Many IT companies grow steadily for several years without having their risk and insurance program evolve to match the needs of a larger enterprise. When a company first opens, insurance is one of many simple checklist items: get essential general liability and workers compensation in place. As the business grows and evolves, risks are attended to more on an ad hoc basis rather than with a strategy or plan in place.
The risks and exposures that IT companies face are greater and more complex than just a few short years ago. Add a little growth and new services and that early insurance program can't do what it's supposed to do: protect the business.
Recently we were referred to a growing IT company and discovered five areas not attended to, each which could quickly put them out of business and not addressed in their old program:
Each example above can be mitigated with an organized risk management program in place to help buy insurance smartly. Risk management paired with insurance such as using a good HR partner for hiring and firing can lower your chances of getting sued by a disgruntled employee.
Knowing your true risk and addressing it carefully will help you sleep easy at night in case disaster strikes. To discuss your exposures and the right risk management and insurance program, please call me toll free at (800) 649-3252. Prefer to type instead of talk? Click below.
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