Insurance can protect against third-party lawsuits that could potentially put you out of business. Depending on your specific coverage, it may help against accusations of property damage, errors and omissions, negligence and more. It may also protect against cyber or privacy breaches.
Insurance protects your business financially by helping cover costs such as legal fees, repairs and other recovery expenses. You’ve worked hard to get your business to where it is, having a comprehensive insurance policy can give you peace of mind that you can continue to operate for many years to come.
The right time to get insurance is dependent on each individual or entity. Generally speaking, you need insurance before you are operationally up-and-running or offering your product and services to third parties. You may also need insurance or very specific types of insurance during your funding phase or to meet legal or contractual obligations before you are operational.
Depending on the scope of the products and services you offer, you may only need basic liability insurance, or you may require broader coverages. Your insurance needs will depend on your potential risks and exposures.
Technology companies may need property, commercial general liability, cyber liability, crime, business interruption, equipment breakdown, directors and officers liability and professional liability coverage.
Each company differs and so will its insurance needs and the cost of coverage.
Click here to learn more about the different types of insurance available to technology companies and factors that affect the cost.