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In today’s digital age, Computer business insurance is vital.It protects companies from risks like cyberattacks, data breaches, and equipment failures. Cybercrime costs are projected to reach $13.8 trillion annually by 2028.
In light of this data, this article explores computer business insurance ,its cost and the various policies available and the best companies offering this policy.
Computer shop insurance pertains to an insurance program whose terms absolutely relate to the risks that computer businesses face. It helps the policyholder reverse the financial drawbacks of lawsuits, damage to stocks, business interruption, crime, and business property damage.
The first risk most computer businesses think about are personal injury lawsuits customers might file against them. Facing a personal injury lawsuit and losing one’s defense can be very taxing as it might result in million dollar payments.
Personal injuries happening to computer shops in the United States isn’t rare. It’s estimated that 9,300 people suffer from computer related injuries.
General liability coverage in computer shop insurance pays for the cost of personal injury settlement as well as the policyholder’s attorney fees. Even a basic general liability coverage is already helpful because the policy holder can claim $500,000 up to $2 million upon asking the carrier for help.
Aside from personal injuries they may cause, computer shops also worry about the repercussion of selling a defective product to a customer. This is especially true for those that specialize in selling desktops, computer parts, and other related accessories.
Computer parts such as solid states drives, hard drives, central processing units, motherboards, AIO coolers, power supplies, graphic cards, and random access memories can cause significant damages if defective such as:
Injuries arising from product defects are costly. If the aggrieved person brings things to court, a computer shop business might have to pay $45,282 up to $68,431 in settlement.
Computers are not only dangerous to customers. Employees repairing or assembling them also face risks.
Most employees who work with computers agree that electrocution is an accident they experience from time to time.
Employees might need money for treatment and to recuperate any work-related injuries.
Computer shop employees can request their employers to pay for the cost of treatment as well the cost of lost days at work. Employers can use their own money. However, it’s better to sort things out with workers comp coverage.
Cyber liability insurance is another policy under your computer shop insurance. As a computer shop or business owner, it is important to note that your assets are more than your hardware and employees.
It would help if you also protected the software of your computer business. This is why it is essential to get a cyber liability insurance for computer business.
It protects your business against cybercrimes, such as fraud or viruses on your computer. With cyber liability insurance, you have legal and financial protection against such cases.
If you use vehicles in your computer business operations, you need a commercial auto insurance policy. You could be using vehicles to deliver packages for your clients or pick up new items for your computer store daily.
While vehicles are efficient, they come with risks. For instance, your company vehicle could get involved in an accident and cause severe injuries to the victim. In that case, commercial auto insurance will help cover the costs.
Business stocks and content is the policy that answers for any loss and damage resulting from theft. This can reimburse the policyholder a fraction or the full amount of the total projected value of stocks stolen.
Additionally, business stocks and contents insurance will also pay for the personal tools or equipment of computer shop employees such as volt meters, soldering rods, etc. Thus, it ascertains the policyholder won’t have to invest money so that employees remain efficient with their tasks.
Computer shops should be very vigilant about this. A good way to practice vigilance is to get computer shop insurance with goods in transit coverage.
Goods in transit coverage will reimburse the policyholder a percentage or full amount of the total value of stolen or damaged goods while on the way to customers, warehouse, or branch store.
This policy not only works for products delivered by a freighter or truck but also delivered by a ship. In case of delivery through ships, goods in transit will help policyholders make payment if the shipping carrier declares a general average.
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Independent professionals who assemble, program, and repair computers can decide to get coverages in computer technician insurance. Computer technician policies commonly offer general liability, fidelity bonds, equipment breakdown, and commercial auto coverages.
Fidelity bonds coverage in computer technician insurance will provide money if a client accuses the computer technician of theft or any other form of dishonestly such as:
Here are some reviews of the best insurance companies for computer shops and technicians. Read to know their pros, cons, and pricing for a $1 million general liability coverage.
The Hartford offers protection to computer shops with its business insurance for electronic companies. Coverage of its insurance policy are general liability, commercial property, and business interruption.
There are optional coverages such as OPUS coverage works the same way as business interruption but faster, data breach coverage, computer and electronic equipment coverage, and transit insurance coverage.
BBB and AM Best rates The Hartford with A+.
Average cost: $35 per month
Our rating : 10/10
While Next doesn’t insure computer shops, its computer technician insurance is worth the try. Next’s insurance for computer technicians comes as a business owners policy that allows the customer to enjoy a 5% discount on their premiums.
General liability and commercial property coverages compose the BOP. NEXT is accredited by BBB, has an A+ rating.
Average cost: $40 per month
Our rating : 10/10
Progressive offers computer business insurance with its Technology and IT services program, which protects computer manufacturers and retailers. Coverages are professional liability and professional indemnity. Optional policies are workers comp and commercial auto.
Average cost: $60 per month
Our rating : 8/10
If not Next, then computer technicians can go to Thimble for insurance . Thimble helps protect technicians from risks with its professional services insurance, which provides coverage to all independent licensed professionals. Coverages Thimble gives are general liability, professional liability, equipment, and commercial auto.
Average cost: $110.53 per month
Our rating : 8/10
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
9.4 / 10
Fastest ever online insurance quote and purchase! Also, great rates and professional customer reps that helps with whatever you need, if you need. Nice company!
2.8 / 10
Embroker sells a product that it doesn't honor. We purchased a combination D&O and EPLI policy. However, when it came to renewal, it told us that we only had D&O coverage even through our ACCORD certificate clearly mentions we have both. Basically they refused to honor the EPLI coverage and will leave you hanging with the bag. At time of renewal, they more than doubled our quote to get similar coverage. Basically BAIT & SWITCH. Unacceptable tactics. Easy to buy and pay but you may not be... Read More
2.8 / 10
Great platform. Terrible policy. There is no teeth behind it. No coverage. It's a fake policy that they sell. Sold us an EPLI policy that later we came to find out had no EPLI coverage. Amazing that they can get away with outright fraud. Check the positive reviews. They are all 'Anonymous' posted by Emroker staff. Stay away and find a real policy that will actually provide you coverage. We've been bitten by them and hope to find restitution via a lawsuit.
Paul Burns Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
It has been 70 days since I made a claim on the roof of my building. No one from the company will return calls. We are in hurricane season and located in Louisiana. My building is tarped to secure it.
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
They are the worst, my truck was hit in January 23 and the claim adjuster has not been out to this very day! They have every excuse in the book as to why. They have not been to the collision shop. PLEASE AVOID THESE SCAM ARTIST!
Felicia Broadus Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Avoid these SCAM ARTISTS! They don’t pay claims!!! Save yourself the trouble and money!
Kasey Arey Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
This company gives you a price that was in place for a year and when you have to use it there is fine print were they can go back and charge you more. Would not recommend them to any one. Crooks
John Murphy Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Worst insurance comapny I have ever dealt with. A commercial vehicle represented by GUARD t boned my wife and daughters family vehicle in the middle of the day. Driver was cited and insurance claim insued. Fast forward 4 months and refusal of full amount of claim is still happening. Driver was found guilty, repairs started on my vehicle and when it comes to the final bill and diminished value we cannot get any help. I am out a family car, have an injured and traumatized wife and children,... Read More
Harshadray Patel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Extremely bad service, when you call , will make you wait on the phone for ever (over an Hour) and still no one to answer , so you end up hanging up. To cancel the policy, bounce you from one department to the other. They are supposed to refund from the date other insurance started and after sending the proof of other insurance policy, still they did not refund based on that actual date instead they use the date i managed to get hold of them. They charged me $7000.00 for a year's insurance on... Read More
Aaron Wensel Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
Guard Insurance is terrible. They were so bad I cancelled them because them couldn't figure out why I would never get a paper copy of the bill . Verified my address with them and still intermittent billing. I cancelled them in March through my local broker. Today 6/27 I get a letter in the mail from a collections company saying I owe 87.97. This was the first myself or my broker heard of owing this money. Here is some advice for this failure of a company send me a god damn bill and I will pay.... Read More
Michael Swink Insuranker
Policy Type: Business Insurance
Company name: Berkshire Hathaway GUARD Insurance Companies
0 / 10
My employer had to have workers compensation by law. He obtained a policy through this Berkshire Hathaway GUARD and they failed me. I fell from a ladder and fractured my spine in 7 different places, my clavicle in 4 places, and the base of my skull. Going to my Dr visits I was prescribed medication for pain and the insurance company placed a pre-authorization hold on me picking up the medication from Walgreens. The hold lasted 5 days! My weekly benefits have never been on time, right now... Read More
10 / 10
Liberty Mutual is one of the more simple companies to deal with. I had to file a claim for my business owner policy after I caught one of my employees stealing a large amount of products from my business. Liberty mutual paid the claim fast and with no efforts. I wish the legal process was as easy…
10 / 10
For me this company has proven to be the best to do business with and worth my hard earned money. Contractors this is your company look no further.
7.7 / 10
Decent experience with Hiscox business insurance
9.4 / 10
Very pleased with Hiscox - their small business insurance rates are very good and they specialize in small business which gives me a peace of mind as a small business owner. So far so good!
10 / 10
Their customer service is absolutely fantastic. Very patient, knowledgable and provided excellent explanation of the purchased policy. I would highly recommend this insurance company to anyone that's looking to protect their business from unexpected expense. Thank you Hiscox for doing a great job for my business!
0.6 / 10
STAY AWAY! I wouldn't recommend hiscox small business liability insurance to anyone. Better not waste both your money and your time. Hiscox customer service is extremely unpleasant, not organized and not professional. It is the worst company we have dealt with in almost 25 years in business!
10 / 10
Good company. Good and knowledgable customer service. If they don't know something they will pass you on to a more experienced rep that is more knowledgable. So far so good.
10 / 10
Extremely fast and simple. Wasted a lot of time and money until I found these guys! I feel like my business is in good hands now.
10 / 10
Hiscox's the best! My business is insured with them for over 12 years and am not planning to switch!
10 / 10
Excellent experience with Hiscox BOP for my coffee shop. They provided all it needed.
10 / 10
My HI barbershop is well covered with their great BOP product for 5 years already! not planning to switch!
10 / 10
Best insurance ever
10 / 10
Coolest concept, I wish this was applied to other insurance products too.
10 / 10
Great experience
6 / 10
Didn't relate to the concept much, but it makes sense if you need insurance to go
0 / 10
It doesn't really feel sustainable to me and doesn't offer business interruption, product liability and commercial property insurance. They have no local agents and despite their technology first approach you cannot file claims online. Additionally, product manufacturers are not covered by Thimble and they don't provide enterprise solutions.
10 / 10
As a contractor that works 3 times a week for a few hours, Thimble gets really handy for me and saves me money. I have no use for these massive business insurance coverages offered by traditional insurance companies.
10 / 10
Excellent concept which is useful to many small businesses!
10 / 10
Been waiting for this type of solution for a long time!
10 / 10
Love their business insurance solutions for freelancers! Great app!
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