Technology Insurance
Technology business insurance is a type of insurance that covers the risks that are unique to technology businesses. Technology businesses should consider these coverages to help protect their company from things like data breaches, cyberattacks, and errors and omissions.
Why Technology Insurance?
In today’s digital age, technology businesses are faced with a wide range of risks, from data breaches to cyberattacks. As a result, it is more important than ever for technology businesses to have the right insurance coverage in place.
Who Needs Technology Insurance?
Technology business insurance is an important part of risk management for any technology business. If you are a technology business owner, you should consider getting technology business insurance to protect your business from a wide range of risks.
Types of Technology Insurance
There are a number of different types of coverage that technology businesses should consider, including:
- Business owner’s policy: helps cover claims made against a technology business causing bodily injury or property damage to someone else, and helps protect your building and equipment.
- Professional liability insurance: also known as errors and omissions or E&O insurance, helps protect you from errors, mistakes, negligence and omissions that can happen as a result of the technology services you provide.
- Workers’ compensation insurance: helps provide your employees medical, wage and other financial benefits if they become injured or ill on the job.
- Cyber liability insurance: helps cover the cost of defending against lawsuits alleging data security practices of your technology business were negligent, resulting in a data breach.
How to Choose Technology Insurance
Technology business insurance is an important part of risk management for any technology business. If you are a technology business owner, you should consider getting technology business insurance to protect your business from a wide range of risks.
Here are some considerations when choosing technology business insurance:
- Make sure you understand the different types of coverage that are available.
- Get quotes from multiple insurance companies.
- Compare the coverage limits and deductibles of different policies.
- Read the policy carefully.
How Much Does Technology Insurance Cost?
The cost of technology insurance will vary depending on a number of factors. These include the type of coverage that is desired, the size and location of the business and a few other considerations. Accordingly to Insureon, an online insurance agency, the monthly costs for technology insurance include[1]:
Professional liability insurance: $60/mo or $730/annually
General liability insurance: $30/mo or $340/annually
Cyber liability insurance: $145/mo or $1,745/annually
Workers’ compensation insurance: $35/mo or $495/annually.
Get a Quote for Technology Insurance
If you own a technology business, it is important to consider purchasing business insurance. Get a quote from one of our favorite providers for technology business insurance today.
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