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Technology Insurance in Canada

Protect your tech company or startup with technology insurance from Rogers.

Canada‘s technology industry is booming! Innovative businesses and startups have experienced success on a national and international stage revolutionizing all sectors of the economy; some of the largest technology companies in the world have set up offices right here in Canada 

The technology industry comes with its own unique set of risks and it is important to have technology-specific insurance to help protect your hard and soft business assetsAt Rogers, our insurance experts can help you manage your risks, exposures and design a technology insurance program that works for your needs and budget. We offer competitive and comprehensive technology insurance for tech companies and startups in Canada.  

Get a technology insurance quote today or read on to learn more about this coverage. 

Why Canadian Technology Companies Choose Rogers Insurance 

 Why do Canadian tech companies choose Rogers for their coverage? Here are a few reasons: 

  • High levels of expertise across all areas of insurance.  
  • Exceptional customer service.  
  • Unrivalled claims experience. 
  • Local, regional and national representation.  
  • Access to international insurance markets.  
  • We’re one of Canada’s largest and most respected independent insurance brokerages. 
  • We work with nearly 100 different insurance companies to find you the best coverage at the best price. 
  • We offer an online web portal and mobile phone app to allow you to manage your insurance where and when it’s convenient for you.  

Whether you’re a startup or an established technology business, join thousands of other companies who have trusted Rogers Insurance with their insurance.

 

Insurance for Technology Businesses & Professions 

At Rogers, we’re able to find tech insurance for the following types of business:

 

  • Aerospace Technology 
  • Artificial Intelligence & Machine Learning 
  • Data Processors 
  • E-Commerce 
  • Educational Technology and Platforms 
  • Energy Technology and Innovation 
  • Financial Technology 
  • Internet, Networking, Communication Services 
  • IT Consultants 
  • IT Service Providers 
  • Hardware Manufacturers 
  • Manufacturing Technology 
  • Military & Defense Projects 
  • Nanotechnology 
  • Resellers of Technology, Equipment, etc 
  • Robotics 
  • Sharing Economy 
  • Software Developers & Engineers (SaaS) 
  • Technology Equipment Manufacturers 
  • Technology Consultants 
  • Technology Security Consultants including Penetration Testing & Ethical Hacking 
  • Wearable Technology 
  • Web Design & Hosting
  • … and more! 

 

Please contact us if you’d like to get a technology insurance quote for your business. Our experienced insurance advisors can also answer your questions and advise on the right coverage for your company. 


Technology Insurance Coverage 

There are many different types of insurance a Canadian technology company may need. Every business is different and has a unique set of risks and exposures, which is why our technology insurance brokers will help you find the right protection for your individual needs. Here are the most common types of coverage chosen by Canadian tech startups: 

  • Property  
  • Commercial General Liability 
  • Professional Liability (also known as Errors & Omissions Liability) 
  • Cyber/Privacy Liability 
  • Media Liability (also known as Multimedia Liability) 
  • Crime and Fidelity  
  • Equipment Breakdown 
  • Business Interruption 
  • Benefits 

 

Some technology insurance companies offer specific packages designed for tech startups and businesses.  

 

Property Coverage

Property coverage is standard insurance for all businesses. This protection covers repair or replacement of your company’s property if it is damaged, destroyed, stolen or impacted by an insured peril. This includes furniture, equipment, tools, stock or inventory, improvements, and renovations. It also applies to static premises you own or occupy as a tenant as well as mobile property. 

Insured perils depend on the individual policy but commonly include fire, theft, wind and more. Generally, sewer backup and overland water (also known as flood) insurance are an add-on and may not always be available. 

Commercial General Liability

Another standard coverage for all businesses is commercial general liability insurance. This type of protection covers your business if a third party sues you for causing a bodily injury or property damage due to a negligent act. Here are a few examples: 

  • A random passerby slips on the sidewalk outside your business and injures themselves. They sue you for failing to clear the sidewalk of ice and snow, causing them to get hurt.  
  • A client in your office trips gets hurt and sues your business.  
  • While installing equipment at a customer’s premises, an employee accidentally causes damage to the third party’s property. The customer sues you for damages. 

Technology Professional Liability Insurance 

If your technology business provides a professional service or advice, technology professional liability insurance (also known as errors & omissions liability) is essential. This protection covers legal expenses if you’re sued by a third party for causing them financial loss due to an error, omission or professional negligence related to your advice or service failure. Here are a few examples: 

  • As a technology consultant, you advise a client on cybersecurity measures. That client follows your advice and still suffers a cyberattack, causing them significant financial loss. They sue you for providing bad advice.  
  • A client accuses you of failing to provide adequate professional services as laid out in your contract. 
  • There is a coding error in a third-party app you created which fails to perform on its launch date to horrible reviews. Your client sues you for financial loss and reputational harm. 
  • You make an error and cost your client money – they can sue you to recoup their costs. 

Cyber/Privacy Liability  

Cyber and privacy liability is critical for technology companies and startups in Canada. This protection helps your business deal with a cyber-attack or data breach, depending on the policy. This can include covering costs associated with: 

  • Related legal expenses 
  • Regulatory fines 
  • Crisis public relations or brand/reputation recovery 
  • Cyber extortion 
  • Cyber crime and social engineering 
  • Notification expenses 
  • Investigation and forensic expenses 
  • Restoration expenses 
  • Business interruption 
  • Technology supply chain failure 

Cyber liability varies depending on the technology insurance company and there is a lot of room for customization.  

Media Liability 

Anything published on the internet is considered subject to copyright and trademark laws. Negative content about an individual or corporation can be considered libellous or slanderous and open to legal actionMedia liability coverage can help address risk exposures such as defamation, personal disparagement, product defamation, invasion of privacy, and copyright and trademark infringement. 

Crime & Fidelity Coverage

Certain crimes related to monies and securities are a common exclusion on many insurance policies. Crime or fidelity coverage provides protection for tech companies for incidents related to: 

  • Employee dishonesty or theft of product 
  • Theft of money (embezzlement, both first-party and third-party) 
  • Counterfeit money or forgery 
  • Credit and debit card fraud 
  • Funds transfer fraud 

Equipment Breakdown Coverage 

Many technology companies in Canada are dependent on their equipment. Technology equipment breakdown protection covers the costs of repairing or replacing equipment that suffers a mechanical or electrical breakdown. This type of damage is not covered by a normal property insurance policy.  

Business Interruption 

Business interruption coverage provides technology companies with financial assistance if they have a covered insurance claim or are forced to vacate their business due to a mandatory evacuation order. There are a few variations of this type of protection so it’s important to discuss with an experienced insurance advisor, such as at Rogers. 

Benefits 

If you are looking to provide benefits to your employees, we offer a wide range of coverages including: 

  • Extended health coverage 
  • Dental coverage 
  • Eye coverage 
  • Life insurance 
  • Critical illness insurance 
  • Disability insurance 

We offer customizable benefits plans for technology companies of all sizes.  

 The cost of technology insurance will vary depending on your individual business and coverage options. Generally, you expect basic technology insurance premiums to start at $500. 

What affects the cost of technology insurance in Canada? 

The following factors affect the cost of technology insurance in Canada: 

 

  • Your insurance options, including coverages, deductible and limits 
  • Your specific industry and niche/specialization within that industry 
  • Your business operations 
  • Where your business is physically located 
  • Where your business operates 
  • Mitigation devices or measures 
  • Annual revenue 
  • Number of employees 
  • Whether you hire subcontractors 
  • Your insurance history 
  • Your loss and claims history 

 

These factors help technology insurance companies calculate the likelihood of a claim and charge the appropriate premium. 

 

Frequently Asked Questions About Tech Insurance in Canada 

Here are the answers to some of our most frequently asked questions about tech insurance in Canada:

 

Tech startups and companies in Canada commonly have property, commercial general liability, cyber liability, crime, business interruption, equipment breakdown, and professional liability coverage. However, not all businesses will require all these protections. That’s why it’s important to discuss your company and its needs with one of our insurance experts. 

Your policy documents will outline exactly what is covered by technology insurance. As coverages vary depending on the individual business’ needs and the technology insurance company they’re insured with, it is impossible to say what will be covered in general.  

Insurance is designed for unexpected disasters. Each type of coverage offers protection for a specific event or group of events, known as insured perils. For example, property coverage protects a company’s property if it’s damaged or destroyed by a covered peril such as fire or theft. Another example is professional liability coverage, which covers legal expenses and potential settlement if a third party sues for causing financial loss due to a professional service or advice or failure to provide it. 

The best technology insurance company in Canada will depend on your individual needs. We work with a large number of insurers within Canada and globally to ensure you get the right coverage for the best price possible.  

Yes, if your property coverage is broadened to include intangibles such as website, data and networks. Damage to another organization’s cyber property may or may not be covered, this depends on the policy. Our technology insurance brokers can check this for you and find you coverage that protects these assets. 

If you have further questions, please contact us. Our technology insurance brokers are experts in this area and will be able to address any questions and concerns unique to your business, as well as get you a quote and help protect your tech company or startup. 

Areas We Serve

  • Calgary
  • Red Deer
  • Fort McMurray
  • And businesses located across Canada

Start a Conversation With One of Our Expert Brokers Today to Determine the Right Coverage for You.

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Calgary Office Access Update

Access to our Calgary office is by appointment only. Please contact your broker directly or call us at 403-296-2400 to book your appointment.