A Certificate of Insurance provides proof to your clients that they can do business with you and not be on the hook financially if something goes wrong. Once Mylo has helped you purchase a policy, you can request a free certificate of insurance (COI) directly from your new carrier. Contact information for your insurance carrier will be included in the email your Mylo agent sends out with your policy documents.