Risk management for small tech companies

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Dave Binsfield, Vice President of General Southwest Insurance Agency, presented a brownbag covering the various types of insurance needs a small company may have to consider. Below is the video of the talk, as well as a copy of the handout he provided.

What kinds of insurance a business may need as it grows

1. Need vs. Want

2. The first coverage most people buy…Commercial General Liability

3. What does it cover? – Bodily injury, property damage and personal injury, and defense! Arising out of your operations or your products.

4. What coverage do most businesses overlook but ought to have?

5. Property insurance…how does it work?

  • Stuff
  • Buildings
  • Loss of income
  • Computers – hardware, software, data
  • Stuff that moves around…what is an inland marine?

6. Business Auto Policy (BAP), when do I need that? How could I get sued even if I don’t own any cars?

7. Professional liability, Errors and Omissions (E&O), Malpractice…what are those and when do I need them, if at all?

8. Directors and Officers, Management liability…what is it and why buy it?

9. Newer issues to hit the scene – Employment Practices Liability Insurance (EPLI), Intellectual Property, Cybercoverage

10. Other issues I don’t personally handle but you may want to consider…don’t leave the back door open. Raise your liability, getting sick or dying, benefits and health insurance.

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