Insurance for Tech companies is totally different than other businesses but don’t waste that beachfront Raki massage worrying about it. Whether you’re building SaaS products, tech infrastructure, or the next Amazon, we’re here to explain the insurance you need.
Yes…we do have an embedded video on the topic:
Here’s the eye crossing SaaS company insurance policy cheat sheet mentioned in the video- http://bit.ly/2Edz7T5
Here’s an overview of what you need:
General Liability
Coverage for PHYSICAL bad things that happen to other people because of you
Examples:
o Someone trips on the Golden Doodle you always have in the office
o Someone gets a third degree burn while making a Caramel Macchiato at one of your three latte maker (Not an employee though, that’s Worker’s Comp)
o Someone breaks their arm at your Sumo wrestling competition
Property Coverage
Coverage for your stuff
Examples:
• Your Standing Desk
• All your Mac products
• That $150,000 server grandma bought you for a 5% stake
• Your fleet of Bluetooth Bikes
• Your vintage warehouse space with a bowling alley (and very few walls)
Professional Liability
Coverage for bad things that happen to others because of your advice or decisions
Examples:
o Your map app sends someone off of an unfinished bridge
o Your $200,000 web project drives bulls to a china shop
o Bad bot code written by a subcontractor makes lewd remarks in response to every question
Cyber Coverage
Coverage for bad things that happen because of a cyber attack
- Damage to your stuff – like a locked computer or corrupted software
- Damage to other people – All the social security numbers you collected for that Star Trek convention app are now in the hands of Professor James MoriartyÂ
Rookie Mistake
Thinking General Liability insurance covers anything that has to do with your advice or a cyber breach #itdoesnt
Summary
Cyber Security and the advice you give on a day to day basis can come with a lot of risk. A quality technology business insurance policy can help protect you if bad things happen because of the work you do. So lace up your roller skates and hit the company rink cause you got this!
Need to chat insurance for your tech business?
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