Iowa Internet Business Insurance Policy Information
Iowa Internet Business Insurance. Conducting business on the internet can be very lucrative, but many people go into internet businesses with the false notion that they don't need the same standard insurance coverage that traditional brick-and-mortar businesses require. The truth is that although the internet has changed the way that we do business, protecting an internet business is as essential as protecting a traditional business.
The internet has revolutionized the way we do business; prior to the advent of the internet, businesses needed a physical location to conduct business. Today's businesses often begin with simply an idea about how to make money, a good business plan, and a web presence. Customers now shop, bank and perform other simple errands on the internet, and they are turning to the internet to help them do product research as an alternative to shopping around. Around 40 percent of smartphone owners in the United States compare prices on products they need while they are shopping.
Iowa internet business insurance protects your online business from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
While owning an internet-based business cuts your overhead, there are still inherent risks for IT companies and their owners. A large portion of them face consolidation and competition, many of them fail to market and develop new products, and a big number of them face intellectual property infringement.
Operation of an IA IT business or any internet-related business puts you at specific risks that may not be an issue in a regular brick-and-mortar location. You probably handle digital assets, social media and email, but you may also be privy to sensitive data belonging to other people and companies. Even if you are operating a web-based business, the laws that apply to trademarks, slander, libel and copyright still apply. This is why you should have Iowa internet business insurance.
Business Insurance for IT Companies
Some insurance companies hesitate to provide internet companies with Iowa internet business insurance due to the liability issues that exist for these businesses. Bear in mind that even a standard business insurance policy is unlike to prove the protection that you will need if your business is ever faced with an accusation of copyright infringement, data loss or breach of data. Only Iowa internet business insurance can afford this protection. Liability insurance for IA technology companies protects against several perils, including:
- Industrial espionage
- Hacking and liability and cyberspace
- Computer viruses
- Data loss
- Data breaches
- Denial of service or DOS attacks
Many insurance companies face a lack of reliable information about the risks that IA web-based companies face. New developments are continually evolving that provide benefits to internet-based business and tech companies, and these developments often put these types of businesses at enhanced risk and add to their costs. Insurance companies typically have no real way to calculate the true potential costs of cyber perils, so they write Iowa internet business insurance policies for companies with their own interests in mind.
IT Liability Insurance Advantages
Determining your exact risks as the owner of an IT company, tech business or internet-based business can be hard. Launching a business online, whether from an office or your home, involves a number of perils that you would go beyond the norm. For instance, if you build a website, you have the same liability legally as a magazine or newspaper, although you may not treat the content of the business he same. This is why IA internet or IT business insurance is so important. Some of the scenarios in which an internet business insurance may help include:
- An employee of your business places an image that is copyrighted onto your homepage without getting the consent of the image's owner.
- A copyright has already been established for the name of your website or business.
- An employee of your online business writes remarks about the competition in a press release or online forum.
- Your site is hacked and your operations are shut down without your control, interrupting business.
- An angry employee manipulates or breaches customer payment info.
Iowa internet business insurance can give your business critical protection and reduce your exposure to financial loss from claims resulting from incidences such as these. You can reduce those risks by conducting security audits to mitigate weaknesses in your server or network. You can also establish procedures to prevent breaches from hackers by maintaining a firewall and password guidelines. Remote backup storage for your server is also a good way to stave off attacks.
Choosing Internet Business Insurance That's Right for Your Business
Although your internet business may not be at risk for many of the perils that IA brick-and-mortar locations experience, the threats are nonetheless real. Choosing a policy that looks at all the ways you can find yourself on the receiving end of litigation can ensure that you're protected. Discussing your unique business with a trusted agent can help you prepare for the unseen cyber threats that face your business and threaten its success.
Iowa Economic Data, Regulations & Limits On Business Insurance
Business-minded individuals who are thinking about starting up a new venture need to ensure that they choose a location for their operation that will allow them to achieve success. It's vital that the place you select for your organization offers a market that will respond to the products and services you offer, otherwise your efforts will be for naught.
If you are considering the state of Iowa as the home base for your business or as a new location for a branch of your company, being aware of the economic trends in the state are crucial. Furthermore, knowing what type of commercial insurance you need to carry is also vital for your success. Below, we offer a brief overview of both the economic trends for the state of IA, as well as what type of commercial insurance business owners need to carry in the state.
Economic Trends For Businesses In Iowa
The state of Iowa has experienced positive economic growth in the past few years. As of January, 2019, the unemployment rate in the state was 2.4 percent, a 0.4 decrease from the previous year, when the unemployment rate was 2.8 percent in January of 2018. Compared to the national unemployment rate, which rose to 4.0 percent in January of 2019, it's clear to see that Iowa offers promise for the workforce, as well as business owners. According to the state's Workforce Development, more residents of Iowa are working now than ever before.
While locations throughout the state offer promising opportunities for business owners, Des Moines, in particular, seems to show the most promise, as, according to economists, it's the third best city to start a business in the United States. Economists also suggest that areas surrounding the city of Des Moines also offer great potential for business development.
Several industries are seeing growth in The Hawkeye State, and are expected to continue to see growth throughout the 2019 calendar year. These industries include:
- Agriculture and food production
- Information and communication technology
- Renewable energy and fuels
- Warehousing and distribution
IA Commercial Insurance Regulations And Limits
The Iowa Insurance Division regulates insurance in the IA. As with every other state in the country, business owners in Iowa are legally required to have certain types of commercial insurance.
In IA, any business that has one or more employees must carry workers' compensation insurance, which provides coverage for workplace-related injuries and illnesses that employees may sustain.
Additional Resources For Information Technology & Internet Insurance
Learn about small business IT technology insurance policies that help protect IT businesses, consultants & subcontractors from the unique risks that small tech businesses face when they work.
- Application Development
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- Internet Business
- IT Consultant
- Online Store
- Software Developer
- Technology Services
- Website Design
Some the more popular IT businesses do IT contracting or freelancing work. These businesses have specific risks they face, and can have huge exposures to uncommon risks. Even if the business is very careful, a small oversight or mistake can lead to a large and expensive lawsuit.
For information technology companies, like some of the more popular ones listed below, data security is paramount:
Application Development (Mobile & Web), Business Intelligence / Data Mining Businesses, Computer Installation & Repair, Computer Programming, Computer Retail Store, Data Analysts, Architects & Scientists, Database Administrators, Frontend Developers, Hosting, IT Business Consulting, IT Project Management, IT Staffing, IT Training, Information Technology Consulting, Life Sciences & R&D, Network Architects, Network Security Consultants, System & Network Design, Technical Writing and Web Site Development.
The IT business segment has a critical need for professional liability and errors and omissions coverage. If coverage applies, the insurer has several rights and duties such as providing a legal defense against claims and suits brought by parties claiming damages. The insurer is permitted to investigate all claims to determine whether they are covered by the policy and they may choose to litigate, deny or settle claims.
Most policies providing coverage for electronic data liability, computer professional liability, and computer errors and omissions are claims-made contracts.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Equipment Breakdown, Computer Fraud, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Errors and Omissions Liability, Professional Liability, Umbrella Liability, Hired and Nonowned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Real Property Legal Liability, Forgery, Cyber Liability, Employment-related Practices Liability, Directors and Officers Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Iowa Internet Business insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Bondurant, Boone, Burlington, Camanche, Carlisle, Carroll, Cedar Falls, Cedar Rapids, Centerville, Chariton, Charles City, Cherokee, Clarinda, Clear Lake, Clinton, Clive, Coralville, Council Bluffs, Creston, Davenport, DeWitt, Decorah, Denison, Des Moines, Dubuque, Dyersville, Eldridge, Estherville, Evansdale, Fairfield, Forest City, Fort Dodge, Fort Madison, Glenwood, Grimes, Grinnell, Hampton, Harlan, Hiawatha, Humboldt, Independence, Indianola, Iowa City, Iowa Falls, Jefferson, Johnston, Keokuk, Knoxville, Le Claire, Le Mars, Manchester, Maquoketa, Marion, Marshalltown, Mason City, Monticello, Mount Pleasant, Mount Vernon, Muscatine, Nevada, Newton, North Liberty, Norwalk, Oelwein, Orange City, Osceola, Oskaloosa, Ottumwa, Pella, Perry, Pleasant Hill, Polk City, Red Oak, Sergeant Bluff, Sheldon, Shenandoah, Sioux Center, Sioux City, Spencer, Spirit Lake, Storm Lake, Urbandale, Vinton, Washington, Waterloo, Waukee, Waverly, Webster City, West Des Moines, Windsor Heights, Winterset and all other cities in IA - The Hawkeye State.
Also learn about Iowa small business insurance requirements for general liability, business property, commercial auto & workers compensation including IA business insurance costs. Call us (515) 207-7253.