Did you know that Canadian businesses can save money by purchasing insurance? Computer repair business insurance is designed to protect your business from accidental damage done to a client’s computer. If something goes wrong with the customer’s computer, there could be major repercussions. Your computer repair shop might be sued. You can use the Internet to obtain multiple quotes from insurance companies across Canada. Below, you’re going to learn more about computer repair business insurance and the protection it offers.
What Insurance Does Your Computer Repair Company Need?
Running a computer repair company means that you face a lot of risks. By getting insurance, you’ll be able to protect your business from the most common risks associated with computer repair. You’ll find that certain IT liability insurance coverages is more important than others. Below, you’ll find out about the insurance that your Canadian computer repair business needs.
Errors And Omissions
Getting E&O insurance is pertinent. This insurance is going to protect your company from lawsuits associated with your work. If a client sues your company because you cannot fix the work before the deadline, E&O insurance will help. It works exceptionally well at protecting your business from missed deadlines, failure to deliver, and errors and oversights. All Canadian businesses need errors and omissions insurance and your business is no different.
Cyber Liability Insurance
You’re running a business so you’re going to be collecting a lot of names, addresses, and phone numbers. This information will likely be stored in a computer database online. With that being said, you need to make sure that your database is secure. Otherwise, you’re going to be criticized for letting your customers’ information get stolen. To protect your company, you should have cyber liability insurance. With cyber liability insurance, your company will be protected if you experience a data breach and subsequent lawsuit. Furthermore, it can help cover client notification expenses and fraud monitoring costs.
While you go above and beyond to hire trustworthy workers, you never know what they’re going to do. You may be concerned that your workers are going to do something dirty and illegal. If this happens, your company might get into trouble. This is why you’ll want fidelity bonds. These bonds are going to protect your Canadian company if an employee unlawfully accesses data or illegally transfers funds. If you’re dealing with employee theft or fraud, you’ll want to use fidelity bonds to protect your company.
All Canadian businesses need general liability insurance. This insurance protects from general incidents that take place at work. For instance, an employer may experience a slip-and-fall while visiting your store. If this happens, they’re likely going to sue but general liability insurance can help. It also offers protection when a customer’s property is damaged. It can protect a business from libel and slander lawsuits too. You can likely save money on your general liability insurance policy by bundling it with your business owner’s policy.
Workers’ Compensation Insurance
You’re likely going to hire a worker or two. You cannot fix all of those computers alone. With that being said, you’ll be required to obtain workers’ compensation insurance. This insurance is a requirement and cannot be avoided. If your worker is injured at work, this insurance will cover the costs. It protects your workers by paying for employee medical expenses, legal costs, and missed wages.
Commercial Auto Insurance
Your company may help customers and businesses at their homes or places of business. So, you’ll need to drive around town. In this type of situation, you need to protect your company to the fullest. You never know when one of your workers is going to get into a vehicle accident. This is why you’ll want commercial auto insurance. It offers immense protection when you need it the most. If your computer repair van experiences an accident, this insurance will cover the costs. It also protects from vandalism, theft, and weather damage.
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance:
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
The Costs Of Technology Business Insurance
Ultimately, it is difficult to know how much you’re going to pay for technology business insurance. With that being said, you should know that several factors will play a role in determining the specific costs. For instance, the insurance company will want to know more about the services that you’re offering and your business assets. If you have more property and equipment, you’ll have to pay more. How much revenue do you make and where is your business located? How many employees work for your company? There are all things that the company is going to consider when trying to figure out how much to charge your business.
Do You Need Computer Repair Business Insurance?
A lot of business owners are worried that insurance is going to set them back. Running a business in Canada is expensive but going without insurance could be very dangerous. If you get into trouble and get sued, your company won’t be able to protect yourself. With that being said, you need insurance. You need to make sure that your company has the money needed to defend itself in the courtroom. There are various insurance products that you need including workers’ compensation insurance, commercial auto insurance, and general liability insurance.
While the costs are expensive, they’ll prove to be worth it in the long run. With this insurance, you can serve your customers fully without having to worry about other things. So, you shouldn’t serve anyone until you’ve protected your business with insurance!
Need coverage in effect? Compare the market!
Helpful resources for IT professionals and their companies
- Why do I need IT insurance for my business?
- What types of insurance do I need for my IT business?
- Will I be legally required to get insurance to operate as an IT company?
- How do I get the cheapest rate possible as an IT business?
- As an online business, what liability insurance coverages will I need?
- How do I handle a lawsuit that is frivolous or completely fake?
- Want to cancel insurance for your IT Company? Here are reasons to consider!
- Using a change control board for tracking.
- Acceptable use policy – Every business needs it and here is how to write one!
- Want to start an IT consulting business? Awesome! Here is a small guide!
- How much insurance will I need to operate my tech company?
- I am a sole proprietor, how will business insurance work for my IT business?
- How do I choose the right legal corporate structure for my technology company?
Other types of IT Businesses we insure:
If your specializing is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of information technology related businesses.
- Telecom Cabling Installers Insurance
- Network Designer Insurance
- Cyber Security Insurance
- Business Intelligence Insurance
- Data Analysis Insurance
- Database Administration Insurance
- Web Hosting Service Insurance
- Network Security Company Insurance
- Mobile App Developers Insurance
- IT Staffing Agency Insurance
- IT Project Management Insurance
- IT Consultants Insurance
- Data Scientist Insurance
- Computer Repair Business Insurance
- Digital Marketing Agency Insurance
- SEO & SEM Consultants Insurance
- Software Developers Insurance
- Technical Writers Insurance