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Technology has infiltrated virtually every aspect of our lives, so it’s no wonder tech companies are booming. For entrepreneurs this a great opportunity to start a business, however, it can be tough breaking into a competitive market, not to mention it’s also risky.
Starting any business comes with challenges, but working specifically in tech means dealing with cyber liability. Today, businesses of every size are increasingly the target of cybercriminals looking to steal valuable personal information. This is where commercial insurance comes in.
As an individual or micro-entrepreneur, you may believe that just because it is you doing the work you don’t need insurance. This could not be further from the truth. Regardless of whether you have 100 employees or it is just you, the risks that companies face when it comes to lawsuits and claims are the same. Maybe the chance is a little less as an individual entrepreneur but the same risks are still present. An individual entrepreneur needs to have insurance protection for a vast array of problems that could arise.
Some other things to think about are if you use your vehicle to get from job site to job site you will need to have insurance for that, and if you have any special equipment you use, you will certainly want to ensure that as well.
Being an individual entrepreneur in the tech industry you probably understand already the need for Cyber Liability insurance. When hackers appear, viruses attack our computers, or a data breach happens then there needs to be a way to remedy it and Cyber Liability insurance can take care of it. For tech companies, it is even more important because you are dealing with your customer's technology and if you cause the breach, or you miss something that causes it, guess who is on the hook for damages? That’s right, you.
It is important to note that often you can find Cyber Liability on the same policy as Errors & Omissions insurance. The policy will cover you for your errors and omissions that you might make during your business, while also providing a limit for Cyber Liability. Some tech company policies will have Cyber Liability as a sub-limit of the E&O coverage amount while others will have its own separate limit. Make sure you know which one applies to your policy to ensure you have enough protection. While you are probably confident that you will never need it, you are human and mistakes can happen.
While health insurance coverage is a must for everyone and highly recommended, it is not all the insurance you will need as an entrepreneur. Health insurance, while critical if you become ill or have an accident, only covers you as the individual. It does not cover any business-related claims that might occur. Here are some other important insurance policies that every individual entrepreneur should consider.
While health insurance coverage is a must for everyone and highly recommended, it is not all the insurance you will need as an entrepreneur. Health insurance, while critical if you become ill or have an accident, only covers you as the individual. It does not cover any business-related claims that might occur. Here are some other important insurance policies that every individual entrepreneur should consider.
Cybersecurity is a real threat to any business that uses technology. Because you are an individual entrepreneur in the tech space, it is a good thing for you to know how to best improve cybersecurity not only for your business but for your clients’ businesses too. Here are a few tips.
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