Technology Companies Insurance
What types of insurance does a tech company need?
Tech businesses often need a mix of general liability and property coverage, technology E&O, cyber liability insurance, and workers’ compensation. Each policy addresses different risks, from client lawsuits to data breaches.
What is Technology E&O insurance?
Tech E&O protects against claims of negligence, software failure, or service mistakes that result in financial loss for a client. It’s essential for software developers, IT consultants, and managed service providers.
Does a tech company need both cyber and E&O coverage?
Yes, cyber covers data-related incidents, like hacking or ransomware, while E&O covers professional mistakes, such as coding errors or failed implementations. They protect against different risks.
Are remote employees covered?
Yes, coverage can be extended to include remote teams, provided they’re performing company-related tasks. It’s important to disclose your work model when setting up policies.