Our experienced brokers have several decades of experience providing tried & true insurance solutions for technology startups and IT professionals. Let Collis Insurance help guard and secure your tech business.
Alberta’s tech scene is thriving and making way for startups that are rising fast – this continued fast paced industry growth is expected to continue over the next several years. To ensure the success of your IT/technology business, you need comprehensive technology insurance coverage.
Whether you run your own technology start up or are an independent IT contractor, custom designed technology insurance coverage that’s unique to your business is essential.
Scenarios and Examples – Why You Need Technology Insurance
You and your employees provide products, service, or advice
In general, if the technology products or service you provide:
- Does not work as it should / was discussed.
- Isn’t delivered within the agreed timeline.
- Doesn’t meet the functionality that was agreed upon.
- were done incorrectly, against manufacturers recommendations, or the work was not done at all.
If any of these incidents occur, then you and your business can be found liable for the client’s financial loss. Professional liability insurance includes providing legal counsel to defend your business, whether or not you are found negligent.
Accidents Happen
Consider during installation of a new server the rack tips over and the server drops, or a client trips on a set of computer wires that hadn’t been fully installed yet. In these cases, commercial general liability steps in to cover any medical fees, liability and legal expenses.
What Does Technology Insurance Cover?
The following list are only examples of common coverages that tech companies, startups and consulting professionals may need. Working with you, one of our brokers will help identify which coverages are in your best interest based on your specific business’ risk/operations and obtain quotes from multiple insurers to get you the best value for your money.
Professional Liability Insurance
If you or your employees provide advice or service, or fail to, professional liability insurance is crucial. It helps cover the legal costs that can amass if a client files a lawsuit in the belief that your product, service, or advice caused them a financial loss. Even if the claim against you is groundless, professional liability covers the costs to defend the business.
Commercial General Liability Insurance
Professional Liability and Commercial general liability are two key insurance products that all technology professionals should have and are most commonly required contractually. General liability coverage protects you in case bodily injuries or property damage occurs to a third party as a result of your service, or advice. General liability would cover medical expenses and legal costs if a third party decides to sue. Another common coverage is Tenant’s Legal Liability, which will cover legal liability arising from the office space you lease / rent.
Cyber Insurance
Any business can be the target of a cyber attack. However, most recently tech companies have been specific targets of hackers, in order to get to the firms clients. Additionally, technology companies that handle sensitive data are especially at risk. A strong cyber and privacy breach insurance policy is needed.
Property Insurance
As a technology professional your equipment is vital to your success. Whether you own your building, lease an office, or work from home, property coverage protects all assets inside your place of business. The contents or property normally covered against damage, theft, or loss include your computers, equipment, office furniture, machinery, and inventory.
Property coverage away from the office can also be an asset to have especially if you routinely take equipment or physical property away from the office. This includes work cellphones, laptops, tablets, hard drives, software’s, etc. If you get into a crash and break a piece of equipment, this money will help you replace or repair it.
What are the Benefits of Technology Insurance?
- Financial Protection – A small cost for a big benefit.
- Peace of Mind
- Clients/customers have more confidence in you.
- At Collis Insurance, you get the best value.
Who Needs Technology Insurance?
- IT startups
- Managed IT service providers
- Application Developer
- Cloud-based Service Provider
- Data Analyst/Consultant
- Hardware/Software Sales
- IT Consultant
- SaaS Provider
- Software Developer
- Software Developer – offering a marketplace for goods/services
- Website Developer
See for yourself what clients have to say about us
FAQ
FAQ
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Do IT and Tech businesses need insurance?
In Alberta, insurance is not necessarily mandatory for you to run an IT business, however, is very important. The associated expenses and fees of unexpected accidents can pile up quickly which can put your business’ future and reputation at risk.
How much does insurance for tech startups cost?
The cost is dependent on a variety of factors, some of which include the gross annual revenue, type of work done, number of employees and their experience and training. Additionally, your contractual requirements, the various types of insurance and limits of insurance needed.
Speak with one of our brokers to find out how to customize coverage specific to your firm’s needs.
How do I make sure I’m getting the right insurance coverage for my business?
Our brokers take time to understand your true professional/business needs, risks, and more to provide a tailored policy and additional protection areas that fit your business insurance needs/budget. We will gather all of your specific business’ information up front, send out to a variety of insurers that like dealing with Tech Companies, gather quotes and present options for your consideration.
Have a question?
Your trusted Collis Insurance Business Insurance Broker can help and also offer additional coverage for consideration, like Cyber & Privacy Liability, Legal Expense Insurance, and other relevant coverage.
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