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Protect Your Illinois Technology Company With The Right Commercial Insurance From The Allen Thomas Group Insurance Agency
An experienced insurance company plays a crucial role in safeguarding technology based businesses in Illinois.
At The Allen Thomas Group, we provide tailored insurance solutions for technology companies throughout Illinois.
We serve IL startups, small businesses, enterprises, corporations, and LLCs seeking comprehensive coverage.
Our 20+ years of experience in the Illinois business sector equips us to craft policies that safeguard your innovative ventures.
Here we will discover the essential small business insurance types you need for you tech company, common sense risk management strategies, and how we build customize coverage for your specific needs.
With our dedicated Illinois commercial insurance agents on your side, you’ll learn how our policies shield small business owners from the unique risks facing Illinois tech firms.
Need a quote now?
Get a quote today to insure in Illinois and protect your technology business.
Table of Contents
Essential Types of Commercial Insurance Coverage for Technology Companies
Illinois tech insurance often combines general liability insurance with specialized coverages like cyber liability and data breach insurance to provide comprehensive protection for technology businesses.
We offer different types of small business insurance policies to protect your technology business, lets uncover some of those now.
Cyber liability insurance protects your company from losses due to data breaches, hacking, and other cyber incidents.
This coverage is crucial for tech companies handling sensitive data or operating in the cloud. It can include first-party coverage for your own losses and third-party coverage for claims made against you.
Cyber policies often include coverage for ransomware attacks, social engineering fraud, and business email compromise.
They may also provide access to cybersecurity experts and incident response teams to help mitigate damage and restore operations quickly.
What if a hacker infiltrates your system and steals customer data?
Our cyber liability policy covers:
- Notification costs
- Credit monitoring for affected individuals
- Legal fees
- Regulatory fines
- Public relations expenses
- Forensic investigation costs
- Data restoration expenses
- Business interruption losses due to network downtime
Commercial general liability insurance in Illinois provides broad protection against common business risks, including bodily injury, property damage, and personal and advertising injury claims.
For tech companies, business liability can cover incidents like a client slipping and falling in your office or property damage caused by your employees while visiting a client’s site.
It also protects against claims of copyright infringement in your advertising materials. While not tech-specific, general liability is often required for leases and contracts.
Professional liability insurance, also known as errors and omissions insurance, protects against claims of negligence or failure to perform professional services. For tech companies, this can include software bugs, system failures, or missed deadlines that cause financial losses for clients.
It’s particularly important for companies providing IT consulting, software development, or technology implementation services.
Professional liability insurance can also cover breach of contract claims and intellectual property infringement allegations arising from your professional services.
What if a client sues you for a software bug that caused financial losses?
Our E&O policy covers:
- Legal defense costs
- Settlements or judgments
- Reputational damage control
- Costs of fixing or replacing faulty work
- Temporary staff to complete projects during litigation
- Subpoena response costs
- Disciplinary proceeding defense costs
- Loss of future earnings due to reputational damage
Business interruption insurance helps replace lost income and cover ongoing expenses if your tech company is forced to shut down due to a covered event, such as a fire or natural disaster.
For tech companies, this can be crucial during system outages or after cyber attacks. Some policies now offer contingent business interruption coverage, which protects you if a key supplier or customer experiences a disruption that affects your business.
Employment practices liability insurance (EPLI) protects against claims of wrongful termination, discrimination, harassment, and other employment-related issues. In the competitive tech industry, where talent acquisition and retention are crucial, EPLI can be particularly important.
It can cover both current and prospective employees and may include coverage for third-party claims, such as a client alleging discrimination by one of your employees.
Property and casualty insurance is a common type of coverage for Illinois businesses in the tech industry, protecting their physical assets and liability.
Business property insurance can help protect your physical assets, including office space, equipment, and inventory and cover property damage claims.
For tech companies, this can include specialized coverage for high-value electronics and custom-built hardware. It can also cover business personal property, such as furniture and supplies.
Many property policies now include limited coverage for electronic data loss, though comprehensive coverage may require a separate cyber policy.
Illinois requires businesses to carry workers’ compensation insurance to protect employees from work-related injuries or illnesses. In fact, every business with employees should carry workers’ comp to provide medical benefits to employees injured during work.
All Illinois businesses that have employees will benefit from small business insurance for workers.
Workers’ comp insurance is a mandatory insurance you need to provide medical benefits, lost wages, and rehabilitation services.
Tech companies, often dealing with physically demanding tasks or unique work environments, should ensure adequate workers’ compensation in Illinois to comply with state regulations and safeguard their workforce.
Commercial auto for small business in Illinois provides coverage for vehicles used for business purposes.
This technology insurance policy protects against accidents, property damage, and liability claims.
Policies can be customized to meet the specific needs of tech companies, including coverage for delivery vehicles, company cars, and employee-owned vehicles used for business purposes.
Illinois small businesses often require hired and non-owned auto insurance to cover vehicles used by part-time employees for company business.
Equipment breakdown insurance covers the cost of repairing or replacing vital technology equipment.
This coverage is crucial for tech companies relying on specialized hardware, servers, or manufacturing equipment. It goes beyond standard property insurance by covering losses due to mechanical or electrical breakdowns, not just external events like fires or storms.
Equipment breakdown insurance can also cover the cost of expediting repairs or replacements to minimize downtime.
What if your server room’s cooling system fails, causing hardware damage? Our equipment breakdown policy covers:
- Repair or replacement costs
- Business interruption losses
- Data restoration expenses
- Expediting expenses for quick repairs
- Spoilage of temperature-sensitive materials
- Costs of temporary equipment rental
- Extra expenses to continue operations
- Required equipment upgrades to meet codes
Business Owner’s Policy (BOP) for Illinois tech businesses provides comprehensive coverage for general liability, property, and business interruption.
It’s a tailored insurance solution designed to protect tech companies from common risks like data breaches, cyberattacks, and equipment damage.
BOP can also cover professional liability, employment practices liability, and other potential exposures specific to tech businesses.
Directors and officers (D&O) insurance protects the personal assets of company leaders if they’re sued for alleged wrongful acts in managing the company.
For tech startups and growth-stage companies, D&O insurance can be crucial for attracting investors and top talent to serve on the board.
This type of right insurance coverage can cover claims related to misuse of company funds, breach of fiduciary duty, failure to comply with workplace laws, and misrepresentation in a prospectus.
Intellectual Property Insurance
Intellectual property insurance provides coverage for business and protect your patents, trademarks, and copyrights from infringement claims.
For many small businesses, IP is often their most valuable asset, making this coverage crucial. IP insurance can include both offensive and defensive coverage.
Offensive coverage helps you enforce your IP rights against infringers, while defensive coverage protects you if you’re accused of infringing someone else’s IP.
Some policies also cover trade secret theft and cyber espionage targeting your IP.
What if a competitor accuses you of patent infringement?
Our IP insurance covers:
- Settlements or judgments
- Legal defense costs
- Loss of profit due to injunctions
- Costs of redesigning products to avoid infringement
- Licensing fees for using others’ IP
- Damages awarded in IP lawsuits
- Appeals of adverse judgments
- Costs of invalidity searches and opinions
Understanding Tech Company Risks in Illinois
Tech companies in Illinois face distinct challenges. The rapid pace of innovation creates new vulnerabilities daily.
Data breaches pose a significant threat to Illinois tech firms. In 2023, the average cost of a data breach in the United States reached $9.44 million. Small businesses are not immune—60% of small companies go out of business within six months of a cyber attack.
Intellectual property theft can devastate a tech company. The Commission on the Theft of American Intellectual Property estimates annual losses from IP theft at $225 billion to $600 billion.
Equipment failures disrupt operations. A 2022 study found that unplanned downtime costs businesses an average of $260,000 per hour.
That’s why tech businesses in Illinois need the right coverage to help protect your business with most appropriate insurance products.
Emerging Risks in the Tech Industry
As technology evolves, so do the risks facing tech companies.
We stay ahead of emerging threats to ensure your coverage remains relevant:
- Quantum computing risks: As quantum computers become more powerful, they may pose new threats to encryption and data security.
- AI liability: The increasing use of AI in decision-making processes raises new questions about liability and ethics.
- 5G and IoT vulnerabilities: The proliferation of connected devices creates new attack vectors for cybercriminals.
- Biotechnology risks: As tech companies enter the biotech space, they face new regulatory and liability challenges.
- Space technology risks: With the commercialization of space, tech companies involved in satellite and space tech face unique insurance needs.
We continually update our policies to address these emerging risks, ensuring your tech company remains protected in a rapidly changing landscape.
The Allen Thomas Group is well-known for providing competitive pricing for comprehensive coverage you need as well as proactive risk management advice.
What if you’re unsure about your insurance needs?
Our team provides free consultations to assess your risks and recommend appropriate coverage while adhering to Illinois regulatory bodies.
Navigating Illinois Tech Insurance Regulations
We help you comply with Illinois insurance regulations and industry standards:
- Illinois Data Protection Act compliance
- Cybersecurity insurance requirements
- Industry-specific regulatory guidance
- GDPR compliance for companies with EU customers
- CCPA compliance for companies serving California residents
- HIPAA compliance for health tech companies
- PCI DSS compliance for companies handling payment data
What if new regulations affect your insurance needs?
We stay current on legislative changes and update your coverage accordingly to help cover you against new and potential threats.
Customizing Your Small Business Insurance in Illinois Package
Our licensed insurance group tailors commercial insurance packages to fit your specific needs.
We aren’t just insurance providers but your business partners, who are dedicated to your success and safety. This reflects in our processes:
- Risk Assessment: We evaluate your company’s unique risk profile.
- Coverage Analysis: We identify gaps in your current insurance.
- Policy Customization: We create a bespoke insurance package.
- Regular Reviews: We update your coverage as your business grows.
What if your startup pivots to a new technology?
We’ll adjust your Illinois business insurance coverage to protect your new direction.
Tailored Technology Insurance Solutions Built For Your Illinois Company
We know how frustrating and complex the process of finding the right commercial insurance can be and how it slows down your ability to take care of your customers.
Let us help design a policy that works for you.
Tell us about your specific needs and we will find the right policy for you.
Review the results of our search.
We will walk you through your new policy step by step.
We’ve helped thousands of Companies Just Like You
Our Commercial Insurance Carrier Partners
That allows us to find the best rates for your technology company.
Start A Business Insurance Quote Online For Your Illinois Tech Firm From The Allen Thomas Group
Illinois is home to a thriving tech ecosystem.
We understand business insurance requirements of tech companies.
With years of industry experience, our independent insurance agency enjoys strong relationships with top insurance carriers and provides clients with a premium insurance platform to secure your business.
Don’t let insurance gaps put your tech company at risk.
Contact The Allen Thomas Group today for a Free Insurance Quote and secure the protection your innovative business deserves.
Call us at (440) 826-3676 or click on the button below to begin.
Get More Insights On Making The Right Insurance Decision For Your Tech Company
Do you need umbrella insurance for tech company in Illinois?
Umbrella insurance can provide additional coverage for Illinois tech businesses beyond their property and casualty insurance policies, especially for business use of vehicles.
How much does technology company insurance cost in Illinois?
Technology company insurance costs in Illinois vary based on several factors, including policy type and coverage limits. On average, tech businesses pay approximately $67 per month for technology errors and omissions (E&O) insurance, which combines professional liability and cyber insurance, with annual costs around $807. Additionally, general liability insurance averages $30 per month, while workers’ compensation costs about $34 per month.
Q: What small business insurance in Illinois does a software development company need?
A software development company in Illinois typically needs the following small business insurance:
- Technology errors and omissions (E&O) insurance
- Cyber
- General liability policy
- Workers’ compensation insurance
- Commercial auto insurance
What insurance do I need if my tech company has remote workers?
If your tech company has remote workers, you need the following:
- Workers’ compensation
- Cyber insurance
- Commercial property insurance
Our Commercial Insurance Agents Craft Policies To Protect The Following Technology Companies in Illinois
- Computer security & cyber companies
- Data management companies
- Information technology consulting companies
- Nanotechnology
companies - Robotics companies
- Systems integration specialist companies
- Software development companies
- Tech startups
- Web design companies
- Web development companies
Locations In Illinois We Serve Tech Company Entrepreneurs
Addison
Algonquin
Alsip
Alton
Arlington Heights
Aurora
Avon
Bartlett
Batavia
Belleville
Bellwood
Belvidere
Bensenville
Benton
Berwyn
Blackberry
Bloom
Bloomingdale
Bloomington
Bloomington City
Blue Island
Bolingbrook
Bourbonnais
Bradley
Bremen
Bridgeview
Bristol
Brookfield
Buffalo Grove
Burbank
Calumet
Calumet City
Campton
Capital
Carbondale
Carol Stream
Carpentersville
Cary
Champaign
Champaign City
Charleston
Chicago
Chicago Heights
Cicero
Collinsville
Crest Hill
Crystal Lake
Cuba
Cunningham
Danville
Darien
Decatur
Deerfield
DeKalb
Des Plaines
Dixon
Dolton
Dorr
Downers Grove
Dundee
Du Page
East Moline
East Peoria
East St. Louis
Edwardsville
Ela
Elgin
Elk Grove
Elk Grove Village
Elmhurst
Elmwood Park
Evanston
Evergreen Park
Fairview Heights
Frankfort
Franklin Park
Freeport
Fremont
Galesburg
Galesburg City
Geneva
Glendale Heights
Glen Ellyn
Glenview
Godfrey
Grafton
Granite City
Grant
Grayslake
Groveland
Gurnee
Hanover
Hanover Park
Harlem
Harvey
Hickory Point
Highland Park
Hinsdale
Hoffman Estates
Homer
Homer Glen
Homewood
Huntley
Jacksonville
Joliet
Kankakee
La Grange
Lake Forest
Lake in the Hills
Lake Zurich
Lansing
Lemont
Leyden
Libertyville
Limestone
Lisle
Lockport
Lombard
Loves Park
Machesney Park
Macomb
Macomb City
Maine
Marion
Matteson
Mattoon
Maywood
McHenry
Melrose Park
Milton
Mokena
Moline
Montgomery
Moraine
Morton
Morton Grove
Mount Prospect
Mundelein
Naperville
New Lenox
New Trier
Niles
Normal
North Aurora
Northbrook
North Chicago
Norwood Park
Nunda
Oak Forest
Oak Lawn
Oak Park
O’Fallon
Orland
Orland Park
Oswego
Ottawa
Palatine
Palos
Palos Hills
Park Forest
Park Ridge
Pekin
Peoria
Peoria City
Plainfield
Prospect Heights
Proviso
Quincy
Rich
Rockford
Rock Island
Rolling Meadows
Romeoville
Roselle
Round Lake
Round Lake Beach
Rutland
Schaumburg
Shields
Shorewood
Skokie
South Elgin
South Holland
South Moline
South Rock Island
Springfield
St. Charles
St. Clair
Streamwood
Sycamore
Tinley Park
Troy
Urbana
Vernon
Vernon Hills
Villa Park
Warren
Washington
Waukegan
Westchester
West Chicago
West Deerfield
Westmont
Wheatland
Wheaton
Wheeling
Wilmette
Woodridge
Woodstock
York
Yorkville
Zion
