Insurance Products for Technology Businesses
If you're looking for business insurance to cover your technology business, then you've come to the right place.
Business insurance for technology companies is unique because of the dynamic risks that technology businesses represent. Without the right coverage, a claim or lawsuit against your business can become increasingly costly, and even be severe enough to put you completely out of business.
The main exposure for technology companies is typically errors & omissions. This exposure is covered by E&O liability coverage, or professional liability insurance. To further complicate the matter for software and technology companies is that another common coverage, Cyber liability, often crosses over to E&O liability when comparing coverage forms. Because of this complication, Tech E&O insurance was created to combine coverages from E&O policies with Cyber policies to better cover the unique exposures of a technology company.
Of course, the best way to insure a technology business is to assess it's unique characteristics with a risk management review. But more generally, applying the right insurance coverage can be done by starting your risk assessment by first identifying the type of technology company you are. Once identified, it is much easier to identify the types of exposures you may have right off the bat, and then take a deeper dive into the business insurance coverages that are best suited for your company.
The most common types of technology companies are listed below:
- Managed Service Provider (MSP)
- Break Fix IT Services Provider
- Monitoring & Hourly IT Services Provider
- Managed Security Solutions Provider (MSSP)
- Cloud Solutions Provider (CSP)
- Software As A Service (SaaS)
- Independent Software Vendors (ISV)
- Value Added Resellers (VARs)
Once you've identified the type of technology company you are, it's time to review your individual risk characteristics and identify what insurance coverages would be best suited for your business. Below is a list of common types of technology companies with more information on the type of business insurance coverages that specifically apply to each. And below that is a more general list of common types of business insurances for technology companies.
Business insurance by type of technology company:
- Website Design business insurance
- Software Programming and Application Programming business insurance
- IT Consulting business insurance
- System Network Design business insurance
- System Network Administration business insurance
- Computer Repair and Installation business insurance
- Computer Storage Devices Manufacturing business insurance
- Computer Systems Integration Services business insurance
- 3rd Party Hosting business insurance
- Packaged Software Installation business insurance
The most common types of business insurance for technology companies are listed below:
Contact us today for a personalized consultation to assess the exposures to risk of loss that are you unique to your business, and how we can help best help you best cover those costly gaps in coverage with a properly structured risk management business insurance plan suited just for you. After a review, we may identify other types of business insurance that are less common but important to consider if you desire to be properly covered.