Business is booming for your IT consulting business. You decided to strike out on your own, and it’s paying off. After all, demand for IT professionals has never been higher.
Growth is good, but moving too fast without proper insurance can be a costly mistake. Read on to learn about the risks you face and how Kincaid can help you.
From hotel chains to credit card companies, data breaches are frequently in the news. If large corporations are struggling to keep data secure, where does that leave you?
As an IT consultant, you regularly access secure data. What happens if a data breach related to your services results in financial loss or damages for one of the companies that you work for? An independent insurance agent can help you find the right policy to protect your business.
Errors & Omissions
Mistakes can happen, even if you are meticulous in your work. Clients rely on you to help them navigate technical challenges and streamline operations. Of course, you can only work with the information you are given, but if your advice is incorrect for the situation at hand it can cause lasting damage to your business reputation. If your client feels that your work was done incorrectly or didn’t meet company standards, your IT consulting business could be liable for damages.
Has a client ever asked you to do work that is outside your area of expertise? Doing so could also put your business at risk, especially if there is a good chance of error. Protect yourself by having a list of reputable professionals to recommend, or offer to help your client search for an expert if needed.
You should always use your own standard client contract, double check your work, and communicate with the client to ensure that your work is meeting expectations. There are also insurance policies that can help you protect the business you’ve worked so hard for.
Client Agreement Woes
Many companies will ask to put a non-compete agreement in place when they begin working with you. You will also likely need to maintain a degree of confidentiality about your work. What happens if one of your clients begins competing with another client in your area of expertise? How do you handle it if you accidentally disclose something that was meant to be confidential?
How Kincaid Can Help
Wondering how to best protect your IT consulting business? The independent insurance agents here at Kincaid are here to assist you. We’ve been providing insurance solutions for businesses for over twenty years.
You’ll find our office in Rockport, Indiana, just minutes from Evansville. Get answers to your business insurance questions by calling us toll free at 1-877-888-5506.Request a Free Quote