RateCraft

Technology companies need business insurance to run smoothly

In a world where technology is always changing, adapting and getting smarter every day,  tech company executives need to do the same. From the growing skills gap, constant changes, increased global competitiveness, additional risk of technological failures and more, businesses need protection from outside forces or even internal hiccups that could turn costly.

Whether you own a software company, an IT consulting firm, technology hardware company, or others, it is more important than ever for leaders to cut costs and keep sights set on a profitable future. Our team at RateCraft knows these issues firsthand and can share insight into what technology leaders can do to save as much as six figures by looking at their business insurance. 

Business insurance is a must for all companies, and feels especially critical for technology companies to protect your intellectual and physical property, workforce and more. Technology errors and omissions insurance is an essential insurance policy, for these exact reasons. It is all about defending you and your company if a service or product doesn’t perform the way it’s supposed to. Covering common issues like software malfunctions and hardware issues, as well as financial losses that result from these issues, this specific policy gives peace of mind for customers and executives alike.

Commercial insurance doesn’t need to be costly to work for you

High costs of insurance doesn’t mean you have the best or right insurance. It’s the policy language and benefits that you receive that result in the biggest impact, not to mention the smarts and negotiating skills to get you the right policies at the right price. 

Most technology leaders don’t realize that business insurance policies can be holding valuable cash hostage. With increased risks, cybersecurity breaches, liability concerns, ever-changing health insurance needs and more, there has never been a bigger need to negotiate insurance rates to help your organization save money and invest in other areas of the business that support long-term success. 

The most important part is choosing policies that are tailored for your business and its needs. A great example, especially for tech companies on the rise, is to make sure your policy covers executive team members assets with directors and officers (D&O) insurance. When creating a technology-focused business, most capital, software and physical devices are brought in directly from high-up executives to decrease initial spending. If the company receives any lawsuits, allegations or has any settlements, those assets are the first to be at risk. With this policy, those are protected immediately.

Tech companies can reduce cost of insurance without jumping through hoops

Your business insurance policy shouldn’t be impossible to decipher. The sad truth is that underwriting is formatted that way for a reason, as insurance agents don’t want to be completely transparent about the process or how they work behind the scenes. You’re most likely unaware that your agent is not paid based on how hard they worked to give you the best deal. Instead, insurance agents receive more in their own pocket as your premiums increase. Additionally, agents receive incentives directly from carriers, discouraging agents from doing the work they need to across carriers to get you the best rates possible.

It’s possible to receive the best possible business insurance, tailored to your needs

Start the process by making sure your agent is reviewing multiple quote options from different carriers. If you aren’t satisfied, and many won’t be, ask as many questions as you can. Don’t take “no” for an answer and pull in additional support if you need to

As an unbiased third-party business advocate, RateCraft knows the industry, works with ALL carriers without ever taking kickbacks and does the work to get you the best savings with the right policies. Not only can we do this in less than two hours of your time, our team only gets paid based on how much money we save you. We’re in the business of leveling this uneven playing field by negotiating on your behalf. And it’s proven to work – our average savings per business is 35%, and we’ve even saved clients as much as 74% on business insurance costs.

Is Your Tech Company Truly Covered? Make Sure You’ve Considered the Following Policies:
  • Directors and Officers (D&O) Insurance
  • Technology Errors & Omissions (E&O) Insurance
  • Cyber Liability Insurance
  • Health Insurance
  • Employment Practices Liability Insurance (EPLI)
  • Commercial general liability insurance
  • Commercial property insurance
  • Business interruption coverage
  • Professional liability insurance
  • Workers’ compensation insurance

To learn more about how technology companies can save significant money on existing insurance policies and better protect cash flow, contact us here.