Technology Insurance for the tech industry usually includes the areas of component manufacturer, software products and services, research and development in new and emerging techsmarthere hardware components and manufacturing, and IT consultants which would include IT contractors and tech consulting.
Three broad categories for technology insurance:
Liabilitytechnology professional liability insurancetechnology liability insurancenon-owned and hired auto insurance
Contentsyour business contentspersonal contents of otherscontents in your care custody or controlmonies and securitiesAccounts Receivables and payables
Loss of incomeworkers compensation insuranceloss of income and receiptsdisability insurancelong-term care insurancelife insuranceaccident insurancemedical insurance
These are just a few of the broadest categories that can be used in designing a technology insurance portfolio.
It is quite common to see just the first category, liability, as the foundational specifications required by your vendors and or clients. There tends to be more IT consultants then there are technology hardware and software companies. Thus, the first category of liability with a subset of technology professional liability insurance, technology liability insurance, and non-owned and hired auto insurance are usually the main coverages that are requested.
For a typical one-person operation that is only purchasing the three coverages into liability category your looking at approximately less than $2000 per year in annual premiums for all three policies combined. You can make monthly payments if you so desire. As with any other major business expense, it pays to shop for the best price, but also make sure you are dealing with a seasoned broker with experience in the technology industry.