Every company should carry professional business insurance. Even small companies should have insurance to protect their interests. Tech startup insurance in Texas is essential when you are opening a new professional company. As a technical company, you face particular types of risks that you need to be protected against. Insurance will give you peace of mind so that your new company won’t be in financial harm if a claim against your company is filed.
Tech Startup Insurance in Texas
Tech startup insurance in Texas may consist of a variety of types of coverage. One of the most important types of insurance is commonly called errors and omissions insurance. This is a type of professional insurance that is designed for personal services such as technical companies.
It is important to have tech startup insurance in Texas to cover any mistakes or problems that could cause a client to lose money. For example, if you create a website design for a company and there is a glitch that causes the site to malfunction, the company could sue you for their lost business.
They may want compensation for the potential income that they lost because they were unable to do business for a period of time. This type of insurance is called loss of business income insurance. In addition to insurance protection, you should also make sure that you have the necessary contracts in place that will prevent clients from being able to file these types of claims.
In addition, you need to protect yourself against claims of copyright infringement. Any software you develop cannot infringe upon any other rights already in place. If a company claims that your design infringed upon their copyright you will need insurance in place to help fight the charges.
In addition to professional insurance coverage, you will also need to have liability insurance in place. Even if you won’t have customers coming into your location, you may still have unexpected accidents that could be financially harmful. For example, you should have coverage in place that will protect your equipment and premises.
A general liability policy will cover a variety of situations. For instance, if a computer technician accidently damages a computer the insurance policy may provide compensation to cover repairs. There may be other instances in which the policy allows you to get equipment repaired or replaced so you won’t lose business.
It is best to discuss your specific business insurance needs with a professional agent. Our team of experienced professionals will assist you in choosing the type of policy that will best suit your needs. The cost of the policy will depend on the type and amount of coverage that is provided. In general, it is usually best to choose a policy with as much coverage as you can afford. If you encounter a situation where the damages exceed the policy coverage you may end up having to pay for some of the expenses out of pocket. Contact us today to learn more about insurance policies and to select an insurance policy for your new company.