We were pleased when January proved to be the best month in company history, but by April we were stunned to see the trend for month-over-month record growth continue
Dallas, Texas (Vocus) July 1, 2010
The first quarter of 2010 was the most successful quarter on record for TechInsurance, the nation’s top insurance provider for information technology businesses, indicating that the economic turnaround is strengthening for IT service providers. TechInsurance was founded in 1997 to provide affordable business insurance coverage for the burgeoning technology industry.
“We were pleased when January proved to be the best month in company history, but by April we were stunned to see the trend for month-over-month record growth continue,” says Jim Cochran, president and founder of TechInsurance. “What this tells us is that small IT businesses are going back to work at a very rapid pace, and are seeking the insurance they need to fulfill contractual requirements or protect themselves as new businesses. We view small technology business growth as an early leading indicator for a recovery as corporations begin to spend on IT projects again.”
TechInsurance has insured more than 2,000 new businesses in the first quarter, compared with 1,476 during the same time period in 2009. That’s an increase of more than 35 percent. Many of these new TechInsurance customers are startup businesses. The overall growth trend in new IT insurance policies began in August 2009, with increasing sales every month compared to the same period the prior year.
“Many of the people who were laid off during the recession have decided to start their own IT services businesses,” Cochran notes. “As startups, they can find it difficult and confusing to get the insurance they need, such as professional liability and general liability insurance, to protect their business investment and secure client contracts. Since we specialize in insurance for IT small businesses, and we have lots of experience in working with startups, we can very efficiently get them coverage at an affordable price.”
Another notable trend is strong growth in sales of workers’ compensation policies, which indicates that TechInsurance's technology customers are hiring and need coverage for their employees.
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.