CHICAGO, Sept. 24, 2013 /PRNewswire/ -- TechInsurance, the country's leading online agent of insurance for small IT businesses, announced this week an expansion of its fidelity bond offerings, which translates to greater competition on price and coverage for the IT firms it protects.
The new coverage options mean that small technology businesses and independent IT contractors interested in landing lucrative contracts with clients in the financial sector now have a better chance of securing the third-party Fidelity Bond coverage often required by those contracts. Traditionally, small companies and sole proprietors have had difficulty finding Fidelity Bond Insurance, thanks in part to a dearth of options.
But with the recent additions to TechInsurance's product offerings, owners of IT businesses have a greater likelihood of finding Fidelity Bond Insurance that not only meets their clients' contractual requirements but also fits into their budget.
"There's nothing more frustrating for a business owner than losing a really promising contract because they can't meet the technical requirements," said Jared Kaplan, TechInsurance's SVP Product Excellence. "With our new [Fidelity Bond] offerings, we're removing a major roadblock that used to keep business owners from securing contracts with the clients who could have the most significant impact on their revenue."
Kaplan also noted that having a third-party Fidelity Bond is, for a small IT company, like having a valuable seal of approval. With this coverage in place, potential clients know that they won't suffer a financial loss if an employee of the IT company abuses access to sensitive data to commit theft or fraud.
Because of the valuable nature of data accessible to IT companies that work with financial clients, these clients frequently name third-party Fidelity Bonds as a prerequisite for signing a contract. The coverage ensures that their financial interests are protected, no matter what happens.
One other notable element of third-party Fidelity Bond coverage is that it provides compensation for intentionally wrongful acts. Most insurance policies specifically exclude fraud and willful acts of wrongdoing, meaning that they do not compensate policyholders in the event that an employee goes rogue and steals from a client.
Business owners who are interested in securing Fidelity Bond coverage can find more information at TechInsurance.com.
About TechInsurance, an insureon Company
TechInsurance is the nation's leading online insurance agent for independent IT contractors and small IT and networking businesses. TechInsurance offers Cyber Liability Insurance, Errors and Omissions Coverage, General Liability Insurance, and Fidelity Bonds.
CONTACT: Betsy Gregg, 1-224-595-3323, [email protected]