Montana Internet Business Insurance Policy Information
Montana 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.
Montana 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 MT 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 Montana internet business insurance.
Business Insurance for IT Companies
Some insurance companies hesitate to provide internet companies with Montana 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 Montana internet business insurance can afford this protection. Liability insurance for MT 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 MT 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 Montana 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 MT 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.
Montana 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 MT 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.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Montana also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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
- Amazon Seller
- Computer Electronic Repair
- Computer Programming
- Computer System / Network Developer
- Cyber Liability
- Data Breach
- eBay Sellers
- 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 Montana Internet Business insurance quote in , Absarokee, Anaconda-Deer Lodge County, Ashland, Baker, Belgrade, Big Sky, Big Timber, Bigfork, Billings, Black Eagle, Bonner-West Riverside, Boulder, Bozeman, Browning, Butte-Silver Bow, Chinook, Choteau, Clancy, Clinton, Colstrip, Columbia Falls, Columbus, Conrad, Corvallis, Crow Agency, Cut Bank, Deer Lodge, Dillon, East Helena, East Missoula, Ennis, Eureka, Evergreen, Forsyth, Fort Belknap Agency and South Browning, Fort Benton, Four Corners, Frenchtown, Gardiner, Glasgow, Glendive, Great Falls, Hamilton, Hardin, Harlowton, Havre, Hays, Helena, Helena Flats, Helena Valley Northeast, Helena Valley Northwest, Helena Valley Southeast, Helena Valley West Central, Helena West Side, Kalispell, King Arthur Park, Lakeside, Lame Deer, Laurel, Lewistown, Libby, Livingston, Lockwood, Lolo, Malmstrom AFB, Malta, Manhattan, Marion, Miles City, Missoula, Montana City, North Browning, Orchard Homes, Pablo, Park City, Philipsburg, Pinesdale, Plains, Plentywood, Polson, Red Lodge, Ronan, Roundup, Scobey, Seeley Lake, Shelby, Sidney, Somers, Stevensville, Sun Prairie, Thompson Falls, Three Forks, Townsend, Troy, West Glendive, West Yellowstone, White Sulphur Springs, Whitefish, Whitehall, Wolf Point and all other cities near me in MT - The Treasure State.
Also find Montana insurance agents & brokers and learn about Montana small business insurance requirements for general liability, business property, commercial auto & workers compensation including MT business insurance costs. Call us (406) 637-8400.