When we see an increase in sales of business insurance policies, it means that our customers are getting work and are ready to invest in protecting their businesses
Dallas, TX (Vocus) April 6, 2010
Business is up at TechInsurance, the nation’s top business information technology insurance provider, and that’s good economic news for the information technology contractor.
“When we see an increase in sales of business insurance policies, it means that our customers are getting work and are ready to invest in protecting their businesses,” says Jim Cochran, TechInsurance’s founder and president. “Because many firms require their IT contractors to purchase certain types of insurance, such as professional liability (also known and errors and omissions, or E&O insurance) and general liability policies, an increase in our sales indicates that our IT customers are getting more contract work. We’ve also seen a growing trend in sales of worker's compensation insurance, which tells us that technology companies are hiring and have new employees they need to cover.”
January 2010 was the strongest month on record for TechInsurance sales, with the company adding more new information technology customers than in any single month since it opened for business in 1997. More customers are seeking quotes as well: Inquiries received in January 2010 were up 45 percent, compared to the same time period in 2009. In February 2010, TechInsurance added more customers than in any February in company history.
“This tells us that in the IT space, companies are starting to spend money again and are starting IT projects that may have previously been put on hold,” Cochran says. “As we’ve seen with past dips in the economy, IT spending is a good leading indicator of companies getting back into the business of growing and making investments to become more efficient.”
The overall growth trend in new E & O insurance policies and other types of coverage began in August 2009, with increasing sales every month compared to the same period the prior year.
TechInsurance is a web-based e-agent that offers IT businesses and professionals fast, easy, one-stop shopping for all their business property insurance and liability needs. TechInsurance was founded in 1997 in response to the difficulty IT services firms had finding high-quality, affordable business insurance. With more than 12,000 businesses insured, the company has grown to become America's leading online provider of business and professional insurance for computer consulting, web services companies and other IT service businesses. For information, visit http://www.TechInsurance.com.